Why Customer Service is the New Marketing
Customer service and marketing are like the peanut butter and jelly of the business world — good individually but even better together. Companies that integrate their customer service and marketing departments enjoy higher customer retention rates and build reputations and businesses that their clients are happy to refer to their friends and families.
Customer Retention and Referrals
Most business owners know that it is cheaper to nurture current clients than to spend massive marketing and advertising budgets to generate new business. Both are important, but according to Help Scout, it costs 6-7 times more to acquire a new customer than it is to keep a current one. Here are some other stats about why having a great level of customer service matters:
- 78% of customers will bail on a purchase if they have a bad customer service experience
- News of bad customer service reaches more than twice as many ears as praise for a good service experience
- 7 out of 10 people are willing to spend more with companies they believe provide excellent customer service
Providing stellar customer service is one way to keep your loyal clients happy so they stick with you and continue to generate sales. In addition to retaining customers, providing good customer service is the best way to motivate your current clients to refer you to others. Word of mouth marketing is the most efficient (and cheapest!) way to generate new business in the financial services world and a happy client is more likely to share their experience.
How to Incorporate Customer Service Into Your Marketing
While it may seem hard to provide excellent customer service without the infrastructure that larger businesses may have, it may actually be the opposite! 80% of Americans think that smaller companies place a greater emphasis on customer service than larger businesses do, which means that you can use this to your advantage. A few simple steps you can take today to enhance your customer service include:
- Setting up an autoresponder email or Facebook message if you don’t think you can get to requests quickly, so customers know their message is being addressed
- Hiring an intern or assistant to manage customer service concerns
- Sending out educational content to foster a relationship of trust and service (such as our Campaigns)
- Ask for client feedback by regularly sending out surveys (and don’t be afraid of suggestions!)
Marketing isn’t just about getting your voice out, it’s about providing service and value and earning a strong reputation. Combining your customer service and marketing efforts is one way to seamlessly make this adjustment.