A Reputation Built on Excellent Customer Service
A recent article in the Sunday Times stated that companies will increasingly compete not on price but on levels of service, because if you have highly satisfied customers they are likely to come back.
Research commissioned by BDO showed that two thirds of customers would spend an average of 13% more with companies that provide excellent customer service, with 28% of companies saying that they had lost revenue directly due to service failings.
However, customer service is often undervalued by company boards when they weigh up the best use of scarce resources that may otherwise be spent on product development and price competition. Part of the problem why customer service can be undervalued is that few boards know how to quantify the impact of service or measure their return on investment.
When it comes to measuring the return on new machinery, it is much easier to quantify, whereas measuring the link between a customer service training programme and investment is far more difficult. A popular financial metric used is gross margin; the percentage of total service revenue that the company retains after direct cost associated with service operations. When measuring the impact of customer service many use customer trust (the willingness of a customer to recommend you to friend or colleagues) as the best non-financial measure.
Our reputation at Fascia Graphics® has been built largely on our excellent customer service, a survey across our top 500 customers showed:
- 97% of our customers said that our staff are very courteous
- 94% said their calls were handled quickly
- 94% said they think our staff are very knowledgeable
- 98% of our customers said they feel their account manager is knowledgeable and professional
- 87% feel that their account manager is making a positive contribution to their business
- 92% are satisfied or very satisfied with their account manager
10 Jan 2014
We were recently featured in an article in Connecting Industry Energy Management magazine; you can read the interview online or below.
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