By: Serge Janssen Daalen, 4 August 2023
Companies like Coolblue understand that customer satisfaction and customer loyalty is the key to sustainable growth. Exponential growth is a form of growth where a company’s revenue, profit and value increase rapidly over a relatively short period of time. I truly believe that you achieve exponential growth with a strategy focused on customer satisfaction.
Customer acquisition costs as a parameter of success
When I talk to clients about their business, I like to know what their Client Acquisition Costs (CAC) are. CAC are the total costs a company spends to acquire new customers -such as advertising costs, promotion costs, sales costs and other related costs. Measuring and monitoring CAC gives you, the company, insight into the Marketing and Sales Strategies and how to optimise investments in these areas.
What I have noticed is that companies with the lowest customer acquisition costs provide the best customer service. In fact, you can simultaneously reduce acquisition costs and continue to grow, and exponentially increase the profitability of your business.
Don’t underestimate the impact of customer service
The management of B2B companies is often not really interested in customer service. What is commonplace to B2C companies is quite often ‘forgotten’ in B2B companies. However, providing excellent customer service is essential. If, as a company, you provide a service such as system management to a manufacturing or construction company, it is important that you can be reached immediately in case of, for example, business failures. Substandard customer service can result in customer loss and your reputation will also suffer. Provide excellent customer service in any business.
Excellent customer service as driver for exponential growth
In addition to the above negative implications, excellent customer service offers, above all, an opportunity for growth. A company like CoolBlue knows that customer satisfaction and customer loyalty are key to sustainable growth. They invest in building relationships with their customers. Every customer is a potential ambassador who can help attract new customers.
Customer service is not just about solving customer problems and requests, but is mostly about creating positive customer experiences.
In a nutshell, companies that focus on customer satisfaction and customer loyalty are better positioned to grow exponentially. By investing in customer service and building trusting relationships with customers, companies can not only increase customer retention but also attract new customers through word-of-mouth.
Improving customer satisfaction
The creation of a solid system that focuses on quick response times and providing personalised solutions is essential. In this respect, you can think of:
- CRM-system – A Customer Relationship Management (CRM) system is a database that records all interactions between your company and the customer. Employees are able to support customers faster and more effectively with a good CRM system.
- Live chat and Chatbots: A live chat system allows customers to communicate directly with an employee through the company’s website or mobile app. A quick and easy way to ask questions or solve problems.
- A ticketing system and Plan Board – A ticketing system and Plan Board are software tools used to register and manage customer queries, problems and requests until the moment they are resolved.
Companies that focus on customer satisfaction and customer loyalty have a better starting point to grow exponentially. Investing in customer service and building customer relationships will not only result in satisfied customers, but your reputation will grow and through word-of-mouth, more new customers will find their way to your company.
Would you also like to boost your customer satisfaction?
Book a free consultation with Serge, founder of Spiresolutions. He would love to join you and see how we can help you create your exponential growth.
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