The markets of today have heralded an era where excellent customer service is essential for your business to stand out. Research says that 86% consumers will pay more for better customer experience. Great customer service can help build the reputation for your business which in turn will translate into faster payments. Here are a few points to help you understand how great customer service can help you procure faster payments.
1. Good public publicity:
Great customer services make your clients extremely happy and make them feel important. These same clients then act as a talking and walking advertisement boards.
This reinforces your position and once you establish yourself as a brand you can dictate the term of payments to your existing as well as potential future clients. But as with all service, you need to make them feel valued even when you choose to raise your prices.
2. Enhanced approachability: Providing great customer service improves the relationship between you and your client making them easily approachable. Owing to these good relations, in the event of any delay of payment you can contact them to find out what the issue may be.
In many cases, your clients will actually inform you of the reason for delay of payments. Keeping the channels of communication open will ensure that your business gets a clear picture of what is owed to you and when it will be cleared.
3. Higher profits to hire more professionals: Great customer service will ensure higher profits with assured increase in the number of your clients. Owing to the goodwill that you have earned for yourself, you will receive your payments faster.
This will allow you to pay your employee bonuses and incentives on time, keeping them motivated and in shape to give their best for the growth of your business. The faster payments can also help you to hire more professionals who are specialized in facilitating negotiations for even faster payments.
4. Consolidated product/service: Good customer service ensures lesser complaints which can be very expensive for you to handle. If there are too many complaints, there will be an inevitable delay of your payments as your product or service, in full, will not been delivered to your client.
On the contrary, having a great customer service will allow you to ensure that your customers get what they want, reducing the time required to deliver the consolidated product/ service. This again reduces the time required by your client to process your payment.
In any kind of business, it is very important to retain your clients as you grow and in order to ensure that you do – keep them happy and satisfied. It is 6 -7 times more expensive to acquire new clients than to retain the ones you already have. You might not realize but great customer service is the cornerstone for efficient delivery of your consolidated product/ service which will facilitate faster processing of your payments.