If you want to keep your lead over the competition, improving customer experience is integral to your business strategy. But many are concerned about the high costs that go with such a strategy.
All successful companies focus on customer satisfaction because they understand the role that demand plays in their business arithmetic. The simple equation is – higher the customer satisfaction, higher the demand, and greater the revenue. It’s also essential to understand that the cost of achieving and maintaining higher levels of customer satisfaction may prove lower than the costs of fixing issues created by poor customer service.
A common perception that prevails in the business space is that delivering great customer service needs the backing of a large customer-facing staff as well as more employees to handle the cases. However, the inclusion of technology in various business processes makes it possible to improve the customer experience by boosting efficiency.
Cost Reduction Tips to Save on Customer Service Costs
#1 Use Modern Tools Like Social Media & Messaging Apps
Very few companies have mastered the art of utilising modern technology tools such as social media and messaging apps to their fullest potential. These technologies have transitioned at an atomic speed and can be used to share and spread information via various platforms such as Facebook, Twitter, Instagram, mobile apps, etc.
Many companies are still groping in the dark with using these new mediums effectively to improve customer experience. Today, most companies haven’t even scratched the surface of the massive 5 billion user base of messaging apps. It also means they miss a valuable link to communicate with existing and potential customers.
These companies need to realise that if they want to engage with their customers efficiently and meaningfully, they need to try systems beyond the routine tasks such as answering customer queries, running paid ads and allocating a staff member to monitor Facebook messenger.
Millennials and Z generation customers want a better customer experience by way of instant response and the possibility of self-service. New digital platforms, when integrated with artificial intelligence tools, can deliver on customer expectations and reduce costs by a whopping 30%.
#2 Listen to Customers
One of the best ways to deliver efficient customer service is to listen to the customer to understand their problems and what they want. Equipped with these valuable insights and by using the latest conversation software, you can solve their problems speedily and also track customer profiles. When you do this with consistency, your customer service index will show a distinct improvement.
#3 Add Self-Service Options
Today’s customers look for self-service options while buying products and services. Self-service also results in fewer complaints, which in turn increases net promoter score and lowers the churn rate, all of which leads to higher revenues for the company. It is definitely a win-win for everyone involved.
With technology platforms that provide instant service, the need for more staff and physical shop fronts is becoming redundant. Self-service options offer the dual advantage of reduced overheads and a satisfied customer base.
On their websites, many companies offer various self-serve functions such as a FAQs section that helps customers find the answers they need quickly. Chatbots in multiple languages are the new addition serving a similar purpose. Since customers receive instant replies in their chosen language, it enhances customer satisfaction.
#4 Increase Agent Productivity
Traditionally, efficient and productive customer service agents have played a critical role by acting as a buffer to answer customer queries and resolve their problems. It contributes to reducing customer servicing costs. But consider a scenario where they receive only qualified leads or complex cases. It will save their time as they would have to deal with only a small number of cases. It will improve their efficiency and enable them to achieve higher levels of customer satisfaction.
When you introduce conversational artificial intelligence into your customer engagement and service strategies, it dramatically changes the customer servicing process. The agents are seamlessly able to receive detailed tickets, lead qualification, and lead profiling, saving them time, improving their productivity, and enhancing customer satisfaction.
For effective and sustainable cost reduction opportunities & efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777