Emphasizing Customer Service Can Significantly Increase Small Business Profits

Jessica SarterCommercial Lending

Customer Service is Important

Customer Service is ImportantA recent article appearing in CBS’ Money Watch citing an American Express survey, found that two thirds of consumers surveyed said they would pay a premium (an average of 13% more) for excellent customer service. Over 50% said they did not buy because of poor service while 75% said they spent more because of positive service experiences.

With the explosion in technology delivering web based customer service, approximately 65% of customers still prefer dealing with a live person to address their issues. Technology makes it easier for customers to share their experiences. Nearly 50% of customers share good service experiences, telling approximately 15 people about it. Conversely customers share their bad experiences with 24 people.

The bottom line is that the level of every one of your customers satisfaction can and will be communicated to others and impact your profitability.