CAN COMMUNICATION TECHNOLOGY BOOST BUSINESS PROFITS?
Every once in a while, we have a disbelieving business owner ask us, "Can communication technology really boost our profits?" The simple answer is yes. There are a number of reasons your communication technology has a direct impact on your overall profits. Your telephone and online communications systems are responsible not only for your team's productivity but also for the way that customers see your brand.
EFFICIENCY FIRSTModern communication technologies allow more people to stay connected more of the time. It also allows us to integrate multiple information systems into one streamlined process so that customers can reach out to your company in the most convenient way and still receive immediate and accurate assistance. Phone tag is no longer a part of customer service that we are willing to put up with. There are faster, more effective ways to get results today.
Of course, efficiency is important internally as well. Many business owners are shocked to see how fast their team's productivity multiplies when they gain access to chat and email-based services. Suddenly your team is able to answer as many as three times the number of customer service queries in the same amount of time by combining the capabilities of each avenue.
CUSTOMER SERVICE ALWAYS PAYSCountless studies have linked the importance of customer service with your business's success and profits. First of all, we know that it is far more effective to keep an old customer than it is to create a new one. In addition, loyal customers are typically worth ten times as much as their original purchase, and they are 60-70% more likely to make a new purchase as compared to new customers. Furthermore, customers are becoming increasingly willing to walk away from a deal if they feel like they are getting bad service. More than 3 in 4 Americans have walked away from a transaction where the customer service was subpar. In a time where customer service stories are going viral on the Web, the public is twice as likely to hear about bad reviews of your service as they are about positive reviews.
With all of that in mind, choosing not to invest in modern communication technologies seems risky at best. Making the upgrade now allows your team members to stay competitive in a market where many other companies have already made the leap. It also ensures that customers get the service they need to keep them loyal to your brand, so they will spend more money and give referrals to their friends and family members.