Let’s cut to the chase:
To improve revenue in 2019, you need to focus on the customer experience.
You see, small businesses have a pretty exciting advantage over the big corporations that command the lion’s share of the marketplace: great customer service.
The kind of customer service that sparks brand advocates and gets regular Joes talking up your brand as if they were on the payroll.
Because while those big businesses are leaving everyone on hold – your business can be less intrusive and more efficient with a business texting solution.
So, how does that translate to improving revenue?
Gartner reports that 64% of consumers find the customer experience more important than price. …More. Important. Than. Price. It’s the reason Mom and Pop shops exist. Consumers want to be remembered. They want to matter. That gives you the competitive edge over the store that’s shredding your margins.
And it carries over to your partners: B2B decision makers identified their biggest pain point with suppliers was the fact that they couldn’t communicate quickly. It was mentioned twice as much as price according to Temkin Group. Vendor relationships survive on communication just like any other relationship.
Understanding How Business Texting Affects Customer Service
80% of Americans agree that small businesses focus more on customer service than the big corporations according to LiveHelpNow.com. And when the Global Messaging Consumer Report of 2016 was released, 9 out of 10 consumers reported that they want to communicate with businesses via text.
Seems like an easy ask… but wait for it. Despite ALL of that demand: Only 48% of businesses have text-enabled their phone number for consumers.
So, there’s clearly a lovely opportunity blossoming here…
Digging Deeper into the ROI of Improving Customer Experience
The American Express 2017 Customer Service Barometer is very helpful in identifying why this should be important to your business. Let’s focus on 4 important findings they uncovered:
- 7 out of 10 Americans are quite happy to spend more with a company that they consider top-notch in the area of customer service.
- Consumers will spend 17% more with businesses that deliver excellent customer service.
- Millennials, in particular, will drop an additional 21% of their spend with companies that portray great customer care.
- 6 out of 10 American consumers don’t want to solve simple inquiries over a phone call. They prefer self-serving tools like messaging or websites.
Opportunity Alert: This continues to be the perfect entry point for small businesses as corporations leave the door open with $62 billion lost annually due to not delivering on the customer experience. (Newvoicemedia.com)
One reason this is happening: 75% of customers think it takes too long to reach customer support according to Harris Interactive. Plus, newvoicemedia.com weighed in through their report to show that the #1 reason people dislike calling companies is because they don’t get to speak to a live person right away.
Shouldn’t all efforts be focused in making sure the customer has access to you? Did you know that when a text comes through your business line it can immediately be routed to the last agent who they spoke with? Did you know that agent can see the full history of their last chat? Did you know that customers consider this an awesome alternative to sitting on hold?
How Business Texting Solves for Retention and Builds Revenue
Business texting proves the perfect channel to not only acquire customers but to retain them. Harvard Business Review knows that it is anywhere from 5 to 25 times more expensive to get a new customer than to keep a current customer. So, what touchpoints are you leveraging to keep your customers close?
By staying in touch via text, you can send the latest marketing promotions and appointment reminders without interrupting their day. In fact, the 60 Second Marketer revealed that 90% of participants in an SMS loyalty program have gained value from being a member.
Open the customer retention revenue stream and you can practically anticipate a flood according to Bain & Company who reported that just a 5% increase can lead to 25% – 95% in extra profits. That juice is definitely worth the squeeze.
And if that isn’t enough, here’s an added bonus. McKinsey discovered that companies that elevate their customer service see employee engagement rocket up the charts by 20% on average. Now, literally, everyone is happy.
Customer Service via Business Texting Should Be Your Top Priority
To recap: Improving revenue starts by elevating your customer service. The easiest, cost-effective way to do this is to reach current and future customers where they live – that pocket-sized device that features a native texting app they can’t wait more than five seconds on average to read.
Consider this final thought from Lauren Freedman, President of E-tailing Group, as you daydream about next year’s revenue potential: “Although your customers won’t love you if you give bad service, your competitors will.”
Textel can have your business landline text-enabled by the end of the day and is happy to share additional ways you can leverage your existing customer list to make 2019 your best year yet. Start texting today!