Customer Appreciation – The Costs Versus Payoff
Why Is There A Lack Of Investment Into Service Excellence?
There is an incorrect belief that service excellence costs and isn’t worth the effort. This is clear by the simple fact that very few companies have a defined game plan to optimise their service standards and as a consumer our mostly average experiences confirm this fact. Often the investment in team training and customer journey process mapping is seen as too much for too little return. The big issue here is the metrics to how the ROI is assessed and the timeframe allowed for the impact. Many of us have experienced the impact of the bean counters when they cut staff and services as a method of impacting the bottom line. It works for a year or so and then often creates more issues and lost business than it saved in raw dollars as well as stifling growth. Investing in the correct customer experience process development will pay and pay. It’s a proven fact that improving process to build unshakeable loyalty will ensure the highest ratios of repeat business, powerful and consistent customer referrals and maximum possible wallet share. The other big factor is the need to discount no longer exists. The long term impact on revenue and the massive impact on company asset value will always pay big dividends.