Customer service is often organized in business cost centers. This means that customer service is seen as something that takes funds and doesn’t produce profits. Because customer service isn’t seen as part of the profit center, customer service teams are often neglected and underfunded. However, good customer service can improve a business’s ROI.

ROI, or return on investment, is a metric that measures how much a business earns compared to how much it costs. Businesses value this metric because it shows them the efficiency of their investment and whether or not it is worth what they are spending. Even though customer service is seen as something that only costs money and doesn’t produce anything, this is far from the truth.

In the relationship-centric business era, customer service is everything. Having strong relationships with customers can make or break a business. In fact, strong customer relationships can drastically improve sales and your business’s reputation. Since customer service teams can be expensive to operate, improving your ROI will show how your customer service is worth the investment.

HOW TO IMPROVE YOUR CUSTOMER SERVICE ROI

EDUCATE YOUR STAFF

To offer great customer service, your team needs to know the value of the work you expect from them. Educate your team on the programs and systems you use for customer service. If your team is prepared to help customers, the customer will have a great experience with your business. It is also helpful to reward your employees for good customer service. This incentivizes them to continue to provide excellent customer support,  making you a solid return on your investment.

MEASURE CUSTOMER RETENTION

Study how your customers reach out when they have a question or problem with your products or services. If you know how your customers try to get a hold of you, you can simplify the process and make customer service more accessible and streamlined. This will make your customer happy and improve your ROI.

USE ROI INDICATORS

Using the right ROI indicators tells you more detailed information about what you are doing right and what needs some work. You can look at how many customers upgrade, how much time or money was saved due to better customer service, customer retention, positive reviews, and more. ROI indicators are the guide to maintaining and improving your customer support ROI.

FEEDBACK

Feedback comes in many forms these days and it is a great way to measure the strength of your customer relationships. You can use feedback software, polls, surveys, and even your social media to get feedback from your customers. Asking people what worked and what could be better is a great way to make your customers feel valued while also getting valuable information to improve your return on investment.

THE USER EXPERIENCE

Customers know a good user experience from a bad one and always give their business to the better UX. To make sure your user experience is beneficial to your company and customers, use your current or most recent set up as a benchmark measurement. With each improvement, you can track that you are moving in the right direction to improve your ROIs.

IN CONCLUSION

There is a lot that goes into customer service, but there are also so many benefits that come out of it. To ensure that you are valuing your customers, you need to have good customer service. Investing in customer support the right way always yields strong ROIs. This can become a cycle because when you improve customer service, you improve your return on investment.