For years, businesses assumed customer service and revenue growth were tightly intertwined. The best path to higher revenue, and by extension profits, was to keep the focus decidedly on customers and deliver exceptional service.
But perceptions change. Now, a constrained economic environment is forcing some businesses to shift from customers to cost-cutting and price increases to ensure the profitability of their businesses.
A recent study by research and consulting firm Accenture found that 40% of CXOs surveyed said they plan to raise prices to pass costs increases to customers.
As a result, poorer quality and lower customer service are likely to follow. Service agents will be harder to reach, disputes will take longer to be settled, and customers will become more dissatisfied. Accenture says the potential revenue loss for businesses failing to manage complaints properly could reach US$887 billion, up from US$494 billion in 2020.
In-plants and commercial printers may not deal with millions of customers in the consumer space, but they’re not immune to general trends either. Costs, for example, are going up and have to be managed properly. A few disgruntled customers who leave for other suppliers can knock a shop from profitable to struggling.
It's tempting during difficult periods to neglect customer satisfaction. But it’s not wise. Instead, double down as much as you can on providing great service. When other businesses are risking customer loyalty, you can turn your commitment into a competitive advantage with a blend of new and established approaches.
Use Technology
Your MIS systems, CRM, and project management tools can all perform some logistical tasks that make it easy to stay in touch with customers. Use them to track orders and project status, submit files, send proofs to clients, place new and repeat orders, create client-only portals, automatically generate customer notices about shipping, and so on. Talk to your software suppliers about what’s possible with what you have or what new modules you may need to install.
Investigate whether generative AI may be an option for you. This approach uses chat bots, for example, that can more easily understand what customers want using more general language and can respond more accurately. Using it can potentially free up time for your CSRs. The weird and wonderful world of AI is evolving quickly, and its capabilities are startling.
Create a Customer Driven Culture
Customer service starts at the top and percolates downwards. If employees know customer service and retention are paramount, they will act accordingly. Customers will be upset if you fail on a job, but rudeness from any employee will hurt your reputation just as much. All staff should understand what’s required of them and get some training if necessary.
Always be Proactive
It’s a good idea to respond quickly to problems, but it’s a better idea to alert customers to potential problems and offer a solution. As much as possible, get in front of customer needs and act before any issues arise.
Communicate
Above all, keep the lines of communication with your customers as open as possible. Make it easy for them to reach you on the channel of their choice, including outside office hours. Check in with them regularly and let them know you listen to them. Institute a system for gathering feedback, either through regular surveys, which your software should be able to generate, or in person. Act on what clients tell you.
Economic cycles come and go and when the bad ones end, your customers will remember how you treated them, so it doesn’t hurt to bank some goodwill.