Are You So Good Your Customers Would Pay You Double?
What if your customers said they would be willing to pay you twice what you normally charge? All they want in return is an amazing customer service experience.
Really? That's it? That's all they want? We already give great customer service. This will be a piece of cake! (Or, will it?)
If someone is willing to spend more, they will surely expect to get more value, and that value should be in the form of a better customer experience. A recent study by Aspect found that 52% of consumers said that they would pay more for "good" customer service while 66% will pay more for "great" customer service. And, an astounding 75% will pay more for what they consider to be "exceptional."
The point is that great customer service makes price less relevant. Three out of four people are willing to pay more for "exceptional" customer service. How much more are they willing to pay? And what defines "exceptional" customer service? Maybe customers wouldn't pay double the normal price, but what if they would? What would you do differently? Here are a few ideas to consider:
- You would return your customers' emails. Can you believe that 62% of companies don't?! That's according to a recent Super Office study. And, not only would you return them, you would do so quickly. And, by quickly I mean minutes, not hours or days. And, the same goes for your customers' phone calls.
- You would probably contact your customers more often. A salesperson could check in with their customers to see how they are doing or to notify them of a promotion, sale, or special event. A customer service rep could follow-up to make sure everything was working. There are plenty of reasons to stay in touch.
- You would be as convenient for your customers as possible. You might be open longer hours or drive to a customer rather than make them come to you. There are many ways to make yourself more convenient.
- You might take the time to send a thank you note. I know that sounds so basic, but you can't believe how few people send thank you notes. And, given how we are in an age that's moving away from paper, I'll accept an email or text message – as long as it's personalized. Be sure to say something that truly connects with the customer. That said, the "snail mail" note has more impact than an email or text. After all, they are spending twice as much to do business with you!
So, maybe the customer isn't spending twice as much. Maybe they are paying you the same thing they would pay a competitor. Do any of the four customer service tactics seem so far-fetched that you couldn't or wouldn't do them regardless of what the customer paid? I don't think so.
Do you want to stand out from your competition? Do you want to make price less relevant? Sit down with your team and discuss what "exceptional" customer service looks like to your customer. Then do it!
Shepard Presentations, LLC.