Focusing on Customer Service Benefits Everyone
In today’s competitive environment—set on an increasingly global stage—more business leaders than ever are coming to understand the massive value of championing customer service. Forbes reinforced this standard in 2018, reporting that 73% of organizations that provide above-average customer service policies perform better than their competitors. (1) Further, 96% of customers report that customer service plays a key role in their choice to remain loyal to a brand.
The condo management industry is not left out, about 70% of property managers acknowledge that building a culture that focuses on services impacts positively on their business. Our team understands that customer success in achieving their desired outcomes when using our condo management software is the key to a healthy and long-lasting business relationship. We focus on customer service as relationship-focused client management that aligns our goals with customer expectations for mutually beneficial outcomes, such as keeping our valued customers happy and increasing up-sell opportunities to benefit our business.
Are you interested in improving your customer service strategies? We have some ideas that you might want to consider and try for your own business.
Champion Customer Service Through Evolving Technology
As buying options increase for consumers in the property management industry, the value of championing customer service has never held greater importance for businesses that want to stay competitive. Customer service experts predict that up to 85% of all customer service interactions will be handled without any interaction with a human customer service representative by the end of 2020. However, businesses cannot simply rely on this channel without care, they must ensure that the services prove as effective as human customer service representatives.
You may wonder how you can enjoy the streamlining capabilities of technology-driven customer service while championing customer service to reflect the values of your organization. It is vital to create a strategy that allows you to anticipate changes in customer needs and expectations while also investing in your staff and adjusting your technology strategy accordingly.
Create a Data-Driven Customer Lifecycle
Businesses are increasingly working hard to get to know customers better. Our team strives to enhance our understanding to improve the customer journey, from inception and for the life of our business engagement. One key way to learn about your customers is through the data you have accumulated from each interaction with your customers, allowing you to adjust messaging and optimize your targeting strategies.
Your retention team needs to understand how to proactively reignite engagement post-sale to ensure future sales. Otherwise, you risk losing an otherwise happy customer if you do not reach out. Customers tend to drift away once they have bought a product, no matter how satisfied they are, if there is no follow-up interaction. It is more difficult to win customers back if they have already churned.
Customer churn is the percentage of customers that stopped purchasing from your business. As you strive to achieve and maintain a 0% churn rate, your data is a crucial tool. Work to reduce your churn rate in these ways:
- Focus on Your Best Customers. Data from customers who have already become loyal to your business can offer invaluable insights in preventing their churn, as well as that of other customers, especially if you have noted customer service interactions.
- Analyze Your Cases of Churn. Similar to using data to understand what you’ve done correctly with non-churning customers, churn cases can help you improve practices to retain customers.
- Communicate Proactively. Follow up on purchases to ask if residents are satisfied, need any assistance or if they would like to rate their purchase.
Consider Key Performance Indicators
Key performance indicators (KPIs) are measurements that you can quantify to understand your business’s overall long-term performance in one or more areas. KPIs can help develop a pathway toward strategic, financial and operational success. These indicators work within the framework of your organizational goals and are especially effective in comparing your success with other businesses within your sector and industry. KPIs help you set and achieve your business’s fundamental philosophical and financial goals. If you feel like your KPIs are low, you may need to evaluate your company and all employees to address issues such as discipline, incentives, rewards and eliminating inefficiency.
Here are a few tips on improving your KPIs:
- Determine the KPIs that are vital to your condo business.
- Examine performance records in selected KPIs for your organization, and honestly assess where your company stands in relation to the goals you have set.
- Provide employees with guidance on achieving KPI success, and regularly check in to clarify that they understand your combined mission.
- Focus on improving root problems rather than symptoms by digging deeper to understand why you are not meeting KPIs.
Improve Customer Lifetime Value
The goal of customer success is to ensure that the customer as successful as possible, which in turn, improves customer lifetime value (CLV) for the company. The CLV is one of the most vital statistics in tracking customer experience. It is the crucial measurement indicating how valuable a customer is to your organization, which goes beyond each purchase. The measurement shows the entire health of your relationship with your customers, from their first interaction to their most recent purchase and all future purchases.
Here are a few ways to improve your CLV:
- Identify the key stages that your customers and prospects experience throughout each stage of their journey with your company.
- Determine the success metrics throughout the customer lifecycle. Since this step is complex and features several possible touchstone metrics and a large volume of data, come up with a variety of metrics that your analytics and data science team can use for a more specific measurement or outsource your tracking to a reliable software built for your industry.
- Capture real-time data to analyze to quickly course-correct any issues.
We Can Help You Ensure Customer Satisfaction
We thrive on our ability to keep our customers satisfied. MyCondolink can help you serve your present and future community members more effectively and efficiently.
Contact us to learn more and get started improving your customer satisfaction right away!