5 Ways to Build Business Resilience Through Effective Customer Service
Publication: DMNews.com
Original Publication Date: May 15, 2023
The 2020 pandemic and the multiple bank failures of this year have taught business leaders the importance of having a solid customer service strategy in place to establish a resilient business. According to the IMF's World Economic Outlook report, advanced economies are expected to continue experiencing a pronounced slowdown in economic growth moving forward in 2023, with the U.S. real GDP growth forecasted to remain at 0.7% and increase by only 0.1% in the following year.
Whether you are a startup or a Fortune 500 entrepreneur, having an effective customer service strategy in place is essential for establishing a resilient business that can adapt to both expected and unexpected economic changes. While economic perseverance comes from the proper financial planning and leadership decision-making, it’s also the relationships you create with your devoted customers that truly make the most significant impact on business outcomes.
Not only is building economic resilience critical for lasting success, but it is also key to paying special attention to how your company can specifically improve its customer service efforts and effectively build a more financially sound business. Prioritizing customer service enables companies not only to consider their bottom line but also to maintain a focus on the individuals who support business growth and longevity through the purchase of goods and services.
This article outlines some of the most essential strategies businesses can use to enhance customer service during times of economic change, ultimately improving customer relationships, enhancing brand reputation, and strengthening their position in a volatile economy.
Reexamine the Customer Experience
When it comes to customer service, business leaders and marketers know that the experience is more than the product or service the customer purchases. To drive cash flow and revenue, customer demands and behaviors must be accurately predicted. This is especially true during economically turbulent times when a customer’s brand loyalty is tested and has the greatest impact on the business’s long-term profitability.
In turn, there must be an exceptional dedication to the customer experience to ensure the company is acclimating to meet customer needs, while still maintaining brand consistency and growth. To gather critical insights into the customer experience, leaders should frequently be looking to renew and refine the customer journey at every stage using data trends, metrics, and analytics.
2. Invest in Training Programs for Employees
Before you can fully dedicate your business’ time and resources to your customers, your employees must have a solid understanding of their roles in the company, the company’s mission, and leadership expectations regarding customer service efforts. A survey by Gallup found that ineffective performance management strategies leave only 21% of employees feeling that they are prepared to deliver exceptional service and value to customers. Another study by Harvard Business Review notes that integrated coaching methods improve team performance by 12%, including great success rates with in-the-moment coaching.
Whether it is a new hire going through the onboarding process or a tenured employee, regular training offerings provide teams with the opportunity to hone their skills and the resources to reduce future risks. This means investing in comprehensive employee training programs that will prepare them to work well with any customer and in any situation.
3. Develop a Customer-Centric Culture
Once each employee knows their role within the company and their impact on customer care, it is time to begin laying the groundwork for developing a customer-centric culture. This can mean something different from one company to another, but should at a minimum include some key elements for long-term success. This means focusing on building stronger relationships with clients, which starts with strong communications that have the capacity to result in effective problem-solving and customer satisfaction.
A customer-centered culture also means that you demonstrate your appreciation throughout the year with corporate events, written thank-you cards, and thoughtful gift-giving. According to PR Newswire last year, even throughout the social and economic challenges of the pandemic, more than 63% of companies agreed that corporate gift-giving improved customer retention rates and increased annual revenues. Many companies also choose to impress clients with corporate gift baskets from places like Spoonful of Comfort that aim to deliver exceptional customer care.
4. Invest in Leadership Development
There will always be the need to consistently reapproach and revitalize workforce strategies to streamline management operations, improve internal/external communications, and further enhance the customer experience. Tactical leadership efforts drive an organization’s short-term plans and strategies, leaving room for direct decision-making for each situation and reaching long-term efforts.
Research by Gallup indicates that companies that invest in leadership development are more effective at assessing organizational team needs and addressing emerging challenges. To accomplish this, core leadership values and strengths must be directed to guide effective decision-making.
5. Streamline Customer Interactions with Technology
Regardless of the size of the business, it’s becoming inevitable for technology somehow to integrate itself into company operations and customer interactions. Companies must implement CRM software and other technologies that enable customers to easily and efficiently navigate their systems. As a result, digitized customer journeys can help build customer loyalty during a crisis.
Business leaders who focus on improving customer service by building stronger customer relationships have a greater chance of enhancing brand recognition and reputation. More importantly, when times of adversity arise in a challenging economic environment, businesses are more likely to persevere with remarkable resilience when their customer service is shatterproof.
