New or Existing? – Why You Need to Sort Your Customers

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New or Existing? – Why You Need to Sort Your Customers

A recent survey by giant credit card company, American Express, revealed that majority of Singaporean customers base their buying decision on the service level. They are famous for demanding good service. The 2017 edition of the Amex Global Customer Service Barometer indicated that more than 60 percent of Singaporeans declined to purchase a product due to unsatisfactory service delivery.

When you consider that a big percentage of future sales are generated from current customers, the revelation by the AMEX survey puts entrepreneurs on high alert with regards to the service level they offer to customers. Online CRM systems are some of the most ingenious methods of handling this vital element of a business.

Price Comes Second to Customer Service

Entrepreneurs often have the wrong notion that price is the most influential aspect when deciding to purchase a product. Whereas price may be very persuasive, studies have repeatedly shown that customers are often willing to spend more cash for excellent service.

The AMEX report revealed that more than 72 percent of Singaporean consumers are willing to spend more money for the right experience. Entrenching the best CRM software in your business is a great way to deliver great customer experience especially to your existing customers and carve out a niche that’s not moved by your competitor’s pricing.

Customer Acquisition is Costlier than Retention

When you consider that customer acquisition costs as much as five times more than retention, there’s no need for further explanation on why businesses should sort both their existing and new customers. The best CRM software can help you minimise the risk of losing a customer by providing avenues that enhance customer experience. Also, online CRM systems have inbuilt algorithms that help businesses to significantly reduce their customer acquisition costs.

Great Customer Service Builds Brand Loyalty

Today’s consumer is well informed and has no dearth of options when it comes to purchasing a product. Competition among businesses is stiff and most companies will choose to leverage brand loyalty to maximize their market presence. Brand loyalty is only built when customers trust your company and your products. Customers will trust your company and products when you consistently and proactively sort their issues. It’s a herculean and vital task. The needs and services required by new and existing clients are different. By engaging the best CRM software, your business will take a crucial step in building brand loyalty by attending to both the needs of new and existing clients.

Excellent Customer Service Opens Avenues for More Opportunities

When customers are happy with your service, they share the good experience with their friends, family, and colleagues. It gives you word of mouth advertising which is very persuasive; people are more likely buy into a trusted friend’s advice as compared to expert advice.

Online CRM systems give businesses the opportunity to sort both their new and existing customers and create positive impressions about the business. This can also open doors for the creation of beneficial partnerships and other opportunities that build brand awareness.

To conclude, the above explanations underpin why businesses need to sort their customers. Engaging the best CRM software will go a long way in ensuring your company delivers the right experience.