Every sound business mind knows that quality customer service is necessary, not an option. A company that consistently provides excellent customer service has so much to gain.
An excellent and committed customer service team helps a business retain its current customers, find new customers, reduce marketing costs, build and improve the brand image, gain valuable insights into customer expectations, and more.
Thus, it only makes sense when a company allocates a good percentage of its spending budget to building a good and efficient customer service team.
Veritas Global Protection knows all about customer service, which is a high priority for the company. There are many benefits to making customer service a top priority.
A good customer service team creates a win-win situation for the company and its customers. The latter is satisfied that their requirements are taken care of, and they become more loyal to the company and brand. We have mentioned the benefits they can have by ensuring customer satisfaction.
However, let’s look closely at why companies need to put considerable effort into building a great customer support team and how and in what ways they benefit from it.
How Excellent Customer Service Benefits a Company
1. It Brings Down Customer Acquisition Cost
A happy and loyal customer base always helps a business acquire new customers through referrals, references, etc. Happy customers will also provide positive reviews and testimonials and will serve as case studies.
All this means that a loyal customer base serves to promote your business free of cost.
Simply look at it from a prospective customer’s perspective. No matter how many mailers a company sends out or how it advertises its business through various channels, a prospect will always research the review platforms, ask for referrals from friends and family, etc., before making his final decision.
It is not for nothing that they say that word of mouth is the most forthright form of advertising.
2. Customer Acquisition Is More Costly Than Customer Retention
Many businesses put too much focus and effort into new customer acquisition. And this often makes them reluctant to spend too much on customer support. However, this approach can be highly harmful to a business in the long run.
Statistics tell us that a mere 20% of a business’s existing customers account for 80% of its profits, and a massive 65% of sales happen through current customers.
This is why companies that put a good deal of effort into retaining and strengthening their existing consumer base always fare well in the long term.
Customer retention reduces a company’s churn rate (losing existing customers to acquiring new ones). Moreover, as discussed already, customer acquisition becomes cheaper once you concentrate on customer retention.
3. It Improves Customer Lifetime Value
Customer lifetime value represents what a company can expect in total revenues from a single customer profile. Research informs us that quality customer service is the most efficient way for a company to improve its customer lifetime value.
When customers have a good and positive experience with a company’s support team, they will become more trustworthy of the company’s services and products and spend more money with the business.
This also means that the business will find it easier when they look to cross-sell and upsell. The customers will trust that your sales rep will recommend products that will be of value to them.
4. Customers Are Willing To Pay More For A Great Experience
Customers value how a company’s support team treats them. According to one study, more than 80 percent of customers are ready to pay more to ensure that they receive a better experience.
This means that companies profit directly from every positive customer service encounter. On the other hand, a single negative interaction can make the customer turn fast to your competitors.
5. It Helps You Gain Valuable Customer Insight
Many companies spend a good deal to know what customers expect from them. They conduct independent surveys and request their customers to fill out survey forms in exchange for giveaways, etc.
However, many businesses overlook that they can gain these same insights and more at no extra cost once they have an excellent customer support team to back themselves.
Once your customers have a good rapport with your support team, they will provide valuable feedback and talk freely about their expectations from the company, what they love about it, how they perceive the brand, and so on.
Veritas Global Protection and Its Excellent Customer Service
As a leader in the Vehicle service contract industry, Veritas Global Protection understands all too well the value of positive customer experience.
Accordingly, they always try to ensure that their existing customers are happy with how the customer support team treats them.
This is all the more important for a company operating within the vehicle service contract industry, as the latter has received some bad press recently due to several disreputable services that engage in many shady and unscrupulous practices.
This has prompted the VPA (Vehicle Protection Association) to establish new Standards of Conduct for all VPA-certified companies.
And Veritas Global Protection is one of the few companies in the vehicle protection plan industry with whom customers can assuredly put their faith in.
For one thing, Veritas Global Protection enjoys an excellent reputation for the fast and effective handling of claims. Unlike many other administrators, Veritas Global’s vehicle protection plans do not contain restrictive conditions, and the company has already paid millions of dollars in claims settlement.
Veritas Global Protection’s commitment to providing excellent customer service is already evident from the fact that they are willing to answer and handle claims for contracts sold by their agents or dealerships they are affiliated with.
We must mention that this is anything but the norm in the industry. It is specified on the company website that claims made for all contracts sold by dealers and agents are strictly the responsibility of the seller in question. And despite this, the Veritas Global Protection support team often helps their partners resolve claims disputes and similar issues.
This exemplary commitment to customer service reflects well on the company, as evident from the high scores they enjoy on consumer review platforms like BBB, Google My Business, and Trustpilot. At Google My Business, for example, Veritas Global Protection enjoys a host of 5-star reviews.
Many of these reviewers express their satisfaction with the company’s innovative and cost-effective auto protection plans. However, many others particularly stress their happy experiences with the company’s support team.
Apart from the effective handling of claims, many also comment on how Veritas Global Protection always backs its promises regarding benefits like car rental, towing services, trip interruption benefits, and more.