The key to good customer service is having the right information when you need it. That way you can be sure you’re communicating your message in the most effective way possible.
Developing the processes that are used for collecting and sharing data within your organisation is the first step towards enhancing customer service in all aspects of your business – not just the credit management function.
Focus on your customer
- Streamline data management
A single repository for client information reduces duplication and ensures that the most recent data is communicated throughout the business in real time.
- Increase transparency
The right software enables relevant functions to view the information they need and it provides a high level of insight that can be used for managing teams, as well as working with customers.
- Monitor trends and generate reports
Your system provides a wide range of data about your clients, as well as the performance of your credit management team. By analysing this data and generating reports, you’ll gain valuable insight into how effective your operations are – and where improvements can be made.
What’s in it for your customer?
While improving your business processes can provide an array of benefits for your organisation, it can also improve your relationship with clients.
- Clear and correct communications
From a client’s perspective, there’s nothing more frustrating than being given the wrong information about their account. It’s easy to see how changes and updates can get missed when different business functions are not working together on the same database. For example, the sales team could negotiate a new contract with a client – but if that change isn’t communicated to the credit management team, the customer could receive incorrect invoices or other misinformed correspondence.
- Better relationships
Every client has different requirements and what works for one might not work for another. Unfortunately, it’s not practical for most organisations to get to know each and every customer at a personal level and understand their individual needs or eccentricities. However, it is possible to provide a more personalised service by segmenting clients into various groups based on their requirements. This will allow you to work more efficiently with each client, while also building trust and creating a sense of shared values.
- Improved complaints management
While no company wants to receive complaints, they do happen – and it’s how you deal with those complaints that will win or lose your customers. Having an effective complaints management system in place will help you deal with problems effectively – so that you can learn from your mistakes and prevent similar situations in the future. Plus, customers will feel like they’re being listened to if problems are dealt with quickly.
The importance of existing clients
According to some experts, the cost of keeping an existing client is about 10 per cent of the cost of acquiring a new one. What’s more, a client’s profitability increases over time, longer relationships are usually easier to maintain and happy clients can provide valuable word-of mouth advertising.
With existing clients being such an important asset to an organisation, it makes good business sense to preserve and foster those relationships – and the processes you have implemented can greatly influence the effectiveness of your operation.
Learn more about how to improve your customer relationships:
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VP Customer Success
“Quality is when we achieve the customer’s expectation. But we are trying to create a service aptitude that we recognize opportunities to exceed the customer’s expectations.”