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How to Innovate Customer Service to Stay Ahead of the Competition

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AI Chatbots Innovate Customer Service for Financial Products and ... The customer experience can make or break your business. Few people realize that these efforts are not only to provide stellar service to your customers but also to keep a leg up on your competitors. Why is this? According to the Annual Digital Trends report, 86% of survey respondents confirmed that they would be willing to pay higher prices for a higher quality customer experience. Further, over two-thirds of businesses surveyed confirmed that industry competition is now primarily focused on customer service. Since 1 out of every 3 customers will leave a company after only one negative experience, you must tailor your customer service to exceed the expectations of your consumers. But how can this be achieved you may ask? Now more than ever it is very important to put into practice a variety of innovative customer support methods to help your business beat and stay ahead of your competition in an ever changing technology driven world. Integrate Automated Functions into Customer Support A part of what makes customer service excellent is the speed and efficiency with which customer inquiries are met and resolved. Automated tools and software provide you with the ability to meet customer expectations rapidly and with reliable accuracy. Some great examples of such technology include:
  • Customer Relationship Management (CRM) software
  • Self-service portals
  • Chatbots
You can set some of these tools, such as chatbots, to be available for customer use at all times. This way, even if a customer has questions after hours, they can have their problems resolved right away without having to worry about the inability to reach a representative. Providing Multichannel Support This is the best method by which you can remain on the cutting edge of technological advances in public communication. By providing your customers with numerous channels of contact – including social media, company websites, emails, etc. – you will substantially improve the accessibility of your business. This will invite a wider range of demographics into using your services, since you are placing less emphasis on asking your customers to find you, rather, meeting them where they are. This provides greater appeal for your company and will surely give you both the communicative and technological advantage over your competitors.  Target New Customers by Studying Competitors’ Weaknesses and Strengths Part of maintaining a successful business in the context of business competition is refusing to settle for a stagnant consumer base. You will need to have your sights set on how to grow your customer numbers. To achieve this, you’ll have to study what your competitors are (and aren’t) doing right. Where are their customers unhappy in their experience? Renovate this portion of your customer service. With what aspects are their customers satisfied? Review your current strategy for customer relationship management and improve the quality to get an advantage over your competitors. If ever you are unsure of where to find new customers, rely on the fact that they’ll most likely be hanging around on the same platforms that your current customers are. The best way to reach them is by identifying gaps in both yours and competitors’ methods of reaching them.  With these tactics, you can be sure that not only will your existing customers experience a boost in their experience with your company, but that you will grow your consumer base as well. Maintain a competitive edge on your competitors by adopting these strategies into your customer management now. 
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