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Customer operations refer to customer-centric business functions like sales and service which extend support to the customer. These were earlier perceived to be a cost center, but that notion has changed over the past decade. Customer operations are now regarded as the Swiss army knife of business operations. This is largely due to the fact that it supports several core business functions such as Sales, Marketing, Branding, and Product Development.
Over time, business leaders have realized the significance of these seemingly burdensome cost centers and the role they play in customer acquisition. You see, there is a direct correlation between customer success and the quality of customer service offered by a company. By doing that right, businesses can earn the trust of their customers and forge a long-term relationship with them. Therefore, Companies that improve their customer operations tend to grow much faster as compared to others. Let us now analyze how improved customer operations contribute towards profit maximization.
Until some time back, customers purchased a product or a service and that was it. There was little interaction beyond that, but now the times have changed, and it is inevitable for businesses to proactively establish a rapport with their customers. If you do that right, you earn your customer’s loyalty, which is priceless. It ensures repeat business, referrals, predictable revenue, up-sell and cross-sell opportunities, and lower customer acquisition costs.
Your customer operations team can make that possible by providing an exceptional customer experience through a well-mapped customer journey. While doing that, remember that it is not about you and your company but the customer. You need to address their pain points and make the entire process convenient for them.
In other words, your customer operations must be geared towards ensuring that the desired customer expectations are met. When that happens, your customers are more likely to make repeat purchases and recommend you to others. An astonishing 72% business leaders agree with this and consider customer experience to be essential for business growth. If you do not have in-house capabilities to map customer journeys effectively, try partnering with seasoned Strategy Development Experts who understand your customers and their needs.
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Did you know that it takes just one case of bad customer service for over 33% Americans to change their service provider? In 2021, the customer is indeed the King because of the many alternatives available. Whether it is an operating system or an energy drink, there are tens of options readily available for customers to choose from.
In fact, that is the reason why Businesses no longer compete on price and product line but on customer service. For over 84% customers, superior customer service is the key determinant for selecting a vendor. Therefore, any business that fails to provide that through an efficient customer operations unit will soon experience a high churn rate and subsequently disappear from the market. The only way to tackle that issue is by adopting the customer-first approach and prioritizing customer needs.
In doing so, there can be no mistake because once lost, a customer seldom returns, especially if they’ve had a bad customer experience and this is purported by the fact that more than half of the customers who leave due to a bad experience never return. It takes just one bad customer experience to lose a customer forever and that emphasizes how deeply customer operations can influence your business and impact its revenues
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All of this can be done using StartingPoint, a cutting-edge AI solution designed for customer-centric businesses.
Customer operations play a major role in building brands because your service and support teams are the face of the business. As they directly interact with the consumer, they create an impression about the business they represent. If those teams consist of skilled and efficient professionals, it creates a positive image and vice versa. Therefore, companies that regularly invest in improving customer operations tend to fare better than the rest.
With a highly competent customer operations unit, businesses can easily penetrate through even the most saturated markets. This is very much clear from the heights achieved by Amazon, which now has the largest market share among e-commerce marketplaces. Currently, Amazon enjoys a 38.7% market share in the e-commerce space, followed by Walmart’s 5.8% and eBay’s 4.7% market shares but that happened gradually.
A decade ago, eBay was a close competitor of Amazon and the two marketplaces dominated the e-commerce landscape. However, this gradually changed because although the two businesses offer similar products from third-party sellers, one was more customer-centric than the other. At a certain point, your product does not matter as much as your service does and that explains why Amazon had over $321 billion in annual revenue in 2020 while eBay had slightly over $10.7 billion in the same year.
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Final Takeaway
As we have already discussed, customer operations can greatly contribute towards profit maximization because it has a direct impact on customer’s mindset. Customers are the backbone of any company and the very fact that customer operations support them makes it important. Prompt and timely resolution are the cornerstones of good customer operations. It helps boosts profits, lowers customer churn rate, and paves the way for repeat business. Through consistent and persistent efforts, effective customer operations can increase customer retention and that can do wonders for any business.
