As National Customer Service Week comes to a close, we leave you with this question to ponder: Is customer service the most significant success strategy for business?

Is the face of customer service changing to become a defining business strategy for success? Many can argue this case. But what is true is that technology has changed all aspects of business, especially in the ways in which we communicate. Research has shown that social media has elevated customer service from a supporting role to a key business driver. More specifically, it is the growing consumer use of social media that has elevated customer service to such prominence in the business model.

Here are some research findings that illustrate how customer service can help or hinder your business based on customer interaction through social media channels, including: mobile chat, online chat, social networks, blogs, etc.

• Customers say they would purchase 21% more from companies who provide great service, compared to 13% on average.
• 8 in 10 consumers have relinquished a purchase due to a poor customer service experience, compared to 55% overall.
• On average, social media users will tell 42 people about their good experiences, compared to 15 people overall.

Whatever your opinion may be, it’s hard to deny that great customer service through traditional methods, and through social media channels has a powerful impact on a business’ bottom line, more so than other business functions. On the contrary, poor customer service has that same powerful impact, but in a negative direction. The key difference in today’s marketplace is the “powerful” factor, which proves to be a forcible case for the redistribution of funding and strategic focus on customer service. 

What are your thoughts on customer service as a key business strategy? Leave a comment below.

Statistics from 2012 American Express Global Customer Service Barometer