There is no question that customer relationships are crucial in the property management industry. The role of the customer has become increasingly significant, what once could be boiled down to the simple ubiquitous adage “the customer’s always right,” is now a customer-centric business model. For property managers to improve customer relations they must tailor service to suit customers’ the specific needs. To do this companies are using a concept called “Voice of the Customer (VoC)” which helps businesses determine how they can provide value to customers.
Customer Relationship Management (CRM) is an essential element in the service industry. According to Gartner, the global CRM market was estimated to have grown to $48.2 million in 2018, the prominence of the CRM platform represents a shift in business emphasizing the focus on customer relations and customer-perceived value. CRM software is used to facilitate how companies interact with customers and prospects ensuring they follow that organization’s specific “principles, practices, and guidelines.” CRM is used to track interactions with customers, behavior, and trends to help businesses improve their customer service and customer appeal.
A strategic approach to successful customer service is an essential factor for success. According to Gartner approximately two-thirds of companies compete primarily on the basis of customer service. Walker studies suggests that, as of 2020 customers will regard customer service as the most important differentiator when choosing which company in which they will do business. Omnichannel strategies can help businesses meet rising customer service expectations, research from Google found that 98% of Americans switch between devices in just one day, an omnichannel approach tailors customer service conveniently to that device and internet centric lifestyle.
Offering an online knowledge base is a helpful in creating a complete and effective customer service strategy. 89% of customers expect companies to offer a self-service support portal, and Forrester research determined that the most frequently used self-service platforms are knowledge bases. A strong and comprehensive online knowledge base can come in many forms: a website, FAQ, manual – even social media, or it can be a combination of multiple platforms.
Offering customers self-service capabilities is becoming an increasingly important element of the customer service toolkit. Whether it is in the form of an online knowledge base, a simple FAQ or a portal, Gartner Research predicts that by the end of 2020, 85% of the relationship between customers and businesses will require zero human interaction.
Signing a new client is great, it is rewarding, validating, and exciting. Generating new leads and converting prospects is huge part of staying operational but developing strategies to retain customers is arguably more crucial than converting leads. Repeat customers typically account for 65% of a company’s current business so, a focus on retention is beneficial for property management companies looking to expand their portfolio. After you bring a new customer on board the goal becomes oriented around keeping that customer, but only about 32% of executives say that retaining current customers is a priority.
Converting leads to customers is essential to success but once you have established a strong customer base, it’s important to keep those customers coming back, continuing to choose you over competitors time and time again. According to research by Temkin Group in 2018, loyal customers are 5 times more likely to forgive issues, 4 times more likely to refer new prospects, and 7 times more likely to try a new product or service from that company. When customer decide that they prefer one company to its competitors, that customer’s repeat business is considered loyalty, sustaining that loyalty is essential to enduring success.
No matter how devoted property managers are to their customer base, it’s inevitable that sometimes customers may end up disappointed, after all we’re all just human. So, what happens when one of your customers have voiced that they are unhappy with your service or had negative customer service experience? What is the best way to handle a complaint?
The term “customer support” is often used interchangeably with “customer service,” but customer support is actually a distinct branch of customer service. How a company manages support, from team members to technology, contributes to how an organization’s overall customer service is perceived, which can impact leads and client retention.
The pressure to operate your business using sustainable practices has existed for quite some time. General concern about the environment has been growing since the 1950s, now at its peak, businesses are making changes that reduce their impact on their environment. The decision to be more sustainable has many push factors but one main reason companies choose to “go green” is because it resonates with their customers and attracts new prospects. Once your company starts implementing their new strategy, you must then ensure your customers know about the changes, for it to affect your customers.