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Focusing on customer service leads to a company’s comebackJune 29th, 2018 by
In this success story shared by Smith & Howard Wealth Management, one electrical contracting company decided to take a closer look at their customer service strategy as a solution to declining revenue and quality. Initially, the company’s founder was the primary contact for clients prior to sales. After the sale, the founder would pass the client to one of three vice presidents who were responsible for maintaining customer relationships, along with their operational tasks. Needless to say, these VPs were spread thin and service suffered.
An intervention was needed after an eight percent drop in revenue from the company’s existing clients. The founder ultimately sold his business, which led to an opportunity for the management team to retool what wasn’t working. The company’s financial advisor offered some great advice during the change of the guard. The advisor suggested that the company rethink their customer service strategy.
“Driven by the loss of business from existing customers, the financial advisor said, revenues would likely continue to decline — unless the company made an abrupt change in course. The financial advisor’s first recommendation was to invest in the latest sales and client management software. Doing so would allow the company’s management to triage clients according to revenues and anticipate what type of work they might need in the future. In addition, because none of the vice presidents had significant client management experience, the financial advisor recommended they, in the short term, engage a consultant to provide them training. For the long term, the advisor suggested they look for an experienced account manager to build a client services department.”
The team took their advisor’s recommendation and hired an account manager whose sole focus was on the happiness of the company’s customers. Smith & Howard report that the company is expected to post its best revenue totals since the founder’s retirement.