Traditionally, customer service has been more of a cost center, not a revenue center. During times of crisis, however, as market disruption upends “normal” business models, many companies are rethinking their approach to service-and that applies for during the crisis, during the recovery, and in the “new” normal-particularly in industries where products may be treated as commodities.
By creating new opportunities to provide value-added service offerings, companies are finding they can create additional avenues for consistent revenue and account growth, all while delivering superior experiences for their customers and generating higher levels of loyalty.
Right-Sizing Customer Service
One way in which this “servitization” model can work in a volatile economy is by offering tiered service levels with corresponding tiered pricing levels, enabling customers to choose the precise level of service they need-or that they can afford.