In my view there are 4 key ways to beat your competition in business:
1. Offer a clearly superior product.
2. Offer a similar product at a cheaper price.
3. Give them amazing service.
4. Be better at getting customers – sales and marketing.
When I coach CEOs and entrepreneurs, I find it very interesting that most business owners seem to be more focused on 1 or 2, but put relatively little effort into 3 and 4.
Especially number 3 – giving them an amazing service experience.
Yet new research from Bain & Co, one of the world’s best big business consulting firms, shows that offering great service is an extremely effective way to not just grow your company faster, but also to increase customer loyalty.
Are you spending enough time on creating great customer service?
If the answer is no, check out this short video I created to help you do it:
After hundreds of hours of experience, Bain & Co have created 5 questions you need to ask yourself if you want to create an awesome customer experience. Answer them well and it’s virtually impossible not improve your business.
Check out Bain’s 5 most important customer service questions here: