Six well-known companies have proven that exceptional service pays off

Any company that can build its brand on exceptional service will increase its value by at least 25%. In reality, it can be 100%, 400%, and even more. To back up this claim, just look at well-known companies that understand and actively use the power of exceptional customer service.

In 2003, John Tschohl invested $1,000 in several companies, expecting that the exceptional service they relied on would lead them to success. Here's what came of it.

Since its humble beginnings in Jeff Bezos' garage in 1995, everything Amazon has done has improved the customer experience. Its success is mainly due to its approach to clients.

Home Depot's goal is to provide the highest possible level of service, the widest range of products, and the most competitive prices.

Costco's corporate vision statement focuses on customer satisfaction. It says that Costco strives to constantly provide its customers with quality goods and services at the lowest possible prices. In fact, they were light-years away from Sam's Club.

TD Bank's published statement of values says it is customer-focused. The bank "listen[s] to each client and [is] empowered to deliver solutions that best fit their needs." They are committed to providing customers with a user experience and service that they can be proud of.

Their vision is to become the most loved, most flied, and most profitable airline in the world. They exist to connect people with what is important in their lives through comfortable, reliable, and inexpensive flights.

Through innovative hardware, software, and services, the company strives to give its customers the best possible user experience. And with the help of knowledgeable salespeople who can communicate the value of products and services, the company provides customers with a first-class shopping experience. This dramatically expands the company's ability to attract and retain customers.

Since the initial public offering (IPO) in 1980, the share price has risen 1,080 times.
As of May 2017, it was the most valuable company globally, with a market capitalization of around $800 billion and nearly $256 billion in cash.
Over the past three years, the share price has increased by 270%, and over the past 12 months - by 1030%.

Looking at the success of these companies, it seems surprising that they have so few copycats. Most businesses are content with just good customer service and do not strive to make it great. In this way, they miss the opportunity to tip the scales in their favor on the path to increasing the value and success of the company and its employees. It all starts and ends with your customer experience.

Seven Principles of Exceptional Customer Service:

• Speed
• Eliminating stupid rules and policies
• Mastering empowerment
• Mastering service recovery
• Constant training on customer service
• Remembering and using customer names
• No IVR: answer phones with a live person in 1-2 rings

It is essential to regularly update management standards with continuous training of all employees and to reward the most successful of them to achieve results. When management strives to serve customers at the highest level every day, not in words but in deeds, the result will be an established infrastructure that facilitates communication between employees and customers and among themselves. After all, no matter how important the strategy, goals, and support system are, the plan to create exceptional customer service will collapse without a corporate culture and training of employees to maintain it.

Above all, success requires the CEO to strive for customer satisfaction as much as he strives for shareholder satisfaction.

Based on the article DOES IT REALLY PAY TO FOCUS ON EXCEPTIONAL SERVICE? By John Tschohl