Have you ever abandoned a company because of a bad experience you have had with it? Maybe you had a bad experience with an employee, a product or you ordered a towing service and things didn’t go as per your expectations. When it comes to business, customer goodwill is very important. It plays a major role in customer retention and can contribute to acquisition as well.

What is customer goodwill?

Customer goodwill is an intangible asset that businesses obtain through providing consistent and high-quality customer service. It accounts for returns that are non-quantifiable and can be difficult to measure and categorize, such as customer loyalty, customer value as well as brand reputation.

Goodwill plays a very important role in long term relationship with customers. It not only keeps customers engaged with your products and services.  The more you build it up, the stronger the relationship becomes. It provides a safety net to your customers in case your business makes some mistakes.

You need to think of goodwill as an insurance policy with your customers. The more you have invested in it, the more likely your customers will forgive you when something goes wrong. In case you neglect or don’t build it appropriately, your customers will not trust you to get things right. It will add friction to the support experience and it results in a difficult experience with your customers.

If you are looking to build goodwill, note that it will never happen overnight. Here is how to build reliable goodwill with your customers.

Excellent product quality

It doesn’t matter what you are selling, all you need it to ensure you offer the highest quality products. If your product is superior to your competitors, customers will hesitate to abandon you, even in that circumstance when you make a small mistake.

Reliable customer channels

Consistency is key to building rapport with your customers and generating the much-required goodwill. If you are consistent in solving customer issues and problems, they will trust your support channels over time. Eventually, in case you encounter a crisis, your loyal following will allow you to correct the problem because you have to show to have a proven track record.

Long term customer relations

As we have discussed above, goodwill is the product of nurturing long-term relations with your customers. You need to keep them engaged with your products, services as well as promotional content. All these remind your customer of the value your business brings to them.  If you need to refer to your customer journey map, ensure you look at the areas where you can increase engagements after a purchase has been made.

Customer feedback collection

Ask your customers to provide you with feedback as it will help in yielding a lot of benefits for your business. It will help in showing your customers what you want them to see from your brand and will also give the data you need to optimize your offers. By asking for input from your customers, you will demonstrate that your intentions are sincere and that you can listen to them.