It’s not the money that makes the business world go round, it is knowledge. In today’s Information Age, the competitive leader is the one who holds the largest amount of data in their hands, and understands how to use it in their advantage. The data, of course, has to be actionable and structured. That’s where knowledge base software systems come into play. By providing a self-serving library that’s available from a single, easily accessible place, these innovative solutions can resolve virtually every key problem area of your business. The question is, can they obtain a strong competitive edge?
What Does It Take to Be Competitive in Today’s Business Landscape?
In order to grow as a business, a company has to solidify its place in the market. It has to offer something that its competitors don’t, or something that sets it apart from the crowd. Essentially, that’s what it means to have a competitive edge.
But, how can you get a competitive edge, if your products and services are more or less identical to your competitors? Luckily, there are a couple of ways. One, deliver a product or service more quickly and efficiently than your competitor. Two, focus on consistently improving the level of customer service.
For customers, convenience and efficiency are decisive factors for choosing one business over the other, however, business reputation is also equally crucial. Luckily, nothing can grow prominence and nurture trust as quickly as superior knowledge or expertise about a product or service in your niche.
Can Knowledge Base Help You Gain a Competitive Edge?
Yes. If you take a closer look at the aforementioned factors that influence people’s decision to trust a company, you’ll see that the road to a competitive edge is paved with efficiency, great customer support, and expertise. A reliable knowledge base can help you advance in all three arenas.
Sounds Intriguing? Here’s what a knowledge base does to the three arenas:
Knowledge Base Increases Efficiency by 25%
Efficiency is one of the first things a prospective customer looks for in a business. Modern consumers never appreciate delayed deliveries and slow response rates. Fortunately, a knowledge base can help you avoid both, simply by boosting your employees’ productivity for as little as 20 to 25%.
The data in a knowledge base can include everything from troubleshooting tips and how-to guides to frequently asked questions and tiny details about your products and services. Every piece of information within a knowledge base is structured and centralized. All they need is to access the link and get relevant information on their fingertips.
This solves not only their everyday dilemmas, thus making them more productive, but also enables them to address customers’ concerns efficiently, and in real time.
Knowledge Base Is a Shortcut to Exceptional Support
Being efficient means having the ability to provide better service in shorter time. This ability is extremely important when it comes to customer service. According to Forrester Research, 77% of people say that valuing their time is the single most crucial thing companies should focus on.
With everything inside of a knowledge base being only a click away, customer support reps can significantly reduce wait times. To each of the customers’ questions, a knowledge base offers a pre-prepared and immediately available answer. The access is instant, and searching is seamless.
Not only does this improve problem solving in customer support, but it also helps businesses provide a consistent service. Since every piece of information comes from the same source, all customer support reps are speaking the same language. When you add self-service solutions, the results are truly outstanding.
Knowledge Base Puts Your Expertise on Display
Speaking of self-service, an external knowledge base is a great way to show your expertise. The knowledge you possess about your products and services can be used to engage prospective customers. The only thing you have to do is to prepare FAQs, articles, and how-to guides and make them accessible for the public.By turning your internal knowledge base into a self-service platform, you’re improving your customer support, but not only that. The better and more helpful your content is, the more your customers will perceive you as a knowledgeable and trustworthy business. Your competitive edge will be secured. After all, 2017 marks the year of increased demand for self-service. Being technologically savvy and always connected, modern customers actually prefer helping themselves. This novelty in customer support will be a major trend in the next couple of years, so why not start building your own today?
Knowledge Base Helps You Identify Your Value Proposition
Even if raised productivity, improved customer support, and good reputation don’t set you apart, data-based decision making certainly will. Among other information, a knowledge base stores feedback and data from your previous customer interactions. In other words, it is a cheat sheet for what customers want.
In case you’re still fighting for your place in the market, let customer data show you how to win. Simply record their pain points with a knowledge base, and analyze them before you make the next move. They will tell you exactly what your value proposition is, and how to improve it for maximum results.
A knowledge base can be used not only for the aforementioned benefits, but to increase sales too. You’ll be able to learn what makes them churn, and what causes the buyer’s remorse. Only with that kind of knowledge, you can make your offer unique and valuable enough to trump all competition.
Taken together, all of the boons of employing a knowledge base significantly contribute to your customer success and retention rates. Since so versatile, this solution affects all of the key areas needed for staying on top of your game. In business, knowledge is the only competitive advantage you’ll ever need.
About the Author
Robin is a Technical Support Executive. He is an expert in knowledge management and various Knowledge base tools. Currently, he is a resident knowledge management expert at ProProfs. In his free time, Robin enjoys reading and traveling