A Knowledge Base is a centralized repository of information about a particular service or product. It’s basically an online open library for a business where end-users (or customers) can learn every detail they would ever need to know about the company’s products or services, details of the company, and even about the industry, the business is related to.

Simply put, a knowledge base of a company is public information portal that enables a customer about in-depth, instant, on-demand information typically in the format of short articles so that users can read quickly and easily. 

A company might also have an internal or in-house knowledge base that helps employees to integrate and distribute all company information and data internally. The entire process of collecting, developing, organizing, and sharing information about a company’s product and services, is called “knowledge management”. 

Knowledge Base software is used to create, manage, and share that information for readers. The main purpose of knowledge base development is to encourage self-service. In fact, a study shows that over 60% of US customers prefer self-service before contacting the customer support team through email, chat, phone or social service. This not only reduces the workload of the customer support team but also customers do not need to wait for the reply. And it is obvious that finding a quick solution improves customer experience. 

 

Why there is a need for a good Knowledge Base?

Better customer experiences

The most cost-effective way of growing your business is by focusing your efforts on achieving customer success. You should aim to exceed their expectations by creating a positive customer experience. A knowledge base gives your customers the chance of solving their problems without your help. 

 

To increase customer retention

When your customers are happy, retention rates increase, and that means long-term business success, consistent sales, and higher revenue. Customer retention is vital to your growth. It’s easier to convert an existing buyer into a repeat customer than to turn a lead into a client. Loyal customers are worth ten times more than a new acquisition.

 

For consistent customer support

The core benefit of having a knowledge base is its 24/7 availability. Your customers can access information when they need it, from any device. They don’t have to wait until the morning to call for support to solve a problem they could have fixed with two clicks. 

If you have an international audience over different time zones, you can provide all your customers with consistent help at any time of day or night. Even better, every client in your database receives the same high-quality service fast, and without having to explain their problem to operators. 

 

To keep useful information in one place

You gather all the documentation your staff or your customers needs when learning about your product in a single place. Training new employees become faster and cheaper than sending them to a traditional classroom. This is because you can give them direct access to all the information with a single login. Even your existing employees can go through guides and tutorials as often as they need to solve tickets or to deal with bugs in the system. A Knowledge Base is a flexible tool that anyone can use to document old problems or to implement new processes in the company. Everyone has quick access to information, saving resources, and increasing productivity at work.

These are the major benefits that a knowledge base can help you achieve, by simply improving your customer retention. It’s a simple, but efficient, way of meeting your customers’ expectations.

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