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It is said that acquiring a new customer is almost 16 times more expensive than retaining an existing one to whom you can cross sell and up-sell. According to a survey by SAS and Loyalty360, 68% of the business comes from existing clients.This makes customer retention incredibly important to sustain and grow. Customer Retention is not only less exhaustive than customer acquisition but also builds royalty and lifetime value of customers.
However, with customer expectations at all-time highs and brand loyalty at risk from market pressure and competition, businesses must come up with new strategies to keep their valuable customers coming back.
Lets have a look at how can we improve customer retention.
7 Tips to Improve Customer Retention
It is of utmost importance to offer great user experience to all customers and profitable partners.However there are certain clients, who are not just frequent buyer but also advocates of your brand.These are the ones who deserve special treatment as they play a major role in growing your business. CRM enable your sales team to build a profile for existing and potential client, which can be added to in order to provide a more robust picture of each individual.With this knowledge in hand it is easier for your sales team to identify high value customers and services that you can offer.
A complaint is an “expression of dissatisfaction made to an organisation, related to its products, or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected” (as defined by the Australian Complaint Handling Standard ISO AS 10002-2006).
It is important to create a system that can track complaints and advance those where they are identified and tackled effectively. The system needs to be accessible at any point of time from anywhere. An effective complaint handling system should be able to resolves issues raised by a dissatisfied person/customer in a timely and cost-effective way and provide information which can lead to improvements in service delivery.
How do you reduce your response time? Capture customer complaints received through calls, emails, website, customer self-service portals, and make them available in a one single platform for your support service operations. Through CRM one can communicate the message that they appreciate or look into those that need immediate response and constantly work towards reducing response time.
Reducing response time to address customer queries and strengthening your support team is likely to result in higher customer engagement.
“Many times . . . consumers do not complain . . . but instead take actions such as switching brands [or companies] or engaging in negative word of mouth (WOM)” (Hawkins & Mothersbaugh, 2010, p. 636).
Such a situation can be easily controlled if you keep your team and customers updated and informed. CRM mobile application has been customized to offer critical information on the spot (real time) such as inventory availability, current pricing models and any other information your team or client may need.
Once you have a customer base, it is important to sync your understanding at an individual level. Each customer though similar at nature of sector may require a different approach or service.
To achieve this you will need consolidated data in a single repository and engagement at digital level through social listening, which may be feedback, query or leads.
According to a Concerto Marketing Group and Research Now Survey, when customers trust a brand, 83 percent will recommend a trusted company to others and 82 percent will continue to use that brand frequently.
The three principal of building a trust through relationship are:
Having a Competitive advantage is the need of the hour!! CRM believes in coming up with ideas that are ahead of time and help you get the first movers advantage to ensure that your customers are delighted every now and then.
Our Marketing, Sales, Mobile and Support CRM applications have been designed to keep you updated with real time market scenario, which enable you to take care of marketing dynamics.
No matter what kind of business you are in stay relevant and ahead with SimpleCRM.
