You know that customer acquisition is crucial for the growth and development of your business. But, what might be more important is customer retention.
Recent statistics report that it can cost your business five times more to get a new customer than it would cost to keep an existing customer. These stats also show that increasing your customer retention by just 5% can increase your profits anywhere from 25-95%.
Are you ready to maximize revenue through customer retention? Then, it may be time to consider implementing client relationship management or CRM software into your business.
Read on to learn about customer retention and how CRM benefits your client and business.
Importance of Customer Retention
Customer retention focuses on keeping current customers engaged with your company and products. Happy customers will keep buying from you, referring you to others, and staying connected in communication with you.
As mentioned in the statistic above, it is of high value for your business to keep your current clients. Doing so increases profits and expands your business.
Relationship of a CRM with Customer Retention
As you integrate your CRM strategy into your business, it’s essential to know how this strategy fits in with customer retention. Here are the benefits of CRM for your customer retention strategy.
No Customer Forgotten
A large part of retention is ensuring that no customer falls through the cracks. A CRM offers an organized database to keep all customer information and actions. This organization allows you to follow up with each customer accordingly.
Utilizing a CRM allows you to keep all data under one roof and best serve your customers. Keep all information from email campaigns, social connections, and phone calls within the contact card for each customer. Never again miss an opportunity to connect with a potential customer or follow up with a prospect.
A benefit of interacting with your customers through a CRM is the ability to tap into customer personalization.
As your customers engage with your content on your website or through email, you will be able to send them more of the content they want from you.
Use customer segmentation to specify the emails or portions of emails preset contacts will receive. Tap into a “give the people what they want” mentality, and provide the right content to the right person at the right time through segmentation.
Seamless Customer Experience
Creating a seamless customer experience is pivotal for customers coming back to your business year after year.
A CRM gives you an up-leveled customer service system through managed customer support and follow-up. Track customer support tickets or requests to ensure proper follow-up and next steps with each customer.
Keep your ticket system on point by assigning customer requests or feedback to the right team member for a smooth resolution for each ticket.
During a customer’s life cycle, they can weave in and out of engagement with you. Utilize your CRM to keep customers engaged. Use well-timed email campaigns or personal connections to draw them back to your business.
Create re-engagement emails for customers who haven’t connected in a while. You can also offer specific resources for those who have submitted support tickets to help them in the future. The goal is to keep a smooth experience with each customer interaction with your business.
A valuable benefit of CRM software is reporting and analytic tracking. When you send email campaigns, you won’t have to guess which content is best received by customers. Accurate reporting allows you to see where your customers engaged the most.
With a CRM, you will have regular reporting data to show the state of your relationships. Examples of this are the number of contacts, customer engagement with campaigns, any unsubscribes, growth or loss in customer pipelines, and more. All valuable data can improve and grow your business under one umbrella and save you time and energy.
One Team, One Mind
If you have a team within your business, part of keeping things seamless for customers is making sure your team is on the same page.
CRM gives each team member or department access to customer data. Ensure each customer receives the same level of service across all team members or departments.
From one stage with a customer to the next in a different department, a customer can expect a clean transition from one team member to the next.
Customers are more likely to stay engaged with you long-term if they feel valued by your whole team. This value begins with a team that remains one step ahead of the customer.
Your time as a business owner is valuable, and so is each customer relationship. Bring the two together using automation within your CRM system.
As your customer enters different levels within your marketing funnel, use automation to nurture customers into a deeper relationship with your company.
Use automation to re-engage with customers who may have disengaged or have become unresponsive. You can do so with automated campaigns and special offers. You can also use automation to keep your company or products top of mind with well-timed emails that manage themselves.
Automation takes the work out of routine connections points and gives you more time to focus on enhancing and scaling your business.
Build Retention with CRM
Customer retention should be top of mind for each business owner. It costs more money and time to gain new customers than it does to keep current clients.
To keep your current customers, you have to be intentional with your business processes. Retention ensures each customer has a positive experience with each interaction with you. Consider investing in a CRM system for your business to best nurture and care for your customers to keep them long-term.
We can help you improve your customer relationships using tools like Salesforce. We work with businesses like yours to increase revenue by optimizing technology, streamlining processes, and customizing reports and dashboards so that you can make data-driven decisions to drive your business forward.
If you want to build and maximize your revenue and aren’t sure where to start, contact us today to schedule a consultation.