The world of business is becoming increasingly more competitive and in order for your business to survive, you need to focus on keeping your current customers on your side.
Retaining customers is a lot more cost-effective than acquiring new ones. Retaining your existing customers can be anywhere between 5-25 times less expensive than getting new customers on board. It’s also up to 16 times harder to establish a close relationship with a new customer than it is with an existing one. But how do you make sure you keep your customers interested in your brand?
Customer Relationship Management (CRM) software is the key to accomplishing high customer retention rates.
Using a CRM tool, such as HubSpot CRM, BIGContacts and Salesflare can help you execute a CRM customer retention strategy and help you gain an edge over your competitors. These tools gather valuable customer data by tracking their behaviours, preferences and challenges, which can boost productivity for your team and help you generate more sales.
But that’s not the only way CRM can help you when it comes to customer retention, there are many other benefits:
It can help you create personalised content:
The data you can gather from using CRM tools enables you to easily personalise your engagement. You can use previous purchases, buying behaviour and other relevant information to customise offers and services to your customers and drive more conversions.
Improve customer service:
Every business can benefit from improved customer service efforts and a CRM system can help you achieve that. CRM systems can help you prioritise high-value customers by responding to their queries quickly and automating replies for frequently asked questions, so issues are resolved quicker for your customers. The faster queries are resolved, the more satisfied your customers are!
Keep your customers engaged:
Customer engagement should be a priority in your business and CRM provides the necessary information and tools to keep your customers engaged with your brand. Through using these tools, you can gain insight into which channels produce the most effective results, so you can focus on engaging with your customers via these platforms.
You can keep your data organised:
With so much data collected across multiple platforms, it can be hard to make sense of it. CRM can improve and organise data management by providing you with key insights about your customers, which can then be used to identify your customers’ expectations of your business.
Automate repetitive tasks:
Carrying out repetitive tasks, such as follow-ups and reminders, decreases the amount of time you can dedicate to focusing on other customer retention strategies. By automating these tasks, you can use the extra free time to zone in on the important opportunities, while also staying connected with your customers.
If you want to find out more about CRM and customer retention strategies, please get in touch.