Improve Customer Retention by Using CRM
Acquiring new customers is always costly, so companies need to retain the existing ones. This can be hard but comes with great profit. To form a healthy relationship with your existing customers, you need to consider them as something more than just a source of profit.
Most of us use CRM to close and nurture new leads. But, it can also be a very useful tool to retain existing customers for long-term benefit. Let’s see how CRM can help businesses to retain customers.
Personalize Customer Experience
Research says 84% of customers want to be treated like a person, not a number. While artificial intelligence tools can automate many repetitive tasks but can’t replace humans and are not able to improve customer retention. Customers always wanted to be heard. They want someone who understands their problem and suggests constructive solutions. This is where CRM helps reps to provide them more personalized experience and eventually improve customer retention.
Customers interact with you through different channels including social media, website, phone calls etc. They also interact with different departments for different purposes. CRM acting as a central hub collects data from all touchpoints and helps the team to provide a more personalized customer experience using that data.
Monitor Customer Interaction
If your customers have not made any purchase or access to any of your content in a period of time, then your business might be at high risk to lose them. Real-time data is critical if you want to increase the value of your relationship with your customers and provide valuable customer communication. You can set up CRM notifications to reignite your relationship with your customers who interact with your website or product. It makes it easier for sales reps to reconnect with customers and make the buying experience more timely, streamlined, and targeted.
Re-engage your Inactive Customers
Inactive customers are considered a great opportunity. There is a possibility that inactive customers who might have refused to buy your products or canceled your services in the past are still more likely to purchase them than the new prospects who do not even know about your business. Those customers are never lost, they still know you whatever is their past interaction. You have more chances to convert them into buying customers than new prospects. Using CRM, you may add a segment of inactive customers for future outreach. Connect your CRM with a marketing automation tool, and you may launch campaigns and promotions for that segment.
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