In order to become the best, it is wise to learn from the best - and customer retention is no different.
Any business that is looking to stay sharp and ahead of the pack needs to adopt the strategies employed by the customer retention pros. Find new ways to retain customers and attract fresh new sales.
How The Customer Retention Pros Do Things
Use CRM technology to get to know your clients better
The best customer retention pros are moving into the latest software in a major way. CRM (Customer Relationship Management) is at the forefront of this development.
If a business is losing customers, it is generally as a result of clients feeling unwanted or neglected - not by incompetence or poor product quality. Using CRM, firms can nurture strong relationships with existing customers and make them feel that a bond exists between supplier and client.
It helps firms to learn more about their customers so that they can serve them better and interact effectively. If clients feel that you are dealing with them on a one-to-one basis instead of as just as a "client" they will almost certainly be more likely to make a repeat purchase.
Stay alert and get the job done properly
One of the most important ways to stay ahead of the curve in customer retention is by making sure that your team is alert and can respond to client queries. That's where advanced business alerts come in handy.
When clients come to the end of their credit line, you need to know when this happens so that a fresh order can be arranged. Business alerts also allow you to keep track of communication between your staff and clients so that you can ensure that clients are being kept in the loop.
It's all about driving up efficiency and keeping a strong link between your firm and every important client.
Sort out the strong from the weak clients
Nobody has unlimited resources, so all firms will have to ration their time and money effectively.
In customer retention, the most effective professionals are finding ways to organise their customer databases into different layers. They are dividing customers into groups such as long and more recent; frequency of purchases; and the reliability of their transactions.
With the right metrics in place, you can target your efforts at more promising clients. For example, focus on customers who make big purchases but need little work, as well as regular clients who will just need some regular updates.
Make clients feel that they are part of a community
One great way to ensure customer retention is by building a community around the services offered by your firm. Put the right discussion forums in place. Organise learning events, surveys, even contests to reward strong performers.
Companies should use social media like Twitter and Facebook where appropriate - but make sure to include all clients. That way, you can create an inclusive, responsive brand that will impress existing and prospective clients alike.