Did you know that getting new customers costs 5-7 times more than keeping hold of the ones you’ve got?
It’s true - the research doesn’t lie!
This means that you, as a business owner, need to make your customer retention strategies one of your top priorities.
And it’s not just about repeat business; if you factor in the opportunities for cross-selling and up-selling once you’ve built a long-term relationship with your customers, the rewards can be huge!
However, there’s a lot of competition out there. So the big question is: how do you get your current customers to stick around? Just because they’ve loved your product or services once is no guarantee that they’re going to keep coming back for me, so you really can’t afford to rest on your laurels, sit back and just hope for the best. You have to be proactive and have an effective system in place.
We’ve looked at some of the strategies for customer retention, and how CRM and ERP software can help you.
Exceed Customer Expectations
While it’s true that satisfied customers will spread the word when they’ve received excellent service and been treated well, the same can also be said when they have a negative experience - they’re like elephants: they won’t forget!
The key is to under promise and over deliver every time, especially when it comes to delivery times, product quality and after-sales care. Always give the customer more than they expect and you won’t go far wrong.
Stay On Top Of Customer Satisfaction
Despite the online review culture we now belong to, you’d be surprised at how many customers won’t actually tell you if they have any issues with your products or service - they’ll just tell their mate that you’re rubbish and not to bother with you, and then shop around for alternatives - ie: your competitors!
This is why it’s important to stay alert when it comes to your customers’ buying and usage patterns. Then you can use that information to fix any problems as fast as possible.
Be Seen As An Expert In Your Industry
Whatever product or service you’re offering, if you’re seen as the very word or authority in your field, people will come to you first. This is because, let’s face it, you’re always going to feel more confident going to an expert!
Demonstrate your expertise by becoming THE source of news and knowledge for your industry. You can do this by keeping customers informed of what’s going on in the way of key industry developments via your website, blogs, social media and email.
Keep Customers In The Loop
As a business, you want to keep your name at the forefront of your customer’s minds - and you can do that by keeping in regular contact with them and asking for their feedback.
You’ll also be able to educate customers on new products and services you’re going to be introducing, as well as letting them know the best way to use what you have to offer and how your products and services will benefit them.
Ok, so you’ve got some customer retention strategies in place, but how can ERP and CRM make them successful?
Using Marketing Automation and CRM To Retain Customers
Marketing Automation software allows you to plan production, marketing and sales seamlessly. The huge benefit of this software is that you’re able to look in-depth at customer experiences and sales patterns and use those to see how your business is performing.
Just think how helpful this is going to be in retaining customers!
Marketing Automation gives you a real insight into your customers; what kind of content is performing well and what needs to be improved? Have they made any special requests when it comes to your products or services? Have they complained or left a bad review?
Once you know the answers to these questions you’ll be able to use the information to interact with customers as individuals and tailor your marketing campaigns specifically to them, instead of using generic marketing materials which is going to miss the mark, and possibly even alienate them.
Customer Relationship Management (CRM)
Customer Relationship Management software focuses on the fine-tuning of those customer relationships. This means you’ll be able to automate your sales and marketing strategies as much as possible (a great time-saver!), as well as keeping track of things like the number of customer complaints.
The great thing is, you can use both of these technologies to retain your existing customers.
Once you’ve installed Marketing Automation and CRM software you’ll be able to easily see which customers make the most purchases and who is more likely to make late payments, for example, meaning you can make the call to make less reliable customers a slightly lower priority.
Both types of software will help your employees to access customers’ purchase history as well as being able to spot issues, at a glance. Marketing Automation and CRM software could be the difference between growing a loyal customer base and losing those that you have. It will help you to build a solid brand identity for your business and give you those all-important profit increases. And that’s something all businesses want!
Are you looking to build the perfect sales cycle and ensure that all prospects and customers are accounted for?
The Perfect Customer Lifecycle download helps you understand the crucial stages of the sales cycle and prioritise them.