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6 Smart Customer Retention Strategies to Boost Productivity and Sales
No one knows your business better than you. But knowing your business and knowing the best ways to grow it are two different things.
For example, did you know that it costs your business 5 to 25X more money to acquire a new customer than to retain an existing one? And that fact begs an important question: are you doing what you should be to keep current customers satisfied so they come back to your business again and again?
WHAT IS CUSTOMER RETENTION?
"Customer retention is the collection of activities a business uses to increase the number of repeat customers and to increase the profitability of each existing customer. Customer retention strategies enable you to both provide and extract more value from your existing customer base. You want to ensure the customers you worked so hard to acquire stay with you, have a great customer experience, and continue to get value from your products."
WHAT ARE THE BEST WAYS TO RETAIN YOUR CURRENT CUSTOMERS?
Every business is different, of course, with different customers, different business goals, and different marketing challenges. That said, most businesses can increase their customer retention rate by following some simple, common-sense marketing strategies, including the following 6:
1. INVEST IN CUSTOMER RELATIONSHIP MANAGEMENT (CRM) SOFTWARE
Because CRM records interactions with your business at every stage within the sales funnel, the best CRM systems are used to improve communications with prospects, leads, new customers, and longtime customers. A sales, marketing, and operations platform, like GreenRope, referred to as a "complete CRM" solution, will enhance your company's customer experience, resulting in longer, more profitable relationships.
2. GATHER THE RIGHT DATA
Imagine, for example, getting a call from a concerned customer and knowing (from your CRM dashboard) that this is the second time they've called with the same issue. As a salesperson or support team member, you can make sure that their issue is addressed immediately to avoid a third or even fourth call.
You should also collect data like birthdays, interests, and preferences, so you can use that data to build relationships that matter. When the customer feels like you ‘know’ them, they are more likely to do business with you. People do business with people they like.
3. GIVE SALES, MARKETING, AND SERVICE A BOOST
4. SHOW YOUR CUSTOMERS YOU CARE
5. INCLUDE A FEEDBACK LOOP
6. PICK UP THE PHONE
Send me periodic emails with news, software updates, and invitations to events.