Customer retention, an indispensable attribute in business growth. According to statistics, a 5% increase in overall customer retention boosts up the business profit from 25% to 95%. About 86% of customers are more likely to buy products/services from a company with which they had a great experience previously. Therefore, it is also predicted that 65% of business actually comes from the previous clientele-base.
So, before diving deep, let’s have a look at what actually is customer retention?
What is Customer Retention?
[su_quote]The process of engaging customers through optimized services and the customer experience in order to retain them over a period of time. The customers then continue to purchase in a recurring manner from a business.[/su_quote]
Today, cutting-edge technologies and marketing tools play a vital role in customer retention. With an increasing number of customer availing digital services, the competition in market demand extra-ordinary effort in customer retention. It is important for businesses to identify the position and how it can be improved to attain higher customer retention. While ensuring various workflow management and organization tasks, Techloyce brings a range of solutions that employ advanced marketing automation techniques that help businesses retain customers.
Below are five ways that can help business entities improve customer retention and mark higher profits:
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Provide a Persistent Customer Experience
From research to development and implementation, customer experience is an aspect that should never be overlooked. For a new customer, the user-journey should be well-optimized that align according to or more than the customer expectations. Today advanced marketing tools such as Customer Relationship Management or CRM tools incorporate the key perspectives from which a user sees certain actions. Throughout the user-journey, a persistent and seamless customer experience increases the chances of retaining a customer. Grabbing the newbies and retaining the old ones is the actual motive that gives wings to business revenue.
Therefore, customer experience should be frictionless enough to get very little input from users and ultimately provide them with the services they are looking for first hand.
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Create Tailored Services for Customers
Identify and analyze customer intent. This can be done by taking assistance from the AI-enabled marketing tools that help to look into customer behavior and thus give you insights to improve the strategies from certain sections. A CRM system incorporates automatically generated analytical reports to look into various aspects that could reduce customer churn rate and ultimately increase customer retention. The report helps predict the measures that attract the customer most. The next step is to provide highly customized services to customers that align well according to their requirements and give them a personalized experience on the way. Providing a personalized experience is important for the purpose of maintaining a relationship with customers for a longer period of time.
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Customized Promotions for Old Customers
Customer loyalty is another key aspect that can be ensured by providing customers with time to time promotions. By offering store credits, discounts, gifts, or other benefits, old customers can be retained. For this, a business can design a planned customer loyalty program that provides certain giveaways to customers to build an emotional relationship of the customer with the brand. This would help businesses to grow by enhancing brand reputation in the market.
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Entertain Customer Queries and Feedback
Customer support should be always available for both new and old customers. This is important to make sure that you are always there to help your customers in the time of difficulty or confusion. Today, CRM and ERP software have integrated customer support services that embrace the queries and help them curb certain problems in operations. Secondly, get customer feedback periodically. It works the way automated real-time analytical reports do in CRM systems. Attaining customer feedback does not only allow you to track customer behavior but give you ideas in revamping certain structure or improve them according to customer desire. Thus, the ultimate goal of customer retention can be achieved.
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Efficient Leads Management
Today marketing tools are automated enough to keep business productivity to the next level. By eliminating the manual overheads that are highly prone to human errors, businesses can improve the customer retention rate by optimizing each module and provide customers with required services and products. Automation helps consider each lead, schedule meetings, reminders to collaborate with old and new customers for enhanced customer experience. Leads and workflow management highly contribute to the purpose of customer retention and ultimately ensure increased business revenue.
We are here to provide customers with assistance regarding the CRM operations they require for better customer engagement and achieve customer retention. Techloyce’s certified CRM consultants provide you with highly customized services that conform according to the desire of customers,. With personalized experience, the chances of customer retention increase.
