The COVID-19 outbreak has made all-sized businesses concerned about customer optimism. The sudden economic downturn arose challenges for the business entities to survive successfully. One of the major challenges was customer retention. The COVID crises put customer loyalty and trust to a test. On one hand, businesses have lost investments, potential clients, and benefits, on the other hand, they have identified the loopholes in the managerial and workflow roles.
The post COVID measures for businesses, therefore, require additional effort and effective decision making to fill up the loss and at the same time generate more revenue. The survival demands putting customer interests first to retain them as well as the brand reputation. One thing to take into account is that businesses are striving hard to get a competitive edge in the market. This is an opportunity yet a tough time in which vigilance is crucial.
Why is Customer Retention Important?
Businesses have lost latent customers amid the COVID crisis. For long-term business success, it is important to acquire and retain customers simultaneously. To keep revenue flowing, the need is to address the customer needs and interests gracefully. For this, businesses can update or pivot their services/products by employing high-end technologies and strategies. It is the responsibility of the entire organization to streamline the processes of sales funnel and data management.
Below are the ten strategies that can assist the business to revive from the COVID crisis and take advantage of technological advancements to build a strong clientele base.
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Marketing Automation
Pivot your products and automate the marketing process. Today, cutting-edge technologies have the capability to automate the overall marketing process by running ads and certain other campaigns activated by businesses. Instead of manually handling all the marketing modules, online channels could easily be managed through marketing automated apps and tools. For this, the very first step is to identify how much need for marketing in the advertisement at which platform is required. This depends on the audience as well.
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Customer Relationship Management (CRM)
It is the most needed platform that defines business growth and success. Customer relationship management is an important process that helps businesses to maintain a healthy relationship with the customers. Its sub-processes include leads management, customer queries, emails, calls, meetings, newsletters, promotions, advantages, sales management, revenue management, finance management, and many more. Businesses can integrate a CRM platform to seamlessly manage the workflow.
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Enterprise Resource Planning (ERP)
For organization managers, it is hard to keep manually track of each employee, tasks, and monitor the activities. The ‘work from home’ policy during the COVID situation has increased the need for task monitoring, employee relationship, and resource management. The businesses that lack technological solutions face hardships in managing the team, human resources, and performance evaluation, are more inclined to the COVID affects. An ERP system provides a consolidated view and interface to manage organizational activities in a frictionless manner.
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Communicate to Customers
Stay connected with your customers. Let them know how much you are concerned about them. Doesn’t matter if they are buying just a few services or goods. It is your responsibility to take customers of your customers as well. Therefore, maintain a bond with both your old and new customers in order to make them feel protected during hard times.
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Promote Brand Value
Through efficient communication channels with the customers, it is important for brands to promote value. During tough times, communication is a factor that makes a difference for you with your competitors. It is time to provide customers with valuable resources and build a strong relationship with them.
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Adapt to Modern Data Analytics
Today, technology is maintaining a speedy development that helps businesses automate their workflow. Business analysts used to perform manual performance checks to identify the factors where a business lack. However, today Artificial intelligence and Machine learning models are trained to identify the patterns of consumer behavior and predict the business revenue in forecast reports. This helps businesses to remodel the strategic framework in order to generate more revenue or fill the previous gaps. Moreover, useful insights help draw many other attributes that directly or indirectly affect business performance.
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Business Workflow Automation
Automation is the key to success. Some regular tasks are time and work-intensive. For these, resources are expensive and the cumbersome processes do not yield much. Businesses aiming to grow are required to automate their business infrastructure. The implementation is cost-effective, outcomes would be faster and results would help businesses achieve success. Workflow automation corresponds to the use of high-end technologies and replaces human resources to perform certain tasks.
For instance, marketing automation, email scheduling, reminders, leads, and sales management, campaign management, and automated customer support. All these processes when automated can help in increased productivity and ultimately high revenue.
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Enhanced Customer Experience
Customer experience is an important factor that converts leads to sales. This aspect helps retain customers for a longer period of time. All-time customer support and user-friendly software enhanced customer experience. Technology plays a critical role in streamlining this factor and increase business sales.
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Sales Funnel Automation
Sales funnel management is a decisive task to be taken into consideration in any business. Sales have multiple stages that involve different challenges. From lead generation to customer relationship and demo to conversion, businesses should ensure a seamless user journey by approaching, communicating, and entertaining in an efficient manner.
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Access orders, inventory, and revenue
Data management post-COVID is also very important. It helps you view, edit, and analyze the data which ultimately helps in decision making. Data helps identify customer interests and expectations. User queries can give new ideas for improvements in the system and thus streamline the process of inventory management and revenue generation. A well-organized data in a centralized platform help businesses identify patterns to pave roads to business success.
In this challenging time, Techloyce does not leave businesses alone. We help businesses to ensure seamless workflow and generate more revenue through suitable CRM and ERP platforms. Our certified CRM consultants help businesses to identify the right fit to manage, analyze, and automate the daily operations to improve productivity. Post-COVID, the investments need to be highly thoughtful. Instead of wasting more effort and money in trying different data and customer management platform, reach out to us to get a tailored yet cost-effective solution for your business.
