Customer Retention Strategies in Sales CRM
Customer Retention Strategy with Aggregate Sales Data
Acquiring new customers is always tempting but existing customers also have a powerful impact on your revenue. When a customer has great experience after using your products, they are more likely to come back to you in the future. Repeat purchases imply repeat revenues. A dedicated customer base has a higher probability in exploring your brand further, to see what other products or services you offer. They like you and your business, so they would be happy to pay premium prices for your services. The primary aim of a CRM solution is to improve customer relationships and in turn retention. It also focuses on increasing customer acquisition at a low cost, without affecting existing customer relations and ensuring the smooth transition of a new customer to a loyal, long-term client. The following article deals with the importance of retaining customers and various retention strategies you should follow for better monetization.
Customers dropping off is an unavoidable event for all online marketing channels. This can be due to the intensive competition, lack of proper customer service, communicative deadlock, etc. There are some common observations that will imply that the customers are slipping away. Primarily check whether clients are using all the services provided by you, if not you need to keep an eye so that they do not slip away. Then monitor the open rates of all communication channels like emails, chats and the responses. Keeping a track of the budget allotted by the clients will indicate the trust they have on you. A decrease implies that your clients are abandoning you.
Product Team is responsible for all the alterations in the product whereas the Sales team will take that product to the clients in order to sell it. While communicating with the clients directly, the sales team gets to know customers’ feedback necessary for the improvements. These responses have to be communicated to the product team so that they can work on it. This is how both Product and Sales have to co-exist for the shared responsibilities to retain customers.
Customer Retention Strategies in Popular CRMs
CRM is all about knowing the customers intricately. CRM software does not manage customer retention on its own but will provide the users with the tools to manage the activities for better customer engagement and experience. The following are the best practices to strengthen Customer Retention Strategies:
- Customer Feedback – A customer feedback loop is a system for collecting, analyzing, and distributing customer reviews and surveys. Customers should be asked to participate in user testing and focus groups. Provide your team with this relevant customer feedback.
- Provide Personalization – Send targeted and personalized messages to customers to make them feel that they are being treated as an individual entity not just a machine entry.
- Monitor Trends – Keeping an eye on trends like lower engagement, more drop out rates will help to retain customers before they leave,
- Comprehensive Customer Journey – Mapping the customer journey enables one to point out focal points of customer experience: from awareness through the process of engagement into a long-term relationship.
- Top-class customer service – Provide Customers with an efficient customer service in order to give them a delightful customer experience. Sales CRM will help in gathering the data regarding each customer and those data can be used to devise several strategies for world-class customer service.
- Informative Content – B2B buyers are not leisure shoppers, it is a part of their job. So, they rely on the content to guide them through the buying process in order to make an informed decision.
FreshSales, LeadSquared and Salesforce CRM are popular Sales CRMs whose data can easily be replicated using the Daton pipelines to a centralized data warehouse. Retain your Customers for better Conversions. Join Us today!