Generating business through existing clients have higher conversion rates at lower marketing costs and higher profits. Thus, retaining old clients is crucial for any organisation. A sales manager’s biggest concern is how to improve client retention in competitive markets by professionally engaging with new clients. It takes a lot of time and effort to retain a client. However, companies that encourage client retention strategies are able to build lasting relationships with their customer.
There are a number of different tactics that you can deploy to improve client retention. However, one of the foremost things you can do is invest in CRM or Customer Relationship Management software like Kreato CRM. CRM software is a system that allows you to focus on customer strategy along with financial and non-financial goals. It allows you to dramatically convert B2B data into insights that can improve customer service.
The CRM software is designed to provide dynamic customized client-focused information to everyone in the organisation by integrating the sales, marketing and customer support operations. The main idea is to integrate direct marketing tactics with indirect marketing efforts to ensure client retention.
Here are a few ways in which CRM software are improving client retention rates across the globe:
1. Track customer interactions: Staying in touch with a client is perhaps one of the easiest ways to ensure that you retain them. With a CRM account, your sales force can connect with customers through emails, phone calls, chat and even social media. You can even follow customer conversations on social media and engage with them from the CRM software. It is these personalized interactions that bring in more leads for the business!
A CRM system can help you track your client’s activities and preferences. Every interaction with your client in the form of emails, calls, meetings can be recorded in the system. Thus, sales executives have access to all client interaction details and can use this to track activities related to any particular client.
2. Respond faster to client’s requests: Customers connect with the company to wither place a new purchase order or to request help for an existing purchase. Prompt communication with client is crucial as delays can make any customer frustrated. With CRM software, quick response with accurate data is feasible. Whenever a customer needs update on his or her purchase order, a CRM system allows sales executives to check inventory systems and track the order in real time.
Thus, customer service is transparent and truthful!Another amazing feature of the CRM software is that it allows scheduling of meetings, follow-ups, emails etc. This allows sales teams to keep a record of every phone call they need to make and every meeting they have to attend. This feature is most useful when a sales executive is on leave and his or her meetings are scheduled. We had tremendous feedback on this article : 11 Kreato Integrations That Can Increase Your Business Productivity
3. Prioritize your customers: Not all customers bring in equal amount of business. Clients that bring in repeat business, should be given valued services in return to retain them. CRM software allows you to create a list of all your clients that are most valuable to your company. By doing so, you can target them better and follow up with them regularly.
You can compare their purchase records over months and see if any client has reduced the number of orders. This will instantly indicate if any client is giving business to your customers. You can monitor their purchase patterns and chalk out solutions that can help serve them better.This solution can be a helpful tool in identifying valued customers and providing them with better service, value for money deals, sales incentives etc.
4. Launch customized offerings: Your business may have certain old loyal customers, but they may not be the one ordering your product or service each month. CRM software can give you purchase patterns, records of historical purchases, preferences, interactions, personal data etc. of the client, which can be used to create tailored solutions for each client. You can design special sales strategies to focus on them to encourage them to buy more. Similarly, follow up with clients can also be personalized. The sales team does not need to spend precious time on asking clients the standard questions every time. CRM software will have the data and your sales pitch can be customized accordingly.
5. Benefit from proactive interaction: Looking at the customer profile data generated by CRM system, the future demand of individual customers can be anticipated. Instead of waiting for your customers to call you with a query, customer requirements can be forecasted based on their lead scores. This can be used to fulfil purchase orders faster and have a higher inventory turnover. However, this requires a sophisticated understanding of customer profile and forecasting demands. Read the reasons Why CRM is a Must for Small & Medium Businesses?
6. Provide efficient customer service: When a customer is happy with after sales services, he or she is bound to continue with the business relationship. Thus, using CRM to improve customer support is essential. This can be done in a number of ways through CRM software. Firstly, trouble tickets can be generated from recorded support calls by integrating phone calls with CRM. Furthermore, customer emails that request support can be automatically turned into trouble tickets. One can also track and resolve customer trouble tickets. With CRM, the customer too can be kept updates about the status of their trouble ticket through automated notifications.
Another approach for enhanced customer troubleshooting is creating and managing a FAQ of all typical customer queries with their best possible solution. An FAQ document in CRM will increase the team’s productivity in resolving queries and establish standardization in customer support. Along with this, a repository of knowledge base containing product or service manuals, training manuals, which are integrated with CRM, will allow both customers and sales team to access them anyplace, anytime. Integrating a few more aspects with your CRM can improve customer support considerably!
In conclusion, we can say that CRM software helps you learn about customer needs better. It captures customer data strategically and encourages efficiency in sales pitches immediately. It allows sales teams to deliver customized experiences, which thereby increases customer loyalty and client retention in the long run.