In today’s competitive world, customer retention is essential for your brand’s growth. It is about keeping your current customers happy and loyal. CRM platforms can help you execute a customer retention strategy so that you can keep your competitive edge and improve your return on investment.
What is CRM?
A customer relationship management is a technology system for managing all of your company’s relationships and interactions with customers and potential customers. It supports sales management, delivers actionable insights, integrates with social media, and facilitates team communication.
Facts About Existing Customers
Every brand needs new customers to thrive. However, the easiest and most predictable source of revenue is the existing customer who already knows your brand and has purchased from you before.
An existing customer will most likely purchase again if they had a great experience. You have trust, and it is easier to identify their needs and predict what they need next.
Building a long-term business relationship with a new customer costs 16 times more than to maintain an existing customer. It is less expensive to continue working with existing customers. Customer retention can increase a brand’s profitability by 75%. It is significantly easier to up-sell an existing customer than it is to start from scratch with a new customer.
Helps Provide a Personalized Experience
A CRM system can help automate repetitive tasks that take time away from creating better customer experiences and connecting.
Customers contact brands through email, phone, live chat, and websites. They also communicate with different departments like customer support, marketing, and sales. A CRM captures each touchpoint with your brand and keeps customer data in a central location. This way it helps you create a detailed profile for each customer and provide each department with access to the same customer data.
Sales and marketing teams can use this data to map out a customer’s journey. They can segment and provide highly targeted marketing campaigns. Customers want to see campaigns customized to their needs.
Improves Customer Support
Customer support is the backbone of your customer retention strategy. They expect your brand to provide fast and relevant customer support. A CRM system helps you cater to the customer more efficiently.
Think of it this way a customer sends in a request, based on their preference you can assign their inquiry to the right department and reach out to them the way they prefer, phone, email, live chat, etc. It also allows you to send an automated email or text to inform the customer about the status of their inquiry.
The biggest positive is that it lets you personalize the support. You can see the customer’s data, purchases, previous inquiries, demographics, and all relevant data that you have collected.
Customers Want to Be Heard
To retain customers and transform them into brand advocates, you need to understand their preferences, expectations, and provide them with solutions to their needs. A CRM can help you collect this information.
Many CRM’s have tools that will help you by letting you create relevant surveys, polls, and quizzes. You can create customer satisfaction surveys and ask for reviews.
Centralize Data to Improve Customer the Experience
A CRM lets you centralize your data in one location so that your brand can give your customers the best experience possible by catering to them. While it is important to bring in new customers, retaining the customers that you have is equally important and will improve your bottom line. At MaxAudience, we have set up thousands of CRM’s to fit our clients’ needs. However, if you are unsure about the next step in customer retention through CRM, contact us today. We are ready to help you dominate in your marketplace.