There’s no doubt that without a customer retention strategy, your business cannot foster customer loyalty. Especially in the competitive 21st century marketplace, customer loyalty is key to surviving and drawing a profit.
Your customer retention is your capacity to keep customers engaged with your product or services. It’s the business strategy in customer relationship management that increases customer loyalty and reduces customer churn. Some techniques include loyalty programs, personalized customer experiences, re-engagement campaigns, and high-value customer service. Customer retention gives organizations insight into performance and, like most things, is rooted in data.
Think of your customer retention strategies as the spokes on a wheel. The central hub that connects and supports them then is your CRM software. Which makes your CRM system, which manages customer communications and interactions, a very valuable part of building a strong customer retention strategy. When used correctly, your CRM can boost your customer retention strategy and generate repeat business from your existing database.
Three CRM Retention Strategies for 2020
A CRM system contains a wealth of customer data that can be used to encourage repeat sales as well as boost loyalty among your customers. The following three retention strategies can be implemented using your CRM system and achieve great results.
- Build a VIP system: You may know which of your customers are VIPs or you may need to dig into your sales or CRM database to identify them. Establish criteria for your VIPs, whether it’s sales volume or frequency. Then, think of ways to reward them for their patronage. Perhaps expedited or free shipping, or a higher percentage off sales merchandise. Use your CRM system to communicate your thanks for their business and be sure to let your VIPs know you appreciate them.
- Personalize follow ups: Use your CRM system to personalize follow-up communications with customers. Personalization goes beyond using their name in the salutation field. Use the information contained in the CRM system to reference previous orders or saved items and check on their satisfaction with their orders, to inquire whether a problem was resolved to their satisfaction, or simply to ask about their business needs in the next quarter. The more you can personalize your interactions with your customers, the better they respond, and the more likely you are to keep their business.
- Scheduling sales calls: Use your CRM system to schedule sales calls, training calls, and check-in calls with your customers. Track the information in your CRM system and make it a point to connect with valued customers at least quarterly, if not sooner. Include notes about each visit so that if someone else connects with them, they’ll have more information to prepare them for a successful visit.
Retaining existing customers and ensuring their continued satisfaction helps you build your business. With a base of happy customers, you can continually expand and add more while maintaining a profitable business. Your CRM gives you a veritable wealth of customer information, right at your fingertips. With this data, it’s easy to drive informed decisions and boost retention rates to help you increase revenues.
Get Connected to CRM With Accounting Systems, Inc.
Retaining customers is the best option to help your company grow, and that means having a customer retention strategy in place. You’ve got to have the means to make your strategy a reality, which means you’re going to need a CRM system.
Need help finding the right fit for your CRM system? Start with the right software partner: Accounting Systems, Inc. Our proven solutions and services are designed to help your business grow and thrive. Find award-winning customer service and expertise that stays with you through every step of getting the right business software systems for your business. Find the right CRM for your needs. Talk to one of our experts now.