Acquiring new customers on daily basis is one of the most expensive task for any business, and much more expensive is improving their retention rates especially when you have a CRM system to go in place. Organizations these days are not using the CRM system to their fullest in order to improve customer retention. Given below are some of the best ways CRM could help you improving customer retention at a great ease.
Maximizing the cross selling: Cross selling and upselling to your existing customers is not sleazy, but is something that is highly effective when done in a right manner providing tons of benefits to both the buyer and the seller. According to a research study conducted by forester 10 – 30% of the revenue in the industry comes solely from the product recommendations. During any customer interaction in a specific business organization who has invested in CRM software a customer purchase history is available at a great ease. The employees then could make thoughtful recommendations on ways your customers could enhance their experiences through complementary upgrades and products.
Improving target marketing: Target marketing here allows business organizations to see which customers would benefit from the high levels of contract. Say for example the metrics made available through a CRM system would offer a variety of different ways for the employees to stay in touch with the customer’s needs and requirements, including offering them with different ways to communicate with the business organization.
Improving the overall experience of your clients and customers: Customers do not want to go through the process of establishing new relationships with new service providers and vendors, but they would if their customer experience is not satisfying enough. CRM analytics and capabilities do make it possible for the organizations to improve the overall customer experience through well targeted customers, improved service execution, enhanced service offerings and the last but not the least excellent customer service.
Recognizing and rewarding the employees of a specific business organization: Did you ever know that the brands with high employee satisfaction rates also have customers who are satisfied in some or the other manner. 37% of the business organizations are exploring employee satisfaction programs as a tool for customer satisfaction. Why, because the happy employees work harder and which would in turn result in the high quality work and thrilled customers. Through CRM software you could here gain a clear visibility into the activities of your employees in the organization, helping you understand which employees are effectively using the CRM software taking up the initiative of helping your customers providing one of the best services.
Lower operating costs: A good CRM system would help you reduce operational costs at a great ease. The capabilities enabled by CRM software gives organizations a holistic view of their customers helping them identify how to serve their customers in a most effective and efficient manner. This in-turn makes it possible for the business organizations to further make an investment in their customers whom they already have.
To conclude while customer retention is the most powerful benefit for organizations dealing with the CRM Tool, there are different ways your company can grow and thrive with this technology. What other ways would help in improving customer retention. Do leave your comments below.
Abhishek Jain has over 10 years of experience in Customer Relationship Management software solution for small business. Hsr main mission is to reveal the innovative ideas of using Dynamics CRM and bringing the application to more businesses and organizations around the world.