Previously, it was extremely easy for businesses to win new customers’. However, in recent times, things have completely changed. Businesses are now becoming more competitive than ever before. With a rapid growth in several industries on a similar product, the customers’ of today’s generation are left with a wide range of options to choose a solution for a single business product. With strategic thinking, before investing their money on a particular business product, customers’ have started to conduct their own product research. They study online reviews and case studies, as well as contact friends and family members who are using the same or a similar product. These days, with the rise of internet, customers’ are acquiring more product knowledge and acting with strategic thinking before choosing a brand.
Today, customers’ have a wide variety of choices when selecting a product. Businesses are undergoing a tough competition in the market. Therefore, entrepreneurs need to act smart in order to win new customers’. They should recognize customers’ current needs, tastes, interests, preferences, buying patterns, customer behaviors, and so on. All this data is useful for businesses to have a complete picture of each one of their individual customer, as well as devise the effective customer-focused marketing strategies and sales winning pitches.
Did you know the importance of this information? The majority of businesses ignore this well-known fact. They neglect the most profitable resources, which are helpful in generating the maximum business revenue. Do you know who they are? Your existing customers’! They are the most valuable asset in your business growth. Why they are so valuable? Because they have already done business with you, they have previously purchased your company products and/or services, as well as built some kind of trust and confidence with your business. In addition, through your existing customer database, your business can gain valuable information and key feedback which will be helpful in your future business endeavors. Take into account your existing customers’ past purchases, spending habits, behavior patterns, and interested products and so on. You can use this data to anticipate the future purchase needs of your existing customers’, as well as effectively implement the up-selling and cross-selling marketing techniques on your existing customers’. It is always cost-effective and cheaper to retain the existing/old customers rather than acquiring a new stream of customers’. Through the existing customer database, businesses can obtain high profits as well as increase their company revenue.
Do you want to boost the revenue of your business while staying within an affordable budget? Then, try to increase your existing customers’ lifespan after an initial purchase.
Here are a few CRM techniques to implement in your business to retain the existing customers’, as well as to boost the customer retention:
- Target Left-Over Customers’
Customers’ are the biggest asset to any business. Did you ever notice how many of your past customers’ are still purchasing your company products and/or services in the last six months?
Use CRM software to analyze the number of purchases done by your existing customers’ in the last six months. Effectively utilize CRM solution to devise the two different kinds of customer lists. The first list should focus on listing out all your customers’ who have done purchases within the last six months. The second should be a compiled list of all your past customers’. When you cross-check these two lists, you will identify the existing customers’ who have not yet purchased from your business in the last six months.
Try to figure out the reasons. Perhaps in your CRM system; you will be having your past customers’ details. Make a call to your past customers’, or drop an email to help you understand the reason behind why your past customers’ are not showing any interest in purchasing your company products and/or services. Is it for poor customer service or for ignoring the needs of your existing customers’? Identify your past customers’ problems and try to resolve them as quickly as possible.
Read Also:- Top Benefits of CRM Development
- Tailored Targeted Approaches
Did you know your customers’? What exactly do you know about them? Do you have any idea where they work, what their profession is, or what their hobbies are?
In today’s business environment, it is imperative for businesses to know everything about its customers’. The more you understand your customers’, the better you can tailor the marketing plan to them.
Use CRM software to have a complete 360 degree view of your customers’. Analyze your customers’ in depth about their current tastes, needs, interests, demographics, profession, gender, age, average income, spending habits, purchase patterns, past purchases, browsing history, and so on. You can use this information to segment customers’ into targeted and individualized marketing groups, as well as tailor your marketing content according to the individualized targeted group’s interests. This enables you to send relevant and individualized marketing content to your targeted audience groups, which will further help you in boosting the customer satisfaction levels, earning the customer loyalty, and retaining the existing customers’.
These days, having small customer dissatisfaction may result your customers’ fleeing to your competitors. Therefore, it is always important for businesses to serve the needs of its customers’ continuously. This will make them happy, satisfied, as well as persuade them to remain as loyal customers’ to your business.
Take good care of your customers’ and always try to meet their expectations. It will make your customers’ be loyal and truthful towards your business. Embrace CRM technology solutions for a better customer retention.
Emma James is a freelance content writer at SutiCRM, who frequently blogs on Business, Marketing, Sales, ERP and SaaS trends.