The cost of sales will always be higher selling to new customers compared with current customers. Research shows that it costs you up to six to seven times more to acquire a new customer. So why not make customer retention a focus in your organisation and make it the best it can possible be. One thing is for sure if your are not doing this, you can bet your competitors are.
There are many benefits to retaining your current customers, such as reducing customer churn. Customer loyalty and retention drive referrals and more importantly give you a more predictable stream of cash flowing through your business.
Customer retention takes time to bear fruit, and it is certainly worth investing your time and effort.
Here are three ways Dynamics CRM can help you increase customer retention:
- Customer profiling. Understanding your customer needs and preferences is critical. This is more than just capturing your customers’ contact information. Customer profiling (segmentation) can tell you a lot about a customer’s behaviours, preferences, buying patterns and their history with your company.
- Deliver highly targeted messages. From your customer profiling, you can see all the data from your customer’s buying history with your company. You can create alerts when a customer’s purchase renewal is coming up. Come up with unique offers such as loyalty discount on new products that might interest them.
- Improve your customer’s experience. From your targeted messages, your customers will feel more important from you having taken the time to notice the little things that make a big difference to their world. When there are customer issues, your service reps can pro-actively reference previous history of issues they can quickly review and gain insight as to why your customer might be calling now. Service reps are in a position to provide quick, efficient, and highly personalised service that will make anyone happy.
When you understand your customers at this level, you are in a great position to anticipate things that they may need right now or in the future. You can up-sell and cross-sell more effectively, helping you to increase your overall profitability.
Use Dynamics CRM to surpass your customers’ expectations. Transform your customers into loyal customers by delivering a personalised service each time. Get your high customer retention levels improving your cash flow right now.
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