customer retention

7 Tips to Improve Customer Retention

Customer Retention through CRM

It is said that acquiring a new customer is almost 16 times more expensive than retaining an existing one to whom you can cross sell and up-sell. According to a survey by SAS and Loyalty360,  68% of the business comes from existing clients.This makes  customer retention incredibly important to sustain and grow. Customer Retention is  not only less exhaustive than customer acquisition but also builds royalty and lifetime value of customers.

However, with customer expectations at all-time highs and brand loyalty at risk from  market pressure and competition, businesses must come up with new strategies to keep their valuable customers coming back.

Lets have a look at how can we improve customer retention.

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5 Quick Benefits of a CRM

 

5 Quick Benefits of a CRM
Every business needs to evolve and adapt over time. With growing competition and customer requirements business dynamics have changed and one cannot rely on traditional tools, such as Excel & Outlook, for managing sales, marketing and support. CRM provides a strategy to consolidate customer information, maintain relation with customers, keep sales managers updated with the latest market and customer information, and helps businesses grow.A CRM is more of a necessity than luxury, which is why today companies are rushing to get on the CRM bandwagon.
CRM helps organizations to:

 

Retain customers
“Every contact we have with a customer influences whether or not they’ll come back. We have to be great every time or we’ll lose them.” – Kevin Stirtz.
The ultimate goal of any business is to retain its potential customers. At no point you would want to lose your customers who are giving you sales benefit. A personalized relationship with customer can go a long way in retention of the customer. A CRM helps you acquire customer complaints received through calls and emails, cataloging them in an appropriate category and work towards grievance redressal which leads to creation of strong customer experience and their retention for the company.

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15 Practical Challenges in CRM Implementation

15 Practical Challenges in CRM Implementation

Plan vs Reality small

Challenges in CRM Implementation can be broadly categorized into:

  1. People Challenges
  2. Technology Challenges
  3. Business Process Challenges
  4. Other Challenges

People Related Challenges in CRM Implementation

#1 Lack of senior management sponsorship

challenges in crm implementation - lack of mgmt support

 

  • CRM initiative solely driven by IT team without management buy-in.
  • Business users unclear or unconvinced on benefits of CRM.
  • Management not willing to commit to enforce CRM adoption.
  • Underestimating Change Management demanded by CRM.

Mitigation – Having an internal CRM champion from executive management.

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Omni Channel Help Desk CRM

What is Omni Channel Help Desk CRM? 

Say a company offers a great product or service, has a great lead generation engine and a crack sales team, who wins tons of new business every month. It has everything going for it in terms of customer acquisition but does not have a Help Desk CRM or Support Centre CRM. So the question becomes, are its customers experiencing a great customer service for the products or services purchased, are their issues and enquiries getting promptly addressed, are they satisfied after their purchase or are feeling buyer’s remorse? In short, is the company able to retain most of its customers after acquiring them?

A good support center or help desk crm allows you to interact with the customers who call in with problems or send emails to support@companyname.com. A better customer support crm will also provide a customer self-service portal where customers can log in to report (and track statuses of) their issues.

In today’s digital world there are additional ways in which a company can interact with or engage its customers:

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