By following up on all the customers on your list, you can maximize your sales opportunities. Why spend money on getting in new customers instead of using those efforts to win back lost customers? The customer is already lost. The only other outcome is to win them back.
Research from Marketing professor V. Kumar at the Georgia State University says there are three simple reasons why you should focus on winning back lost customers:.
As following up on all customers can be too time-consuming, and may cost your company too much money. Start with the ones that have referred your product or service to others before, who have never complained, or who have never contacted your support department. You can work your way down from there. Now that you know which customers to follow up on, you can start thinking about the different win-back strategies you can use. If the price is the issue, a standard discount will most likely do the job.
However if a customer left you because of poor customer service, you might have to go the extra mile and offer them the more expensive, but more effective bundled offer to win them back. When you are smart about the customers you follow up on you will experience an increase in revenue. In addition, winning back customers can have a positive snowball effect. No matter what has happened the day or night before, get up and bite on the nail. It requires hard work, the right attitude, and the right customer retention programs.
You can start by making sure your CRM system is set up to support you with the customer retention programs you wish to use. By implementing these customer retention programs in your daily routine, you are able to focus on reaching out and connecting with your customers. They will allow you to create long-lasting relationships. Stop trying to manage your customers in an ad-hoc way. When you put in place one or two of the suggestions above, you will start to see an increase in productivity, sales and ultimately, customer retention.
If you enjoyed reading this post, please share it on Twitter here! Erik Reijrink is a content creator at SuperOffice. Erik likes to create engaging articles and videos. He bikes to work every day. Even when it snows or rains. You can follow Erik around or connect with him on Twitter and LinkedIn.
View all articles by Erik Reijrink. While a routine to onboard customers is a good idea, I think it may have quite a few drawbacks with internal team members. Routines end up being a cause of boredom and result in employee turnover. How do you combat internal burnout due to what you have proposed? Hi Shaniqua, Thank you for your comment. I understand what you mean.
Their work should be fun. They can go out to meet their customers, or invite them to your office as part of the customer follow up program. Make sure they are part of setting up the customer retention programs.
If they can help to decide what programs to use and how it should be implemented, it will increase their feeling of ownership and responsibility.
You will experience less burnout's and lower employee turnover. What is a customer retention program? B White, and Haruki Murakami have in common? Clear-cut customer retention programs will help you to achieve both. It is about mastering your routines. The benefits of working with routines Good routines provide structure to your working day and allow you to build up good habits.
Can you imagine what you would be capable of? Implement a Customer Onboarding program The first customer retention program you need to implement into your routine is customer onboarding.
During the onboarding call you can cover the follow points: Discuss with the customer how they wish to get started, and align your efforts to match their expectations. Help your customer by offering them extra start-up services.
You can add a little picture of yourself, so the customer has a face to go with your name and title. Customer retention starts with a good onboarding program. A customers or large accounts: Schedule two face-to-face meetings and follow up on these customers with a quarterly phone call.
Ask your customers if they are achieving the goals and how you can help them to improve. B customers or medium sized accounts: Manage these accounts by giving them a half-yearly follow-up call and by sending them a newsletter once per quarter.
To keep them up to date on seasonal price offers and other campaigns you might have going on. C customers or small accounts: Sending newsletters is a great way to reach your customers and keep in contact with the smallest companies.
Email marketing continues to deliver the best ROI. Identify risk customers Even the best companies lose customers. Identifying risk customers is possible in many different ways: Be proactive in your customer service and create an overview of customers with too many open tickets. Clearly, a large number of open tickets is a red flag that you can manage and solve with a proper follow-up.
Turning an unsatisfied customer into an ambassador for your company. Make sure to follow up these customers and activate them. You might have to sell the value of your product again with a demonstration. Create an overview of the customers that called into your office with questions or complaints. These demanding customers are often in need of training or other services to get them up and running.
By leaving them to find out everything on their own, they might lose their patience and eventually give up on your product or service. Create an overview of customers with a disrupted buying pattern. Win back lost customers Why spend money on getting in new customers instead of using those efforts to win back lost customers? Kumar at the Georgia State University says there are three simple reasons why you should focus on winning back lost customers: The basic objective of a CRM solution is to improve customer retention.
Its secondary objective is to increase customer acquisition at a low cost, without jeopardizing existing customer relations and ensuring the smooth transition of a new customer to a loyal, long-term client. A focus on customer retention enables a company to achieve maximum results in ROI, loyalty, acquisition, and revenue. Customer retention is the common thread that runs through all CRM objectives and most of all, profitability. CRM systems empower a business to efficiently retain customers by providing data on customer history and by identifying valuable customers, niche customers, and frequent customers.
The information extracted from this data is used to execute the two most crucial steps in retaining customer loyalty. These are ensuring customer satisfaction and being proactive with customer relationships. Customer satisfaction means making a commitment and delivering on your promise by getting it right the first time and ensuring successful problem resolution when any issues occur.
Proactive CRM initiatives imply going beyond defined deliverables and making the customer feel good about doing business with you. Companies that neglect customer retention and put greater emphasis on customer acquisition will find that their existing customer base will dwindle over time. The best approach is to actively pursue both customer loyalty and customer retention initiatives. Browse Business Software Categories A.
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Using a CRM for Retention. With data collection in place you now have a platform for tracking and making decisions about retention. By keeping data on your customers, you now take control in the relationship. If you have enough data you should be able to see patterns, allowing you to see what might happen in a churn case, and allow it to not .
As an organisation, one is always in search of ways to improve customer service, keeping insights in helm. CRM aids in merging relevant business information from various departments into a single easy–to–access med383.tk monitors the activities around customer engagement, not solely for customer retention itself.
Customer Relationship Management Software can play a big part in helping you retain customers and grow your business. The Importance of Customer Retention, and How CRM software Helps Improve It Features. Learn how CRM and customer retention can improve key metrics including lifetime value, RFM, churn rates, and customer loyalty.
By implementing the right customer retention programs, you can improve your customer relationships, increase customer loyalty and reduce churn. 5 Customer retention programs to implement in Driven by a passion for customer relationship management, SuperOffice is one of Europe’s leading suppliers of CRM . The CRM system needs to be configured to help with customer retention and customer satisfaction. The system must fit with your overall strategy and processes. Remember, CRM is a toolset; it’s your people and processes .