For any business, its clients are the topmost assets, which is why they keep trying to attract more. But that’s not all. The hard part is maintaining those relationships once you get them through the door. Chances are, you’ll still lose a large part of those customers.
Call it leakage or churn rate, the slightest negligence means you’re losing a client. Three in four customers always change providers after just one bad experience. Your competitors are only too happy to fill in that void.
Why is Customer Retention Important?
With every approach of customer retention made by sales teams, the revenue goes up while the costs go down. This is just the ideal scenario every business expects to maintain. Furthermore, studies depict that it costs 7 times more for a company to acquire new customers than to retain the prevailing ones. There’s a 5-20 percent chance of acquiring new leads. On the other hand, there’s a 60-70 percent chance that you’ll hold on to existing customers. But that is only going to happen with the right measures of customer retention.
It is not easy to repeatedly earn the trust of existing customers. This makes it even more difficult when the new entrants and existing competitors are making their best attempts to gain more customers. Fortunately, Salesforce will have your back to promote customer retention.
Value of Existing Customers Over New Customers
Your existing customers are the ladder that takes your company towards success. The longer customers patronize a business, the more they keep getting involved with it. Businesses highly rely on customers to keep the revenue flowing, which makes it essential to come up with products and services that customers would prefer.
Furthermore, it’s the steady customers who perform word-of-mouth marketing for their favorite company that supports brand advocacy. People always look forward to what enthusiastic customers have to say about a business.
Ways to Retain Customers Through Salesforce
Salesforce is all about doing the best to promise a top-notch customer experience that makes them hold on to you. There are plenty of ways Salesforce can support sales teams for improving customer retention rates.
1. Centralized Customer Data
Data is the lifeblood of a company and makes it keep moving. Salesforce allows you to centralize all the sources through which you obtain the customer data, making it easier to manage it from a single location. Salesforce makes it convenient to integrate your voicemails, notes, emails, etc. to form a customer record. Thus, sales teams can maintain a centralized view of each customer that allows catering them uniquely by enabling teams with a better decision-making approach.
2. Personalization using Customer Data
Each customer has different expectations from a business. You probably have a lot of information about your customers, but if you are not using it to improve customer service, the data is worth nothing. Salesforce allows you to integrate customer data to analyze their behaviors and expectations to offer services that can resonate with the customers. Customers want to feel special, and using the personalized approach to cater to them would convince them to hold on to your business.
3. Track Interactions with Customers
Data can tell the story of each customer. From their work to their expenditures, any data can help a business understand its customers in a better way. Salesforce is a helping hand here to keep a pulse on customer behavior by tracking their interactions in real-time. All this data helps in making meaningful engagement with the customers at the right moment. For example, if you find out that a customer has read your blog, you can shoot a follow-up email to ask for a review or to suggest similar blogs that might be of interest.
4. Re-Engage with Inactive Customers
If the customers are not coming back frequently for purchase, you don’t have to sit back and wait for them. Instead, the best approach here would be to re-engage with them. The customers who haven’t purchased from you for a long time are still more likely to purchase in comparison to a new prospect who is not familiar with your business much. Salesforce integration with your email platform would allow you to segment such customers and send them a personalized message to re-engage them.
5. Integrate Tools for Customer Service
Considering the importance of customer integration, Salesforce Service Cloud allows the team to have centralized access to user complaints and requests that make the customer service process quicker. With all this information, a company wouldn’t just offer a suitable solution to the customer but would also upsell the existing products or services that may be a better fit.
Salesforce Partners to Help You Retain Your Customers
It’s the customers who make a company a brand, which makes it essential to focus on keeping the customers at the center of the business. All the above-listed ways are effective to deliver front-line support to offer the customer experience that 21st-century clients expect. Our Salesforce consulting services as your support for customer retention would simply mean more smiles, more fans, and more return revenue!