How CRM Helps to Retain Existing Customers
Imagine having a computer program or an app on your phone that lets you track the existing deals, leads, and customers of your business. And imagine if you can send an automated message to them in just a few taps. What’s more, you can even schedule the sending of an email, or trigger automated responses to a target audience when certain conditions are met. That’s the power of a CRM!
A customer relationship management (CRM) software is built to allow companies to manage business relationships with leads and customers. When a CRM is maximized well, it can let companies build sales strategies based on the technology and grow profits with minimal effort.
What a CRM dashboard looks like
How CRM Helps Retain Customers
Most businesses have difficulty retaining customers. And it’s mostly because they were not able to create meaningful interactions with them. Businesses have to be able to meet the needs and demands of their customers, otherwise, they will lose interest and look for alternatives (such as your competitors).
So how can a CRM help you retain customers?
3 Parts of a Business that a CRM can Manage for Customer Retention
There are three major parts of a business that a CRM can help you manage to sustain your business relationships.
Anything that goes in and out of your business can be considered as data— your customer’s contact information, your sales records, customer churn out rate, and etc. If businesses can keep track of these data, they will be able to adjust their actions accordingly. This is called data-driven decision making. And it is superior compared to, well, guessing.
Data-driven decisions allow businesses to make the right decisions at the earliest possible time.
For example, when a CRM user has observed that not many targeted audience open the emails the company sends, the company can make a decision to adjust the email header or subject. Or when the company identifies that too many hot leads drop out before they close the deal, then they can identify the stage of the sales pipeline to adjust.
Another example of this is when sales teams are able to identify how much they’re expecting per month (sales forecast) based on the leads generated and how much they’re getting so far.
Customer data in a CRM
This is one of the most important parts of customer retention. Customer engagement is necessary to collect more customer data so that the business can make a personalized interaction at a deeper level with the customer.
Another thing is that engagement triggers a purchase behavior from leads or customers which allows businesses to generate higher sales output. Letting customers know the value you’re proposing — through a carefully studied engagement plan — gives them more reasons to stay.
Values can take the form of a products or services you’re promoting that directly address their needs, or a better customer service (convenient delivery options, etc.), or promotional activities (discounts, freebies, etc.).
Another important aspect of customer retention is providing support, right from client onboarding to after sales support. Sometimes, support can even be extended to leads — by answering their pre-purchase questions and inquiries.
Support should be extended to address customer dissatisfaction. Customer feedback is necessary so a business can determine what steps need to be taken to improve customer satisfaction— and thus, retention.
With a CRM, companies exert minimal effort to track the lists of customers who have provided feedback. Sometimes, the company can even use of CRM features like an automated response to let customers know that you’re available 24/7 to assist them in using your product or service.
Use Saphyte for Better Customer Retention
Improve your interactions with customers and get more loyal customers with Saphyte.
Saphyte is a top CRM that is friendly to use. It lets you collect lead and customer information from all your channels — websites, social media — so you can have actionable data.
With just a few clicks, you can also perform sales and marketing tasks that are designed to improve the customer experience. Because you can perform more with less, it lets you provide an excellent customer service experience, better than your competitors.
Saphyte has also been proven to increase customer satisfaction through personalized interactions from the sales team, allowing them to take care of the company’s customer base and retain more customers at the end of the day.