Unless you’re operating a butter factory, chances are ‘churn’ isn’t a term you want applied to your business model. Customers are the most vital part of your operation, and to thrive, you need to be retaining these customers, rather than endlessly churning through them. Studies have shown that a satisfied customer tells about two or three friends of their experience, whereas a dissatisfied customer tells eight to 10. With excellent customer management and service, you can boost customer loyalty and significantly improve the growth potential of your business. In turn, you’ll build a business model that operates more like a magnet and less like a churn.
How to beat the churn and retain more customers
There are a variety of factors that can boost customer retention, and your business should adopt a multifaceted approach to capture and retain as many customers as possible. Some of the core influences include:
- Customer service: Perhaps the most obvious of the tactics, exemplary customer service is imperative to leaving a positive impression on customers and increasing their likelihood of remaining with your company.
- Business efficiency: Customers demand efficiency in all aspects of their experience, and the efficiency at which the business operates will impact the efficiency of the customer experience.
- Brand consistency: Customers need a company they can rely on and that will continue to meet their expectations time and time again. You need to create an image for your brand that remains consistent over the years, so customers learn what to expect from your company.
- Marketing approach: Marketing is an effective tool for enhancing retention. It can be used to keep existing customers engaged with your company, while increasing sales among your most loyal customers.
Put your focus on these four aspects of your business and you can reduce churn, gain additional revenue from loyal customers and enjoy more consistent profits.
With CRM software, your churn will soon gather dust
Customer Relationship Management (CRM) software is perhaps the greatest tool at your disposal for managing your customers and strengthening client retention. With CRM software, you can:
- Improve customer service by ensuring all employees have instant access to customer information.
- Enhance marketing efficiency and effectiveness by automating routine marketing tasks, tracking results, and creating a clear and consistent image for your brand.
- Enhance business processes through detailed reporting that promotes transparency throughout your business model.
- Streamline the sales cycle with efficient lead and competitor tracking tools to ensure all sales team members can gain a comprehensive view of the customer.
- Increase analytic capabilities with tools to manage marketing, customer, and sales analytics.
Your business doesn’t want churn! With CRM software, you’ll be able to greatly enhance the efficiency of your business model, while improving marketing, customer service, and brand consistency. In turn, you’ll stabilize the churn and create healthier, more reliable profits.
Use customer analytics to turn your churn into a funnel
The key to eliminating business churn rests in customer analytics. CRM software allows you to manage all customer data easily, while providing tools that improve data analysis. You can use these tools to segment customer data into groups, so you can create marketing campaigns that cater to the unique interests of different shoppers.
This data can give you clearer insights at the persona level as well as with individual customers. You can create personalized shopping experiences for each patron that will improve their individual experience with your business. The data also can help you discover unmet needs that can fatten your sales funnel and increase your revenue. In turn, you’ll be building a satisfied following of customers, while eliminating the loathsome churn that’s dragging your company down.
If you hope to improve the customer experience, then CRM software is an indispensable tool. With total control over customer data, all of your staff will be able to provide better and more personalized service to each customer, while creating targeted marketing campaigns that increase engagement. NexTec specializes in pairing businesses with the best CRM software applications. Contact us today to learn more.