We’ve been helping our clients to increase their customer retention rates with Salesforce implementation and Salesforce integration since our inception back in 2001. We’ve built up quite a bit of experience in the field, and one of the most important things we’ve learned is that you have to find solutions that work for your company and its customers, rather than trying to force what works for other companies into your business model. There are many Salesforce apps on the market to help improve customer retention, but these seven are among the most popular (and most effective).
Why is Customer Retention Important?
Companies will go through great lengths to ensure that their customers remain loyal and continue doing business with them. After all, customers who have good experiences with a brand are far more likely to tell others about it—and that can be vital for brands hoping to create buzz. But what exactly is customer retention? There are many definitions but we consider customer retention as actions taken by companies in order not only keep existing customers happy but also increase purchases from them and from other potential buyers too. In short, retaining existing clients has a two-fold impact: reducing costs associated with gaining new ones and improving profitability by increasing sales.
Collation of Data using Customer Data Integrations
There are many ways in which you can use Salesforce for CRM. Some of these processes include Data Integrations, Reports & Dashboards and more. In order to understand all of them, we need first a bit of knowledge about these terms. Data integration is a process by which information held by one system (called source system) is matched and combined with that held by another system (called target system). In other words, data integration allows different computer systems to share data with each other through consistent formats and protocols.
Make judicious use of Customer Data
Get familiar with your customer’s purchase history, and use it to your advantage when you plan strategies. For example, if a customer has recently purchased a similar product from another company, remind them of how much cheaper and more convenient your product is. Once you know who these customers are and what they like about your products, solutions, or services (and what’s holding them back from buying more), you can reach out directly via email marketing or cold calling.
Better Customer Service
Customers now have a variety of options when dealing with companies. From Twitter and Facebook, which are public forums, to online reviews, customers can choose how they want their voice heard by your company. By using Salesforce, you’re given a platform in which you can directly interact with your customers on all channels—thus making sure that all customer queries are answered as quickly as possible. This ensures that customers don’t get frustrated and look elsewhere for a solution or service.
Recognize the Reason Why Customers Are Leaving
Customers leave you if they don’t feel like your product or service is offering them sufficient value. The obvious reason to use a CRM is to recognize and reverse that situation, but many businesses are oblivious of why customers are leaving in the first place. If you can’t figure out what their reasons are, it’s unlikely that you’ll be able to work around it with CRM tools; get some insight into your customers and find ways to retain them. Find Your Biggest Source of Leaks : Once you know why your customers are leaving, focus on finding which areas in your business are causing those leaks. For example, one big source of leaks could be from salespeople who aren’t following up with leads effectively enough—and then determine whether using a CRM will help to solve that problem.
Pay Attention to Customer Interaction
The first step in improving customer retention is paying attention to what’s going on with your customers. Look for any indication that they might be looking at leaving, such as cancellations, complaints, or delayed orders. The more you monitor and pay attention to those interactions, both good and bad, the better you’ll be able to respond when you have a customer who is truly unhappy. If you see signs of trouble early enough, it’s easier to keep them from becoming an actual problem. And it may even be possible to turn an unhappy customer into a happy one before it comes time for them to decide whether or not they want to continue using your services.
Recognize and Re-engage Your Inactive Subscribers
To begin with, it’s important to identify and categorize your inactive subscribers. As of today, I have 50,000 contacts in my database. However, only 20% of these are active customers—meaning they purchased a product or service from me within 30 days of signing up. The remaining 80% are what I call zombie subscribers. This means they haven’t engaged with my emails in over 180 days (the maximum duration between one engagement and another).
The 100-Day Rest
Out of Sight, Out of Mind—Part II: It can be hard to think about renewing an account because we don’t want to think about losing it. For that reason, many companies create a program where they will have regular contact with their customers and prospects on a weekly or monthly basis for 3-6 months. The goal is that by showing consistent interest in your customers, you will trigger them into thinking about you more often as a brand. The approach also helps address any issues that may arise with your client’s business so they are open to discussing their needs with you down the road when it comes time for renewal or new opportunities.
Making sales funnels easier has become an art. There are dozens of cloud-based CRM tools that a business can use to help customers stay on top of sales and have more control over their data. Since there are so many options, it’s important to research each one and make sure it will fit your specific needs. And, most importantly, you need a tool that’s easy for your team to understand and use on a regular basis.