The average cost of winning a new customer is around five times higher than that of retaining an existing customer, according to the book ‘Loyalty Myths’ published by the research firm Ipsos Loyalty. Along similar lines, customer retention was identified as the most powerful revenue driver for any business, according to a recent study by KMPG.
However, building brand loyalty in today’s cut-throat competitive environment is no easy feat. Customers today are better informed than ever before. They have more options to choose from – more customized solutions are available to meet their exact requirements. One way to improve customer retention in this day and age is by using the CRM software. Here’s how you should use this tool to maximize brand loyalty.
Retaining your important customers
If you can use the CRM software to your advantage, it would help you notice any signs of departing customers well in advance. Making this one of the top reasons why business, especially e-commerce should be using it. By using CRM, you can identify which of your important customers are not buying from you as frequently as they usually do. This could be a sign that those of your customers are no longer happy with your brand. You need to communicate with them as early as possible, and maybe you’ll be able to fix the issue causing dissatisfaction among them, and thus prevent them from leaving.
Announcing exclusive offers
Simplified CRM software like QuickDesk enables you to track purchase history of your customers. You can use that information to plan which special offers would entice which customers. For instance, if you find that a customer has not purchased anything from you for a long time, but is still subscribed to your newsletter – it would be a good idea to announce a special offer exclusively for that customer to bring his interest back to your brand. However, for this plan to be successful, you need to ensure that the special offer has a personal touch. This is exactly where CRM tools can help you by proving information about each customer’s personal interests, purchase history, likes and dislikes.
Rewarding your loyal customers
In order to improve brand loyalty, you need more customers giving you repeat business. With CRM software like QuickDesk, you can collect information about your most loyal customers. Once you identify your most loyal customers, you can reward them for their loyalty. This is a great way to enhance brand loyalty among your top-rated customers. Simple rewards like a coupon code or small discount can go a long way to strengthen the bond further.
Following up with your valuable customers
Establishing long term relationship with customers is crucial for customer retention. However, not all your customers would be equally amiable. Your job is to reach out to even the most restrained customers through follow-ups. If you can add a personal touch to your follow-up emails or calls, nothing like that! Thankfully, CRM application like QuickDesk helps get you detailed information about your customer’s purchase behaviour, demographic, gender, age, etc. The information you receive about your customers through CRM software can be used to devise an effective follow-up strategy for your valuable yet reserved customers.