According to Harvard Business Review, “acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one“. It is also “far easier to sell products and services to existing customers than to someone you don’t have a relationship with”, says this Forbes article.
So what are some of the ways to build customer loyalty and retain it over the long-term?
Show your customer that you value them
Customers want to feel valued so you need to demonstrate that you care. This means frequent communication and authentic engagement. Use the client data in your CRM to learn more about your customers. The Client module of the Qobrix Real Estate CRM platform allows you to centralize vital client information in one place, providing you with a 360 degree overview of your customers in real time. Use this data to segment those customers into specific groups (based on buyer personas) and send targeted but personalised email campaigns. Send birthday greetings, company or industry updates, helpful tips or valuable information, and friendly reminders. Implementing these strategies will keep you fresh in your customers’ minds, increasing the likelihood of them referring other clients your way as well.
Provide ongoing customer care and support
Delivering after-sales support and customer care is essential for customer retention, particularly when one considers that angry customers cost companies $5.9 trillion (Bloomberg). Service doesn’t end once a sale has been made, it extends beyond that point. With Qobrix CRM, customer data is centralized so the history of all customer interactions can be quickly and easily recalled. As a result, the handling of customer queries and issues by your sales or customer care team becomes more efficient, with faster response and resolution times, enhancing channels of communication and boosting the overall customer experience.
Maintain connections, even virtually
The impact of Covid-19 and social distancing has changed the way sales teams manage customer relationships worldwide. Now, more than ever, customers are looking to businesses that will provide them with the support that they need, rather than one that is just looking to “seal a deal” or reap profit. Use this time to engage with clients – look for video conferencing tools to reach out and interact with people, show that you care and that you’re willing to try and deliver whatever service you can. Ultimately, what customers will remember is those who listened to them, who helped them, who made every effort to create value when they needed it most. And this is what builds loyalty.
Make use of reports and analytics
Making informed business decisions in order to improve processes and procedures requires access to data and analytics. Use Qobrix CRM Dashboards to generate multiple reports, customized according to the key performance metrics you want to measure. A customer service report for instance can help you establish how employees are interacting with customers based on response times, who is getting the highest number of customer queries or complaints, etc. Having these insights gives you the ability to increase employee accountability, implement the necessary training to improve service, and optimise operational workflows – all of which will ultimately enhance the experience a customer has with your business, improving customer retention and loyalty.