4 Steps to Increase Customer Retention and Loyalty With CRM

CRM Solutions, CRM Software, Service CRM, Customer Loyalty

Perfecting the art of retaining customers and their loyalty while fending off competitors may be tough, but can be made simpler with your CRM solution. While it is important to increase market share, loyal customers are the ones that keep your ship afloat when the times are rough.

So, here are the four steps to increase customer retention and loyalty with the help of your CRM platform. 

1. Surprise the customers
Simple gestures that surprises the customers go a long way in retaining your business in their minds. They are infectious and spreads brand goodwill virally. By capturing the customer's profile inside your CRM solution, you get actionable intelligence about their preferences. This information, combined with customizable templates, helps you to offer personalized discounts when your customers get in touch with you. Free (valuable and tangible) gifts, branded by you, also works like a charm.

2. Empathize with the customers
Often, the number one complaint of consumers is that they deal with robots while talking to a customer service department. Change that with the help of CRM for customer service. With complete interaction and transactional history, sentiment analysis by social media analytics, feedback mechanisms etc. increase your empathy levels that transforms your service from robotic to human-centric. You will be rewarded with increased positive sentiments and net promoter scores (NPS).

3. Resolve issues quickly
In this age of instant fulfillment, convenience is measured in minutes, not hours or months. CRM software helps you to keep track of problems and speed up delivering solutions to your customer's problems , including First Time Resolutions (FTRs). Curbing errors is a laudable aim and CRM in customer service aids you by providing expert solutions anywhere, anytime by connecting to product experts on demand.  

Common issues are captured in a comprehensive knowledge base that are easily accessible and digital CRM tools like self service portals empower customers to help themselves. Customizable dashboards with parameters like case mix, case priorities, case resolution gives additional useful intelligence to your executions. The speed at which you solve customer problems is directly proportional to level of goodwill and subsequent brand endorsements (without additional costs). 

4. Retain high net-worth individuals
It is known fact that 3O% of customers contribute to more than 70% of the sales. And they are usually high net-worth individuals. Retain them and you have the much needed business security. Focus on increasing the wallet share of high net-worth individuals. Entice them with smart analytics that crunches their spending habits and with smart cross sell modelers that offers relevant product at the right time to the right audience. You should helped by the fact that customization is to CRM what a tailor is to clothes.

Smother your customers with products, services and features that offers value and acts as a differentiator with regards to your customers. Solve their problems and make their life easier. Follow the above four steps and see customers keep flocking back to your business.