How to Win the Game of Customer Loyalty?

CRM Solutions, game of thrones, customer loyalty

Empires may fall in centuries, but customer loyalty falls in seconds.

How can you go beyond customer management and truly engage to win the game of loyalty?

Read on to find out.

Fanning the frustration flames
The ugly truth of the business world is that customers are fickle. It takes immense resources and efforts for a business to storm a customer's mind and fortify its position in their mind space. And once in, they have to deal with the constant threat of flammable dissatisfaction blowing up their brands.

So, what are the common triggers for frustration, that ultimately leads to customer anger and dissatisfaction? They are listed down as follows:

  • Tedious onboarding process
  • Expectation mismatch before and after sale
  • Poor customer service
The warning signs
Customers are generally patient with their chosen brand. They don't usually snap ties with a business on the spur of the moment. It takes multiple instances of dismal service for the customers to feel betrayed. And they show their anger.

A business can save a great deal of pain if they stay on the lookout for warning signs. Some of them are...
  • A significant decrease in footfalls or orders. In the case of customers of financial services, this means incremental liquidation of assets. 
  • Customers engage and transact less across channels and touchpoints. 
  • Cancellations of previous bookings or orders. 
  • Prospects, leads and customers open marketing or engagement emails less with zero response. 
You can keep tab of such developments With the help of pre-defined metrics in CRM solutions. 

Prepare for battle with forecasting modelers
Business modelers help you to find troublesome patterns and take corrective action. The key is to collect and analyze the enormous customer data dump generated on a daily basis. With drag and drop functionality, you can easily create prediction models on the fly without any hardcore coding. It can detect and target high-risk customers and help you run win back campaigns to change their minds. 

Big data analytics inside CRM software can help identify customer profiles, transactional trends and connect the dots through behavioral analysis. However, the backdrop for all this is customer data and designing experience journeys through visual bpm designers can help capture that in droves.

Track customer feedback through CRM in service.  For example, banks can take customer feedback right after interaction across touch points that aids in increasing net promoter score. Analyzing transactional behavior can help in creating modelers that help in increasing cross-selling conversions. 

Master your master data management for easily storing, querying and manipulating customer big data. This also helps in quickly creating CRM workflows for automation, journeys etc. 

The final attack to retain customers
Club customers according to product portfolio, activity history and recurrent issues faced. Pose the following questions to your analytics in CRM for insights:
  • Time since the last transaction.
  • Time since last engagement (conversation) across channels and touchpoints.
  • Average ETA taken to solve issues.
  • Average First Time Resolution rates on first contact.
  • Communication consistency about status or process updates. 
The response to these questions will help you define a proactive customer retention strategy. Accordingly, with the CRM platform, you can
  • Understand customer tastes.
  • Alert executives important dates like renewals, anniversary etc.
  • Recommend relevant products and attractive offers at such important dates.
  • Empathize with customers through difficult times.
  • Deliver instant fulfillment for issues and requests.
CRM Solutions, CRM software, Retail Banking, Banking CRM
Bask in victory and glory
In business, old is gold. Retaining old customers is more cost efficient that acquisition. With the help of CRM solutions, anticipate threats, capture opportunities, transform weaknesses and captivate customers. The flag of your business will thus fly high over the competition.