According to research, it’s five times more expensive to acquire a new customer than retaining an existing one. But these statistics tell only half the tale.
Apart from a few brands, customer loyalty has become the rarest commodity. According to research done by Accenture, only 28.3 % of the brands are able to retain their customers. In other cases, the open nature of the internet makes your customers an open prospect for competitors in the market.
Most businesses try to retain customers through offers and custom loyalty packages. But one often forgets that other companies can also do the same.
You need to achieve sustained and retainable relationships for modern business. You need to control and manage old relationships that can sustain new relationships. The businesses are old but creative while managing and building new relationships.
Drive Long-term Prospect Engagement
Today your potential customers are getting constantly bombarded with ads from every possible stream. All advertising strategies work on providing definite incentives for your customers to make a purchase.
A CRM-based prospect engagement gives a much more viable and valuable customer incentive strategy. Here, your prospects know that their long-term promises are understood and taken care of. You can also be assured that you are not overpromising or undercutting on customer expectations.
Manage and Customize Customer Communications
With CRM, you can customize and deliver precise on-time client interactions. You can automate and plan each customer interaction. In practicality, this allows you to measure your customers’ desired levels of engagement with your company.
You can also helpfully avoid any inconveniences to your customers concerning your business. This strategy lets you leverage potentially better upselling opportunities.
Pick and Avoid Bad Clients
In business, having a bad client is like having a bad apple in a basket of good apples. Even as your larger volume of your clients are happy and content, a few bad prospects could destroy your entire client portfolio. Moreover, it could decide about how your future clients look at your business. Having these facts in mind, a bad client is a high risk.
With a CRM API, you can follow your client interactions and blacklist problematic clients. You can also try to improve individual relationship quality or manage to avoid chunks of unproductive customers.