constant interaction. customer engagement.
customer relationship management
communicate with your customers
Customer Relationship Management deals with all the interactions between a company and its customers, with an eye toward keeping customers happy and helping the business succeed. The objective of CRM is to enable a business to learn who its customers are and what value they can bring to the business, in order to increase the business’ profit margin. By understanding customers’ needs and adjusting your operations to meet those needs, you enhance your relationship with customers and increase their loyalty. CRM helps a company offer better customer service, which in turn supports increased revenue. Strategies might include identifying customers who are most likely to respond to cross-selling or up-selling products. Another aspect might involve targeting marketing efforts for a specific product toward a specific segment of customers. “If you are losing customers to a competitor, that’s a clear indication that you should improve your understanding of your customers.”
keeping your customers — the importance of creating loyalty!
Keeping customers makes great business sense but it’s not always easy. Here are some tips on how you can keep your customers coming back to your business. The downfall for many companies is that they don’t know how to ‘keep’ customers. Studies across a number of industries have revealed that the cost of keeping an existing customer is around 10% of the cost of acquiring a new one. So, economically it makes great business sense. Putting together a good retention strategy will also lead to increased customer profitability, as the longer the relationship, the lower the account maintenance cost.
There are other key benefits to keeping a lasting relationship with customers, including the fact that long-term customers are more likely to introduce your business to others via a verbal referral, they’re more likely to purchase other products from you and if they’re happy with the service they’re getting, then why would they even think about switching to a competitor?
Make promises you can keep. It’s no good promising a customer the world at your initial meeting if three months down the line they discover you don’t have the manpower, skills or knowledge to fulfill your initial intentions. You have to make promises you can keep and be able to provide what the customer demands. Having a staff who are enthusiastic and who actually know what they’re talking about will do wonders for the reputation of your company.
Verified methods of customer retention can involve rewarding customers for their loyalty and giving them a real reason to come back to your company. Incentives could include add-ons services, vouchers, loyalty discounts or cards, special pricing and bonuses, and special gifts for ordering through a website.
Keeping customers happy should mean that actions speak louder than words. A proven effort rather than a promised commitment will put you way ahead of the competition and keep the distance.
lionsky is an official constant contact partner
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