“Gaining a new customer is TEN times costlier than retaining an existing customer.“
Hope do you agree that, even though you are in a Blue ocean with zero competition in your business today, it is not very far to enter into the Red ocean with advanced features, better service at a competitive price from the competitor.
Customers don’t think too much to switch over to competitors for any better option.
To give an example, “Reliance Jio” is the ultimate example of entering the business where already established players were doing great, smashed all of them, and created the entry barriers.
So, to succeed in any business, the role of the customer is very crucial.
Have you remembered your journey with all the pain points you faced while acquiring your first customer?
Today also, the scenario is no more different. Even though you have established in your business, gaining a new potential customer is always a nightmare.
Few crucial facts are:
- As per HBR, companies can increase profits by 25-95% by increasing their customer retention rates by 5%.
- As per NG Data, customer retention is faster and, on average, costs up to seven times less than customer acquisition.
- According to a Huify article, the likelihood of converting an existing customer into a repeat customer is 60-70%, as opposed to 5-20% for a new lead.
- According to Client Heartbeat, loyal customers are worth up to 10 times as much as their first purchase.
So, to succeed in any business, the role of the existing customer is very crucial.
If you broadly think, then the expected challenge you might face are:
- Your existing customers can switch at any time to the competitor.
- Customers might stop the renewal of the service.
- You will miss the opportunity to sell high ticket offers to the new customer.
- Want to avoid the complete cycle of Lead generation, nurturing & acquiring.
- Many more.
If you feel any of the above challenges will be a colossal disaster for your business, then don’t worry; Salesforce CRM has proven technology for better & effective service over customer retention.
Below are five reliable tactics using which you can retain your customer and gain your business.
#1 Using “Sales Cloud“, you can close more deals faster, increase productivity, and keep the sales team filled with enough leads.
*source: salesforce.com
- You can process the deals faster by tracking customer information and interactions in a single place.
- You can increase the conversion rates by finding, nurturing, and converting more sales-ready leads.
- You can speed up productivity with AI, automatic data capture, and process automation in one console.
- You can make insightful decisions faster and from anywhere, with the latest information.
- It can mark the top leads and suggest the steps using AI, that separate “deals won” from “deals lost”.
#2 Using “Salesforce Service Cloud“, You can support customers from anywhere, keeping an ongoing conversation.
*source: salesforce.com
- You can close the customer cases faster from a single console.
- Through self-service communities, you can provide faster service by helping customers find the answers they need on their own.
- Based on customer behavior, we can personalize customer care and predict their needs.
- You can provide conversational service over SMS, MMS, and group services with live messaging.
- You can increase agent productivity while delivering connected, intelligent, and personalized service from the phone to the field.
#3 Using “Salesforce Marketing Cloud“, you can build and manage the customer journey by delivering the right message at the right time on the correct channels.
*source: salesforce.com
- You can engage customers by using CRM and other data to automate and personalize your email marketing.
- You can create one-one customer journeys in email, mobile that connect across marketing, sales, service, and more.
#4 Make customers happy with “Small Business Solutions.”
- You can retain 45% more customers by keeping them happy and serving on any channel.
- You can gain 37% more revenue by selling faster anywhere.
- You can integrate the app 52% more quickly by connecting everything you do in one platform.
- You can find 44% more leads with the right customers with personal interaction.
#5 Identify and Re-engage your inactive customers through Salesforce Integration.
- You can identify potential customers who are inactive for quite some time due to various reasons.
- Apart from the marketing software, you can also benefit from an email marketing tool, such as MailChimp, and integrate with Salesforce.
- Using MailChimp, you can identify the inactive subscribers, re-engage them by communicating emails such as offers, discounts, or competitions.
Let’s Conclude
Customer retention is the most critical & cost-effective way to grow a business. Whereas customers don’t overthink switching over to competitors for any better option, we have to try our best to retain them, and Salesforce CRM is the ultimate solution.
If you are looking for Certified Salesforce consulting services, please contact us today!
