Do you know that more than 80% of customers believe that the experience provided by a company is equally important as its services and products?
It means that customer retention plays an important role for all types of businesses and industries. According to a survey by Salesforce, it has been revealed that acquiring new customers or clients is 7Xs more expensive than retaining the existing one. In addition to it, an existing customer spends 31% more than the new ones. And here, Salesforce plays a vital role in helping businesses to retain customers. For more details, you can go for Salesforce integration services.
However, in a report, Bain and Company have revealed that many businesses mostly use Salesforce for closing leads, which is a great thing. But, often they forget to focus on customer retention, due to which they lose a 25% increase in profit that could have been acquired because of a 5% increase in customer retention through Salesforce integration.
The Significance of Customer Retention
A good customer retention strategy always ensures an increase in revenue and a decrease in overall cost. Customer retention is highly beneficial in the long run and ensures businesses that their customers will continue to make purchases from them in the future.
A business couldn’t achieve better customer retention because of poor customer services, lack of heeding of customer feedback, and not interacting with customers regularly. All these factors led to customer loss, ROI loss, and loss in business growth. Lack of customer retention also leads to a lack of trust between customers and businesses.
Therefore, it is imperative to have strong customer retention. A loyal and retained customer ensures growth and revenue for your business. A retained customer is like an asset. According to Bain and Company, a loyal and returning customer spends 33% more than other customers.
You can also acquire a higher level of customer retention through the best Salesforce implementation services. We will discuss it later. Let’s first understand the key strategies for peak customer retention.
5 Effective Ways to Boost Customer Retention Using Salesforce
Tracking Customers’ Interactions
Keeping proper track of customers is the most important thing for any business. With Salesforce integration, you can achieve it seamlessly.
Salesforce helps you learn everything about your prospects such as, the place where they work, the last time they made a purchase, what they are clicking, what they are subscribing to, what they are reading on your website, etc.
You can learn all these and more with Salesforce in real-time. In this way, you can understand the behaviour of your customers and respond to their needs in a more precise manner.
You can engage with your customers in real-time while they are on your website by sending them to personalize messages/email, etc. and induce them into your services and products.
Unify You Customers’ Database
One of the best parts of having a Salesforce consulting company as your guide is that it will help you leverage the brilliance of this platform to the fullest. One of the exciting things about Salesforce is its ability to centralize all your data. It also helps in customer retention.
With the help of the Salesforce platform, you can collect, organize, and analyze your data (Inbox emails, notes, VOIP system calls, etc.) in a centralized location. It will be easy for your sales team to access all data in one place and stay informed. It ensures data accuracy and mitigates the chances for data duplicity.
Data centralization enables transparent communication between business and customers, and that will lead to client satisfaction.
Using the Power of Personalization
Customers’ data is a gold mine, and Salesforce is a tool that will help you save and centralize that gold in such a way that you can later personalize it. In the previous step, we have understood how centralization features by Salesforce help you bring all important data to one place.
Now, what will you do with that data?
You use it and personalize your connection with your audience. Salesforce integration services empower you to take control of your customer relationship by sending personalized emails that resonate with customers.
Salesforce has a tool, namely, Pardot Dynamic Content. This tool enables users to personalize emails, subject lines, etc. It also helps users in crafting required content for the landing pages (copy, button labelling, etc.) by offering ready-made templates.
Through the powerful way of personalization, you can tailor communication and show your customers that you care for them.
Re-Engage With Inactive Customers
Another interesting feature that makes Salesforce a leading cloud-based CRM is that it enables businesses to interact with even inactive customers and bring them aboard.
In this way, you can save lots of money which you could have spent on acquiring new customers.
You can engage with your inactive customers in the following manner with the help of Salesforce:
- Categorize your inactive client. Check their purchase history, buying preferences, etc., by using the classification function of Salesforce.
- Keep a proper track of all the customers by consolidating their calls, emails, documents, etc.
- Document all the activities of your inactive customers, and prepare a plan of action.
- Use the reminder function of Salesforce. Approach your customers without making them irritated at the appropriate time.
- Keep a proper record of the customers and keep them engaged with personalized messages.
Integration of Customer Service Tool
Salesforce offers multiple customer service applications such as desk.com, service cloud, etc. You can use them and eliminate the silos and bring collaboration among the different teams.
It is generally seen that most companies have a dedicated team to work on customer retention. Members in these teams mostly work in departments such as customer service, account management, etc.
By using Salesforce tools, you can improve your overall customer experience and also up-sell your existing products and services.
Hire a Salesforce consulting company, and empower your services reps to engage with your customers at a deeper level.
Businesses can grow their profit and revenue by harnessing the power of Salesforce and using it to collect customers, process, and analyze customer data. Hire a Salesforce consultant or a CRM development company. It will guide you to build strong customer relationships with your customers and help you leverage Salesforce integration services.
If you are looking for a perfect solution to improve customer retention, then you can connect with FEXLE Services. It is a Salesforce consulting company with a team of certified consultants.