Increasing customer retention metrics is easier than you think

Increasing customer retention metrics is easier than you think

October 20, 2021

The efficiency and profitability of a CRM system no longer raises questions: the system automates every link in the sales process: from lead to completion of the deal. It is the systematization and work with data, such as contacts, transaction history, suggestions and complaints, and all of it makes it possible to increase customer retention metrics and better respond to future customer requests.

This is only the first step, and the second step is the following: expanding the CRM system using the customer portal. The client portal will increase the level of transparency of the company and help make the transaction process more convenient and faster for both parties.

Сustomer retention and  eCRM

Consumers need well-thought-out client portals. According to the results of Microsoft research, these are the main problems that force a client to find another company with a better customer service: the need to repeat the same information several times (21%), the inability to find the necessary information or solve the problem online (20%), communication with a robot instead of talking to a human specialist (30%).

Source: Microsoft - State of Global Customer Service Report

Self-service

We see that clients want to be able to solve their problems themselves, and only as a last resort do they want to contact support and get help. Using the website, the client leaves not only the phone number and email, but also his experience of use, and habits, with the study of which the CRM programs can better help the client. Thanks to this knowledge, you can better understand and anticipate the needs of the buyer and develop new useful services which will certainly have a positive effect on customer retention metrics.

CRM helps to build and maintain lasting relationships with customers by deeply examining customer requests and the process of a lead turning into a completed deal. This helps draw useful conclusions and, knowing the characteristics of the buyers, to better to personalize the offers on the web page or send an email with selected recommendations.

Support

The role of CRM in customer retention is not limited by just the above mentioned — analysis and collection of customer complaints makes it possible to satisfy the most common and important clients on time. Business is becoming more customer-centric, complaints and wishes are necessary for customer retention and positive recommendations.

Here are a few more advantages of a CRM portal:

  • unlimited cloud storage (as opposed to email;
  • improved security;
  • great flexibility for self-service.

Inactive customers

There is a separate group of customers that is hard to notice without a CRM - inactive customers (they do not visit the site and do not buy anything for quite a long time). Combining inactive customers in one eCRM platform will help to avoid losing them, which is important, since this group is potential customers of competitors, therefore, you need to offer them something that your competitors cannot. Personalized interaction with inactive customers (which we know about, thanks to the well-coordinated work of CRM) can be done, for example, through sending out special offers.

How to create your CRM-system?

There is no universal suitable CRM option, the structure of the company is always unique and, most likely, an attempt to build a CRM according to a standardized scenario will lead to less return than the version customized for your company. Here are some guidelines:

CRM not just for managers

In the context of a customer portal, it is worth remembering that CRM exists not only for managers, but also for consumers themselves. This is an obvious fact, but it is forgotten too often. 71% of sales representatives complain that CRMs are too cumbersome and take too long to enter data. We need to find a balance so as not to lose efficiency.

Save the face and keep up reputation

Automation does not always work for the good: you will not be able to attract your old customers if all offers from different companies look just the same on the client's email. This is exactly why you need to experiment sometimes. 

Don't waste money on unnecessary functionality

This is not only unprofitable, but it can also create some inconvenience for managers. They will have to understand fields and lines that will simply not be used in the further work. At this point, it becomes obvious that customized CRMs are needed by most companies.

Build your own crm software

The most important part of building a CRM is finding a competent developer and planning, after which the software will be created for you. This is followed by:

  • Software testing and development;
  • Database integration;
  • Employee training;
  • Studying the process of working with CRM;
  • Making changes (removing unnecessary functions and introducing new ones).

CRM development company

In 2017, HP, which handles more than 600 million support calls per year, used the service of Microsoft Dynamics 365, a CRM system developer.

This example is great because it demonstrates how HP's new CRM system can help the self-service industry. Every HP PC comes with HP Support Assistant. If the client was not helped through a chat, he can make a call, at the same time, the consultant will already know what problem the client has and how to solve it, which solves one of the main issues that customers face: repetition of the same information.

Employees were able to monitor in real time not only customer retention metrics, but also how the system itself handles requests, and see customer feedback. Martinez states that 70 to 80 percent of the company's problems are now solved digitally: “Initially, we solved 15 to 20 percent of problems digitally... We managed to increase that number up to 70-80% ...”

HP made this decision in 2017, when CRM systems were created mainly for big business, but now 91% of organizations with a staff of more than 10 people use CRM systems, so it's time to think.

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