If you are getting success in your customer acquisition campaigns, the next crucial step demands retaining the acquired customers. Here, implementing a capable and customized CRM system can help you retain your acquired customer base.
Thus, if retaining customers is a challenge that you are facing these days, this blog read can certainly help you.
For a better understanding, we are starting with a brief inclusion - from what customer retention is, how the market leaders are overcoming their challenge of retaining their customers to how CRM can help you with customer retention strategies.
What is Customer Retention?
Customer retention is all about turning your first-time buyers into repeat customers and preventing their diversion toward your competitors'. In other words, customer retention is directly related to the quality of products, services, and support you provide to your customers. Further, serving your customers in such a way helps to achieve customer loyalty.
Now, the question is what are the potential ways that drive customer loyalty and reinforce customer retention strategies?
Considering the above-stated question, there could be several ways to support and drive customer retention strategies depending on your specific business domain, process flow, and type of customers that you deal with.
However, implementing a CRM system can act as an all-in-one solution that can help you develop and implement customer retention strategies. Thus, moving toward the flow of how CRM software can help you in customer retention strategies along with CRM market overview, adoption insights, and future predictions.
Here Gartner mentioned that the CRM (Customer Relationship Management) market is anticipated to reach $145.79 billion by the year 2029 at a CAGR of 12.5%.
In addition, Gartner continues that 80% of CRM applications were deployed as a SaaS-based solution wherein it is expected that there can be a significant rise over 90% by the end of 2024.
According to Grand View Research, the CRM market size was recorded at USD 65.59 billion in the year 2023 which is further predicted to grow at a CAGR of 13.9% for the period – 2024 to 2030.
Thus, the above stats demonstrate how CRM solutions are being adopted across the global marketplace.
How CRM helps in Customer Retention Strategies
Irrespective of different industries and business domains, your core CRM adoption goal may vary. However, every industry comprises one common goal which is acquiring customers and then retaining the same.
Here Gartner's report reveals the rest story through the image depicted below:
Data Source: Gartner Website
Thus, it can be clearly seen how buyers are adopting CRM to carry out different goals.
After gaining the CRM market overview, it’s time to dive deep into how CRM helps in customer retention strategies.
Identify High-Valued Customers
CRM can help you identify your high-valued clients through their history in terms of engagement level, how well they found your CRM system, and eventually identifying their growing business requirements. Here it is imperative to consider that fulfilling the continuously growing needs of your clients can help elevate your customer retention rate.
When we talk about LionO360 CRM, it offers several functional capabilities that help you identify your existing customers' needs and expectations to be served accordingly. Using the Opportunity management feature of LionO360, you can know where your customers' interest is lying.
The LionO360 CRM system provides opportunity scoring, helping you understand your customers' futuristic requirements. Our system also generates grades for each customer from A to D that demonstrate how likely your customer is interested in future buying in terms of upgrading their system capabilities, subscription plans, or inclusion of new solutions.
Thus, you can prioritize these customers to ensure their retention, with your products or services.
Serving Personalized Experience
Your business is unique and comprises a different process flow. Hence, requires a CRM system configured and customized accordingly to serve the personalized experience to your customers. And, when you steadily serve personalized experience to your customers, you achieve success in gaining customer loyalty which in turn ensures their retention with your products and services.
Using LionO360, you can always craft and serve a personalized experience to your customers. Our CRM can be customized considering your unique business needs and can be upgraded as per your growing needs. Thus, you can never be outdated while serving your customers adequately.
Moreover, LionO360 cloud CRM continuously comes with new feature releases considering the growing industrial trends, business needs, and predicted future inventions.
Quickly respond to customers
Your customers anticipate quick resolution or support and when you lack such, they get disappointed. In case they experience delays in their resolution or support on a frequent basis, they get diverted to your competitors. Thus, listening to your customers and serving them a resolution in a timely manner can help you gain their trust and loyalty.
Now, if you want to listen to your customers, leverage LionO360 CRM equipped with Cases & Helpdesk functionality whereby you can allow your customers to raise their cases or tickets so that they can get the right resolution.
LionO360 CRM is also facilitated with sentiment analysis functionality that ensures sentiment to each customer-raised ticket. Such sentiments can be seen as positive, negative, or neutral. Thus, you can have an idea of your customer experience allowing you to prioritize and focus more on negative ones. Eventually, you can get success in retaining those customers who are more likely to switch to your competitors.
Automating various repetitive or series of tasks associated with customer activities can lead to consistency and on-time engagement with customers. Applying workflow automation using CRM can free up your resources from manual efforts, boost efficiency, and enhance your overall productivity related to customer service and support.
So yeah, running workflow automation using CRM can help in customer acquisition as well as retain the existing ones. These workflows can be created to serve various customer engagement activities such as greeting with welcome mail to first-time buyers, follow-up messages, or sending auto-generated responses if they raise tickets or cases, etc.
You can even leverage the CRM to get automatically generated sales & forecasting reports that deliver real-time insights and empower your sales team to make informed decisions in real-time.
To achieve people and process collaboration within your organization, you often come across the need to synchronize the information between two systems.
So, there is no need to get worried about it as CRM can seamlessly be integrated with third-party applications whereby you can seamlessly and securely synchronize data that stimulates efficiency and enhances productivity.
For instance, if you manage your finance practices using accounting software like QuickBooks Desktop/QuickBooks Online or carry out your E-Commerce practices using nopCommerce, you can leave your worries behind by integrating your CRM software with these systems.
Now, the question is how integrating CRM with your third-party system can help in customer retention. So, the answer is simple. Integrated systems save manual efforts and enable your workforce to serve better and personalized with the synchronized information that they can access and leverage using any system.
Thus, integrating CRM with other systems can help you enhance your overall customer experience and eventually, it promotes customer loyalty and long-lasting association with them.
Ready to Support Your Customer Retention Strategies? Choose LionOBytes!
Certainly, the market is filled with competitors wherein once you lack serving your customers, you pay the cost of losing them. Thereby, it becomes essential to imbibe and deploy a Customer Relationship Management solution equipped with personalized functional capabilities.
Thus, implementing CRM is the initial step to start driving customer retention strategies. To achieve so, connect LionOBytes.