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Drive Customer Retention with Modern CRM Tech

By 25 May 2021June 11th, 2021No Comments

Customer relationships are increasingly important for businesses today. With advances in technology and CRM software, positive buying experiences are resulting in higher expectations. Not only do customers want to be more than just a sale, but they expect businesses to understand their needs and deliver a personalised journey.

According to Salesforce,

‘To meet buyers’ ever-increasing expectations, companies must adopt a modern approach to selling.’

Part of that modern approach is harnessing the power of CRM software to win over customers, and we’ve helped leading companies like i-surance and Insud Pharma (Chemo Group) do just that.

But once you’ve established your base, it’s equally important to focus on retention. With the right tools and strategy, your business can foster long-lasting customer relationships and revenue.

Personalise every engagement with prospects

In order to surpass the competition, your business should take a consultative approach rather than a transactional one. In fact, Salesforce highlights that on average, customers will be 57% of the way through their purchasing decision before directly interacting with a salesperson.

This means that customers will form an opinion long before they engage with you. Be sure to reach out to your prospective clients and provide specific content based on where they are in the buying process. Timing is an important factor here – CRM software can help automate this process and notify sales reps when it’s time to engage.

Furthermore, the CRM tech vendor found that 64% of customers expect tailored engagement based on past interactions.

When marketing and sales data is easily accessible in one place, reps can personalise conversations and anticipate customer needs more efficiently, contributing to a seamless experience.

In fact, Salesforce highlights that on average, customers will be 57% of the way through their purchasing decision before directly interacting with a salesperson.

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This type of workspace transparency can ultimately help you win customers.

Value current customers to ensure renewal

Salesforce notes that over 70% of a company’s total revenue comes from its existing base, but customer churn can create a “leaky bucket” effect that companies must address. Avoiding those leaks requires small changes to achieve a bigger goal. After all, you’ve invested in bringing in new customers, so now is not the time to lose them.

Maintaining a strong client retention rate will lead to more predictable revenue.

Consumers want human interaction during the buying process, so provide a personal touch through regular follow-ups. With the proper AI-powered tools, teams can see previous interactions and be prompted as to when it’s time to reach out.

Another key to minimising customer churn is creating a pricing model based on a subscription or usage and engaging with subscribers before their expiration date. With reliable CRM software, you can keep track of this activity and encourage your team to reach out or automate timely messages. If a customer’s buying experience is as easy as renewing their Netflix plan each month, then they will contribute to a steady revenue stream for your business.

Increase trust to activate cross-selling and upselling

It’s no secret that customers are loyal to companies they trust. Once you’ve gained their trust, you can increase revenue in existing accounts by identifying your customers’ other business needs.

In order to expand customer relationships beyond the original deal, Salesforce identified several best practices. First, find potential gaps to see what additional products customers could benefit from. CRM software can provide real-time analytics so you can make intelligent decisions about what could be of value and automate the next steps. Then, collaborate cross-departmentally to determine the best approach to turn potential gaps into opportunities.

Utilise the data you’ve collected to fully understand your customers’ needs and then focus on upselling. A modern CRM platform can alert reps to high-end alternatives that will fit with your customer’s price point, as well as automate interactions to make them more personalised.

Customers want to be understood, and a reliable digital tool can help your organisation deliver meaningful experiences and become a trusted advisor.

The modern approach

Creating the perfect sales strategy heavily depends on the tools you use along the way.

With CRM software, you can automate certain processes, encourage collaboration across teams and build a robust profile for every customer and interaction. Ultimately, the right technology can help humanize the buying experience by allowing you to focus on what matters.

With over 15 years of digital consulting experience, we can help your company find the best CRM platform to succeed as a modern business. Contact us for a consultation today.

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Hideki Hashimura

Lead Consultant
CRM Transformation Practice at redk

Hideki applies over 15 years of experience in the field of CRM and Customer Experience to overcome business challenges in the customer cycle.

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