In today’s competitive era, customer retention is one of the biggest challenges for businesses. Instead of nurturing the existing customers, most of the retailers focus on acquiring new customers. Here, it’s important to understand that customer acquisition is costlier than customer acquisition.
Customer retention is not a one time process; instead, it’s an ongoing process. You need to nurture your customers according to their behavior and personalize your offerings at every stage of their buying journey in order to retain them.
In this blog, we have focussed on how you can harness the Salesforce platform for customer retention. Read on!
Why is customer retention important?
Below are some reasons that highlight the importance of retaining existing customers.
* Customer acquisition is 5 to 25 times costlier than customer retention.
* Existing customers are the most important source of long-term revenue.
* Existing customers are your biggest promoters. They help grow your referral networks and clientele.
* According to a study, just by increasing customer retention rates by 5%, organizations can increase profits by 25% to 95%.
How can Salesforce help organizations in customer retention?
1. Centralize the Customer Data at One Place
Well-organized and centralized data is the lifeline of all organizations. Up-to-date and accurate customer information lays a strong foundation of pleasant customer experience and helps businesses take quick decisions to address their concerns.
Salesforce can be of great help when it comes to the centralization of data. You can integrate your customer service and support apps with Salesforce to enable marketing and sales team to get a 360-degree view of every customer. Salesforce lets you focus on the needs of the customers without worrying about the duplicity of data.
2. Keep a Pulse on Customer’s Interaction
With Salesforce, you can track the interaction of customers with your products in real-time. Businesses can indulge in meaningful conversation and delight their customers by making changes in the marketing strategy according to their behavior. You can leverage Salesforce to gather information about how often you need to do follow-up emails or calls to a customer.
For instance, you can engage the customer who has recently read your blog article or has downloaded a whitepaper from your website by sending them related blogs or whitepapers.
3. Improve Post-Sales Customer Service
If you want a customer to keep coming to your store again and again, it’s important to provide them with a delightful post-sales experience. Salesforce Service Cloud helps you reach your customers via social media, web chat, mobile messaging and other channels, and resolve their issues quickly by providing history, context, and full details of customer interaction.
4. Re-engagement with Your Inactive Customers
Inactive customers are not “lost opportunities.” However, they can lead to a missed opportunity if not nurtured effectively. You can earn a favorable response to your brand by reconnecting with inactive customers.
Salesforce lets you reignite the interest of the customer who has not purchased anything in a while by sending a special discount or offer. Inclusion of Salesforce automates your business operations, thereby increasing the overall profitability.
