How CRM Tools Can Help You Build Customer Loyalty
A loyal customer base is good for business. But how do you ensure customer retention and how can you both retain and grow your customer base? According to numerous studies and information, one of the most valuable investments your business can make in retaining and winning customers is having an effective customer relationship management platform and strategy in place to ensure you deliver an exceptional customer experience.
A loyal customer is defined as someone who is likely to do regular business with your company. But today’s customers are spoiled for choice when it comes to spending their money, and one bad experience can send them back to your competitor.
Why loyal customers are important:
- According harvard business reviewit is 5 to 25 times cheaper to retain a customer than to acquire a new one.
- Sales conversions are much more successful with repeat customers, according to Market Metrics. Regular customers convert at a rate of 60% to 70% compared to new customers who only convert between 5% and 20%.
- According to CRM thought leader Francis Buttle, it costs companies 16 times more to nurture a new customer at the same level of revenue contribution as it does for existing, loyal customers.
- Existing customers are not only 50% more likely to try new products or offers you bring to market, they’re also likely to spend up to 31% more, according to Invesp.
Effective CRM tools, like 1Stream’s CRM, can help you retain the customers you’ve already worked so hard to win and can help you wow new customers, increasing your chances of converting them into customers for life.
“Our omnichannel CRM solution is specifically designed to help organizations streamline and retain customers – and customer feedback shows it does just that,” says Bruce von Maltitz, co-founder of 1Stream. “This world-class pay-as-you-go platform helps our customers put their customers at the center of their business, and when organizations show how much they value their customers, the impact on the bottom line follows. inevitably.”
How CRM Tools Build Customer Loyalty:
Minimize frustration: 1Streams The CRM solution ensures that all of your customer information, including every sale, interaction or query across all mediums, is securely stored in one easily accessible platform, anywhere, anytime. This means that every member of your team can engage with customers in an informed and personalized way, without customers having to re-explain themselves. When customers feel you appreciate them, they will reward you for their loyalty.
Make data work for you: An effective CRM platform means your sales and marketing teams can extract insights from your data and use it to engage with your customers in meaningful ways, not only meeting their needs, but also anticipating them. By having a complete overview of your customers’ purchase history, preferred communication channels and product inquiries, you can ensure that your engagements with your customers are tailored to target their specific needs and assess the potential interest of your customers for new products and services.
Maintain consistency: Data is the new gold, and 1Stream’s CRM software ensures that every valuable piece of information about your customers, contact lists, leads, and pipelines is up-to-date, securely stored, and easy to access. This means that no matter how your team changes, your engagement with your customers remains unchanged.
Never miss an opportunity: Because our CRM solution provides detailed reports and insights for review, it helps you better understand your customers. This allows your team to fine-tune their CRM strategies to respond quickly to changes in customer behavior and desires, and ensure these improve rather than negatively impact your bottom line.
By investing to ensure that every step of a customer’s journey is meaningful and happy, businesses will reap the rewards by creating a solid base of customers who will not only maintain their loyalty, but tell others about their awesome experience – by marketing effectively your business to potential new customers. To learn more about 1Stream’s CRM solution and how it can help you retain your customers, visit www.1stream.co.za/1crm.