February 05, 2019
Most business minds in the digital industry will know that the 80-20 rule, or the “Pareto Principle”, is the golden standard for running any profitable business. Basically 20 per cent of your customer base should ideally bring you 80% of your business. Some of these customers will consume more time and resources in comparison to what value they bring, whereas others will keep bringing you a disproportionate amount of value with an average amount of engagement.
In most cases it is more often than not, that the latter class (that represents the 20 per cent) is the one that keeps bringing you more and more business, provided they are offered absolute satisfaction in the services you are providing. This is where Customer Relationship Management systems (CRMs) like Salesforce come into the picture.
Salesforce for Customer Retention
Salesforce has emerged as the ultimate tool in providing the best values to each and every customer, whilst also offering ample scope for scaling. With the advanced of a CRM solution like Salesforce, you only need to ensure proper integration of various sources and customer touch-points. Rest assured, it will help you create and maintain a customer journey that will provide the highest level of satisfaction to all the parties involved.
There are multiple benefits of Salesforce which is why it has been an industry favourite for thousands of companies globally, but today we’re only going to explore how the tool can be used for the purpose of customer retention and repeat business.
The collection of accurate and up to date data is the most important part of any CRM system. Salesforce has a seamless automation process that collects such data, which in the past has been an incredibly tedious and mundane task to do manually. Before beginning any sales or marketing efforts with your Salesforce CRM, ensure that the data is being collected on every level, and in the most accurate form. For such purpose, you can use one of these reliable Salesforce integration tools, to make the process more efficient.
Integrate all the touchpoints:
From VOIPs to Email inboxes, and from customer support channels to website analytics, you should integrate all the touchpoints between your customers and your employees, to ensure that the communication is transparent, consistent, and valuable. You should keep both active and inactive conversation in your database to make better propositions. Depending on the nature of your business, there are already multiple integrations tools available online. This also ensures that the client/customer gets optimal satisfaction from your services and product sales, by offering them the right solution at the right time.
Integrate all the touchpoints:
From VOIPs to Email inboxes, and from customer support channels to website analytics, you should integrate all the touchpoints between your customers and your employees, to ensure that the communication is transparent, consistent, and valuable. You should keep both active and inactive conversation in your database to make better propositions. Depending on the nature of your business, there are already multiple integrations tools available online. This also ensures that the client/customer gets optimal satisfaction from your services and product sales, by offering them the right solution at the right time.
Lifetime Value:
This tip has less to do about how you should retain that 20% of the customer base, and more about how to determine which of your customers are the ones that come into that category. In an abstract view, these are the customers that have reached for more than one service or product type. For example, if you’re offering multiple mobile devices and accessories, these customers will become regulars when it comes buying mobile handsets, and also multiple pairs of earphones, chargers, and extendible memories. It is also pretty clear that getting more business from this customer is a lot easier and cheaper, than acquiring new mobile phone customers through varied means of marketing. So once you are conscious of the buying pattern of such customers, you can provide them with better offers on the basis of their customer journey.
Recognising the most valuable customer base and providing them a complete service, will enable your business to scale at an unprecedented rate. These customers’ demands will automatically keep you ahead of the curve, while also reducing the investment in a business acquisition. This in turn will allow you to provide greater ROI for them. Consequently, this will increase your brand’s reliability, which then spread by word-of-mouth, creating a sustainable and scalable buying chain.
Resources:
- https://www.salesforce.com/hub/service/customer-retention-strategies/
- https://galvintech.com/5-effective-ways-to-use-salesforce-for-customer-retention/
- https://www.entrepreneur.com/article/229294
