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How does CRM Solutions help in customer retention?

Posted on 26 July 2018 by sam

“People will forget what you said. They will forget what you did. But they will never forget how you made them feel” –Maya Angelou. Rightly said by Maya (poet), these lines also apply with your existing customers and the kind of experience you give them.

Rising churn rate is an alarming issue that businesses are facing today. However there are some companies  who are working actively on customer retention as compared to acquiring new customer. Simple reason behind this is that the cost of acquiring a new customer is higher than retaining a customer.

On scrutinizing more, businesses found these problem areas for rising churn rate:-

1] Customers are no more interested in your offerings.

2] Customers feel they are not taken care of.

3] Customers think their issues are not getting addressed rightly and on time.

4] Customers go ahead with your competitors offering.

Failure to pay attention to these problem areas contribute to rising churn rate. A key to retaining your customers if solving the issues they are facing and making then feel that they are valued, important and special. How do we ensure we do this for each and every customer?

Tip 1:- Invest in a smart Customer Relationship Management software. By smart we mean it has to be super smart. Smart enough to automate almost every task or a few tasks. (We know you must be already using one but check if that completely syncs in your requirements and moulds as per your business process.)

1] Automate your follow-ups:-

Be it your prospects or your customers, every salesperson needs to follow-up with them and it is highly impossible to get in touch with each one of them. Use the power of an automated CRM to send personalized and automated follow-up emails. This will free up your sales team so they can focus on personally in touch with all these customers over a call. Customers value this personal touch which your company maintains with customers and this gives them a sense of not being forgotten.

Tip 2:- Use email automation module present in the CRM and automate your follow-ups. You will then not be required to invest in an email marketing tool for even sending bulk emails.

2] Send great deals for your esteemed customers:-

Your CRM’s intelligence to its fullest. Your CRM can easily fetch details of your highest paying customers, loyal customers etc and you can extend attractive deals to such customers. By taking this initiative you get repeat business and also ensure customer loyalty. Look into the purchase pattern of your customers and make an offer which customers cannot refuse.

3] Check if your customer’s issues are getting solved within the estimated time:-

Where there are customers, there will also be queries.  Customers come to you with a great hope about the issues getting resolved and someone paying keen attention to the issues they are facing. This is the time when you can ensure customers loyalty towards your company. Ensure that your support team has proper resources and all necessary information required for solving customers issues.

This will reduce your churn rate by making customers feel that they are not getting ignored and their issues are being taken care of.

4] Use direct marketing techniques to get in touch with your high valued but inactive customers:-

There will be two types of customers that you have. Highly valued and active customers who regularly purchase your products/services. And the second type will be highly valued but inactive. Who rarely make a purchase or have stopped purchasing.

Using the reporting feature, create a list of both the types of customers. You may prefer not investing efforts in keeping active customers engaged with your company, however, the weak link is the inactive customers.  Get in touch with these inactive customers and gain their interest in your business again.

Ask them questions as to why they have stopped or reduced the frequency of purchasing your products/services and hit their issues.

Depending on the business model you are, B2B or B2C, get in touch with customers over a call and in case of B2B, a personal meeting will be ideal to re-generate healthy relations with your customers.

5] Reward regular customers:-

Among the high-value customers and who actively make a purchase, reward such customers.

You can reward these customers for being with your company and helping you generate revenue.

Identify such customers using smart reporting of your CRM and send these incentives via bulk email.

Tip:- Try cross-selling strategies to active customers to ensure revenue generation and customer loyalty.

 

6] Send some love on their special day:-

Send personalized birthday/ anniversary wishes to your customers and make them feel special. This will only require email automation where you can set predefined parameters and email template and you are ready to send wishes to your esteemed customers.

Takeaways:-

1] Invest in a good sales CRM.

2] Use automated CRM to automate almost everything, right from sending personalized emails to set up workflows.

3] Customers need attention and hence try to be in touch with all of them and ensure that their queries are resolved on time which will help you reduce the churn rate.

4] CRM is a powerful tool if used wisely and can be your best companion in all over sales and support process.

 

Author:

Abhishek Agrawal is the Founder & CEO at CompanyHub CRM. A technology lover and a writer who loves to give simple solutions on making sales teams lives easier. You can get in touch with him on Linkedin.

CRM Software

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7 CRM Software Stats You Can’t Ignore

Posted on 24 May 2017 by sam

CRM Software

More and more companies are discovering just how effective CRM software is. In fact, over 70 percent of businesses that use this software say that it has improved their access to customer data.

The information provided by CRM software will help you better understand your customers and how they use your products. It also will inform any potential modifications or alterations that you may make to your products in the future.

Need more convincing? Here are seven CRM software statistics that you need to know.

Productivity From Mobile CRM

The amazing capability of smartphones today has changed the game when it comes to mobile CRM. While this type of CRM was once thought of as unnecessary, it has now become almost essential to businesses.

The main reason why mobile CRM is so appealing to companies is the productivity it creates. With mobile CRM use, businesses have seen rises in productivity as high as 15%.

A recent study also shows that 65% of sales reps who use mobile CRM reach their sales quotas. Meanwhile, only 22% of the reps who solely use non-mobile CRM achieve their sales goals.

Accessing CRM Through Multiple Devices

Given the success of companies that use CRM software on their mobile devices, it makes sense that more and more people are now accessing this software from multiple devices.

Laptops and desktops remain the primary devices for this software. However, the use of tablets and smartphones continues to rise.

Roughly 81% of users are now accessing their CRM software from multiple devices.

The Rise of Cloud-Based CRM

Individuals using multiple devices for CRM has led to an increase in cloud-based CRM solutions.

In 2008, only about 12 percent of businesses used cloud-based CRM. However, that number has skyrocketed in recent years.

Currently, 87 percent of businesses use cloud-based CRM. That’s a pretty staggering number but one that certainly makes sense in today’s mobile-friendly world.

Knowing Your Customers

With so many online options nowadays, customers are looking for brands and businesses that they can trust more than ever. In fact, 80% of consumers will research your products online before they make a purchase from your site.

How can you make sure you stand out among everyone else offering the same products?

CRM software can be a huge help when it comes to getting to know your customers. This software allows you to create a 360-degree overview of every individual you interact with online.

As an example of how this can work, let’s take a look at Adobe Spark.

People use Adobe Spark to create videos, images, pages, and posts. With the Adobe spark app, users can build the type of content that they want from anywhere with many different devices.

A downloadable app for a content creator like this is essential because you never know when inspiration will strike for your customers. People want to have the ability to create and invent wherever they go.

In this example case, CRM software can help you identify which devices your customers use most and what exactly they use them for. It will allow you to get to know your customers better so that you can cater to their desires.

Creating a Customer Community on Social Media

While CRM software can certainly be helpful for personalized, one-on-one customer interactions, it has also been useful in fostering online communities.

Simply look at Best Buy, which found success for years with its Twelpforce account on Twitter before adapting it into its Best Buy Unboxed community.

Over the course of about four years, the Twelpforce team featured 3,000 registered Best Buy employees and Geek Squad agents. These agents sent more than 65,000 tweets to customers.

While the Twelpfroce team no longer exists, the bond between Best Buy and its customers still does. Company employees continue to assist customers through the @BestBuy, @BestBuySupport, and @GeekSquad Twitter accounts.

Personalized Marketing Strategies

You may be happy with the amount of customers you have, but it’s never a bad thing to try to get more.

More and more companies are planning on increasing their email marketing budgets in the coming year.

The main reason for this influx of spending is that emails’ RIO has been consistently great. You make much more than what you spend.

Providing personalized email messages to potential customers is a dependable way of bringing more awareness and use to your products.

The CRM Market Continues to Grow

The CRM industry has seen incredible growth in recent years.

There is no indication that this expansion will stop. In fact, research indicates that the market will grow even more this year.

Recent forecast projects that the CRM market will be worth $37 billion in 2017.

The benefits of CRM software are clear. Why wouldn’t you want to take advantage of it like so many others are?

Who Needs a Lead Generation Software System?

Who Needs a Lead Generation Software System?

Posted on 30 December 2016 by sam

We all know that economic activities are dictated by supply and demand. The greater the demand, the greater the production to increase the supply. Enterprising entities have learned to manipulate this a bit by creating an artificial demand so that others will also follow. Unfortunately, over time, consumers are becoming more intelligent and they already know if they are being fooled or not. If the goal of companies before was to look for customers, today, the goal of businesses today is to be discovered by customers. As such, if you have a company whose goal is the latter, then you will need a lead generation software system.

Lead generation, for all intents and purposes, is simply any activity that stimulates and captures the interest of consumers related to a particular service or product with the end in mind of further developing this interest down the sales funnel. Today, lead generation is almost always equated with digital marketing activities and can include search engine optimization, website optimization, content marketing, social media, mobile marketing, and a whole lot more.

Technically, the purpose of these channels is to drum up interest among a certain target population so that they will be enticed to learn more about the product or service being offered. So, they click on links, fill up some simple forms, or even answer a very short survey. For some, it may be as simple as clicking on the Like or Share button on their social media accounts. The fact is that whenever someone performs something on the internet in response to a call to action, it initiates a cascade of processes that eventually leads to the creation of a list of potential customers. These are what are called leads and these are what the sales people will try to convert into actual customers where the real business transaction commences.

The question now is whether you have the necessary manpower to manually create all of these lead generating forms, email lists, call trackers, and other media. Doing it manually is entirely possible especially if you are only entertaining about tens of potential clients every month. However, if you’re entertaining hundreds every day, then you’re better off with a fully automated lead generation software like Boberdoo’s to ensure uniformity and standardization of your lead generation activities.

Lead generation programs effectively automate everything in your marketing program from inbound marketing to content marketing to email marketing and to social media marketing as well as other lead generation activities. Each of these activities will require some type of form which will capture the information of your potential customer which, if successful, will be converted into actual clients or sales. Because there are so many inherent processes in each of these activities, automating these will greatly reduce the time and effort in its generation so you’ll have more opportunity converting these leads into actual customers. This is how you become successful in this very competitive world.

Lead generation is very important for businesses to succeed. Automating lead generation can help ensure greater chances of success.

4 Ways To Make a Cost Effective And Advanced Marketing Plan

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4 Ways To Make a Cost Effective And Advanced Marketing Plan

Posted on 28 December 2016 by sam

Coming up with an advanced marketing plan could be a challenge for some small businesses, particularly when they’re spending the bulk of their day putting away fires, dealing with employees, and making sales. Yet since the saying will go, “If you fail to plan, you are planning to get corrupted. very well

It’s important to mill out a while to develop your marketing plan. In the end, it could help you accomplish your traction goals and build your business before very long.

Specify Your End Goal

A great individual start a street trip without knowing where you’re going. You have to choose a destination and determined what you should get there, using directions and points of interest along the way. This kind of same idea can apply to a marketing strategy according to the CEO of CoFlex Marketing, a law firm Internet marketing firm.

When you want to get publicity for your startup, ask what goals you want to attain and when you want these milestones completed. After you have that conclusion goal, you can begin mapping out a plan to take action with, including marketing ideas designed to reach that goal. For example, making a certain increase in site traffic, add a specific number of fans on social media or convert a defined amount of leads into customers. Plan your destination to reach your goal.

Confirm your Target Audience

Simply no matter how great your idea is, you still need clients to make your new startup a big success. But who are your customers/clients? Obviously, you’re not catering to everyone. You have to define and target the customers that want what you’re offering, and structure your strategy towards them.

By using this advice, you can determine out who’s enthusiastic about your startup. These tips will let you better understand their needs for reliability and technological support, so you’ll be able to respond efficiently for their specific needs.

Build Your All-Star Team

To launch and maintain an amazing marketing strategy, you must have the right team. This implies people who can add diverse strong points and skills to your startup. You’re going to desire a content writer, creator, social media manager, web designer and customer service professional, at the very least.

As a tiny business owner, this may be more difficult because resources are limited. To save money, you can try alternative working arrangements. Pertaining to example, if you have an intern who’s a social media whiz, or a partner experienced with coding, then use those resources until you have the possibility to expand your team.

Create Value With Your Content

It’s something to make clear what your business does, but it’s another to describe your value to customers and how you’re filling a specific need or desire.

Starting a content marketing advertising campaign will take work but it can help increase your brand and meaning. A campaign involves increasing engagement, creating a community, becoming a trusted specialist figure in your industry, and driving traffic to your website or local store. You can attempt by creating content via blog posts, tutorials, how-to courses, white papers, eBooks, online video, podcasts, and webinars.

Creating that killer marketing strategy doesn’t have to cost a lot of money, but does require your time, effort and concentrate. Once you make the investment, the return begins coming in quickly and in large measure.