The new-age customer has steadily evolved and is digitally savvy and socially engaged. Customers today prefer conducting online research and check the ratings from other customers before making a purchase decision. Pinpoint Market Research has found that 93% of buyers begin their buying process with an internet search.
As such, companies have to look beyond satisfying the basic expectations of the customer to be competitive. For this, it is necessary to focus on delivering a memorable experience, which the customer is ready to pay for. Gartner has found that a whopping 86% of buyers are willing to pay more for exceptional customer experience. Hence, driving customer loyalty through superior customer experience is the only way to achieve long-term growth and profitability.
As competition has become more customer-centric, every business faces the risk of collapsing if it is not able to identify the right strategy to attract and retain customers. One of the ideal ways to boost customer loyalty and minimize business risk is to utilize the capabilities of a Customer Relationship Management solution.
Using CRM enables organizations to analyze and manage each customer in the right way. The insights uncovered from the customer data can help in formulating a strategy that will not only reduce risks but also help the leadership teams make sound business decisions.
A CRM solution can help companies to diversify their customer portfolio. It can enable them to build effective Marketing and Sales plans, which can be a huge asset to their business. Moreover, it can help them construct a comprehensive decision tree for troubleshooting and decision making, which is driven by a reliable business strategy. This strategy will help attract customers automatically. As such, the marketing and sales team do not have to spend time hunting for customers.
A Customer Relationship Management also enables firms to cultivate customer loyalty. Loyal customers are the ones who add value in terms of percentage to the total revenue. With CRM, companies can use their loyal customers to get many more prospective customers. The following are some of the ways in which a CRM solution can improve customer loyalty.
Enterprises can use CRM software to automate the process of reminding their representatives to deliver a personalized experience to the clients. This can be done by setting automatic reminders to follow up with them at the right time and offer them customized solutions. The personalization can also be extended in the email communication being sent out based on the relevant preferences of the client.
The CRM database can be used to perform research analysis, which can help identify loyal customers. As the cost of retaining high-performing or loyal customers is significantly lower than that of pursuing new ones, the reports from CRM analytics can be used to long-term customers loyalty and support, so that they continue to improve their relationship with the organization.
Recognize feedback and opinions
Loyal customers will always be willing to provide constructive feedback, which is necessary for the companies to consider. To ensure customer satisfaction and loyalty, they need to cater to the sentiments of their clients in order to retain them for further business. A CRM with social media integration feature can be utilized to collect and assess the sentiments of the loyal customers towards the organization. Moreover, CRM integration can be effectively used to follow-up with them on multiple social platforms.
Thus, a CRM is an ideal solution that can be effectively used to drive customer loyalty and minimize business risk.