Here at Swindon Consultants we value the prospect of acquiring new customers, it’s great to meet new business owners. The initial meetings, where together we explore the growth and support Swindon Consultants can offer, are full of new excitement.
However, we are very aware and careful that we don’t fall into the pitfall of assuming the excellent service we offer will mean customer retention will naturally follow. I’m sure you all know the phrase ‘to assume makes an ass out of u and me! So, we know not to take customer retention for granted.
If we take a look at why customers leave; a Rockefeller corporation study found that 68% of customers leave because they don’t feel cared about.
Then follows the question why should you care about existing customers? Are we focusing our efforts all on getting new customers?
Yes, every business needs new customers, and yet, the easiest and most predictable source of new revenue is right under your nose: it comes from the existing customers who already know your company and have already bought from you.
You should care about your existing customers because they have the potential to be your biggest source of revenue. You will see a better conversion rate with less marketing.
According to Bain and Company, attracting new customers will cost your company 6-7 times more than keeping an existing customer; while, a mere 5% increase in customer retention can increase a company’s profitability by 75%!
Here’s where we step in, Swindon Consultants can help you effectively demonstrate customer care, we can offer a solution by working with you to ensure your business is using CRM software.
How can CRM help you improve customer retention?
When it comes to CRM, the secret lies in that one word – relationship.
“Get closer than ever to your customers. So close that you tell them what they need well before they realise it themselves.” – Steve Jobs
CRM is about knowing your customers – who they are, how they’ve been marketed to and how they responded. All being well, you keep selling to them, and that’s when you really start to reap the rewards of a positive relationship.
And while CRM software does not manage customer retention by itself, it will provide you with the tools to help you manage the activities around customer engagement to improve the customer experience.
We have seen great success using CRM software ourselves and we have seen the positive effect it has had on business’s we have been working with.
In our follow-on blog we will look at the techniques you can implement using CRM software to retain customers and increase revenue so keep your eye out for this next informative post.
If you would like to have a chat with us about CRM software and how we can make it work for your business, then please do get in touch. We really look forward to hearing from you, it will be great if you are a new customer to Swindon Consultants, but if you are an existing customer you really matter to us too and it would be awesome to continue our work together to maximise your income!
That’s all for now folks.