Oracle recently suggested that a two per cent increase in customer retention has the same effect as reducing organisational costs by as much as 10%. If businesses want to grow at a sustainable rate, it is vital that a strategy for improving customer retention is applied at all levels.
So what are the most effective ways of achieving this? Our Head of Professional Services Sales, Adam Wilkinson, recommends four best-practice approaches.
Stay true to your brand
Improving customer retention is all about building trust and credibility in your brand. If you offer a premium product or service, the customer service experience should mirror this to ensure you are supporting your brand message. This is particularly important for customer contact centres, as these must be an extension of your operations, rather than a disjointed afterthought. Investing in CRM technology will ensure you meet the expectations of your customers, while staying true to your brand mission.
Utilise real-time feedback
Utilising the feedback your customers provide is essential for improving services, however it can be difficult to get the most out of the responses you receive. By capturing the thoughts and feelings of your customers while they are using and experiencing your services, you are more likely to solicit the most honest responses. These can then be applied to improving the customer experience and increasing workforce productivity.
Itís important to remember that structured and primarily numerical data only accounts for 20% of the overall information captured from customer interactions. This means that some of the most valuable data, particularly relating to customer feedback, can hold vital information about the customer journey and should never be ignored.
To guarantee a seamless and pain-free experience for all of your customers, there should be a number of communication channels on offer to them. These channels should also work together to ensure the fast resolution of enquiries and issues. Over 78 per cent of adults in the UK access the internet every day, and many spend considerable amounts of time searching online for solutions to minor issues. Although traditional contact centres remain integral to the customer experience, offering choice and convenience is essential.
As we discussed in a recent†blog, social media is an invaluable tool for businesses working to improve customer retention. It provides an opportunity to remain connected to your customers, and also encourages regular engagement and increased familiarity with your brand. Utilising these channels is beneficial as they enable the quick resolution of issues, with little inconvenience to customers.