How Do You Ensure That Your Customer Retention Management Team Is The Best?

Even small increases in customer retention rates can boost profits substantially. A Harvard Business Review study found that increasing customer retention by 5 percent raises profits by anywhere from 25 to 95 percent. Further, the US Small Business Administration and Chamber of Commerce jointly found that customer acquisition costs 5-7 times more than retaining present customers.

Clearly, it pays rich dividends to ensure your retention management team is the best. Sound customer retention management strategies are integral to business success. But many companies focus on customer acquisition, without realising it pays to invest in customer retention management instead. Here’s how you can ensure you choose the best team for your business’s customer retention requirements.

#1 The Team Should Excel at Instilling Brand Loyalty

After investing energy and time to bring in fresh customers, keeping them loyal to the brand is important. Choose a client retention firm that can help you to do that. The experienced team of client retention experts need to work with your business to strike the right balance and manage retention concerns.

#2 The Team Should Provide a Differentiated Customer Experience

Your chosen team should be adept at going on-site and developing a differentiated customer experience that sets your business apart from competitors. Working on end-to end client mapping, the team members should be skilled at personalisation and helping your business to connect with its current clients.

#3 The Team Should Ensure Customers Keep Coming Back

Through customer loyalty initiatives and reciprocity programs as well as personalised experiences, customers need to keep coming back for more. Designing a feedback system for learning first-hand what is important for customers should form a core of the essential skills of the team. Additionally, the response and review systems developed by the team should be able to focus on timely solutions for customer problems.

#4 The Team Should Excel at Communication

Many surveys across geographies, markets, product and service types have found that keeping communication channels open with clients resulted in over 90% customer retention. Teams need to have critical communication skills. This includes F2F communication, direct communication, marketing communication as well as social media interactions. Customers need to be able to come right back after making a purchase and sort out their queries with ease. This goes a long way in retaining customers and earning their loyalty. The top retention teams understand this.  

#5 The Team Should Be Skilled at Gathering Feedback

Feedback is a must for client retention. Your team should be skilled at not just cross-selling or up-selling, but also surveying clients after a purchase is made, post the launch of a new product or service and other such important milestones.

Your customer retention team  must be in place to protect your revenue stream, and in view of the fact that repeat customers spend more. Additionally, cross-selling and up-selling culminate in sales more often for existing customers. Not only will a customer retention program help to retain clients and reduce the churn rate, but it also increases customer value. Loyal customers further serve as brand advocates and are even less price sensitive. All in all, retention increases profits. So watch out that you select the best retention team, as it can impact your business’s profits and ultimately, its growth.

Popular posts from this blog

Why Is Pathwwway Success So Cost Effective?

Modern Pathwwway Product Testing