Did you know that 93% of customers are likely to repeat purchases with companies that offer excellent customer service? Most businesses believe that customer acquisition is the key to run a business. However, stats prove that there are only 5-20% chances of selling to a new customer whereas 60-70% chances of selling to an existing one. We aren’t opposing the fact that sales teams need to acquire new customers but a healthy balance between not losing old customers and acquiring new ones is imperative for business growth. Whether you leverage a robust CRM solution or you implement strategies catering to individual customer needs, building a long-term relationship is the key to continuous success.
Today we bring you 3 reasons why you might be losing customers and how you can stop it.
Don’t Overlook the Importance of Communication
Communication gaps have been one of the primary reasons why businesses lose existing customers. Picture a scenario where a company sells a software program to a customer but fails to follow up and check if the customer has any questions about the usage or if the software has been fruitful or not. These types of communication gaps can affect your post-sales services.
This challenge primarily arrives when you have a big customer base. It can become difficult for your sales team to manage and communicate with all of them. This is where a robust customer relationship management software can be useful. It can automate all the required activities such as creating email-templates, scheduling follow-ups, and more.
No Coordination Among Team Members
What if one of your star sales reps leaves your company tomorrow? You may have to reassign the customers or accounts handled to someone else within the team. And the handover will be incomplete without any context about past interactions with the customers.
The internal chaos within your team members is most evident to the customers and this can result in losing them since how can someone trust a disorganized company?
With a powerful CRM software, you can record all previous client interactions, whether it’s on an email or message or even phone. When you assign a new sales rep to an old client, there is no need for the manual handover of previous conversations. This increases customer retention chances since you don’t have to deal with an incomplete view of customers.
Overlooking Long-Term Relationship Building
When you make a sale, it’s called a transaction. But when you make an emotional connection, it’s called a relationship. Establishing a relationship with your customer helps to build a mutually beneficial level of trust. Why don’t you just sell? Because you people connect to people and if you succeed in building relationships you will have clients coming back for more.
Always stay connected with your clients. Allow them to contact you through multiple channels whenever they want, share valuable information with them to help them get the most out of your products. These are some simple but effective long term relationship building techniques that you can implement and a customized CRM solution can make it easy and convenient.
Here we conclude 3 reasons why you may be losing customers and how you can deal with these issues. Catering to particular customer needs is certainly impossible without any help and that’s where a powerful customer relationship management software like Wowdesk can be helpful.