Optimizing sale via existent customers is a far safer and better way of enhancing one’s business rather than running after acquiring new customers.
However, retaining existing customers could be little trickier as they won’t settle for anything lesser than exceptional customer support services. So, it becomes imperative for a business enterprise to install the latest call center software in its network.
Of course, a firm would still need new customers. But, it has to ensure astute after-sale-service firstly to its existing customers.
According to the latest consumer survey statistics, around 90% of the consumers admit that they immediately stop buying products from a company due to delayed response or improper contact center services.
So, the company’s first attempt should be towards improving the customer service of the firm and then retain the new customers by winning their loyalty.
Here are some other tips that help a firm to retain its existing customers and generate more revenue from them.
1) Realize the Actual Need of the Customers: A 2016 market survey has claimed that all firms spend just 21% of their marketing budget towards retaining the existing customers, though they contribute around 60% of the company’s current profit.
So, basically, a prudent advice for all entrepreneurs is not to let your existing customers suffer. Business owners should take the present consumers into confidence before formulating any future strategies.
2) Consumer Rewards and Recognition: Sometimes, consumers also want some social recognition in regard to their never-ending loyalty to the firm. To be honest, they are the real brand advocates.
Every entrepreneur should start the consumers’ loyalty programs to retain them. A business owner should launch some exclusive offers for its existing customers from time to time.
3) Subscription and Newsletter Delivery: A company should try to keep its existing customers abreast about all the latest happening of the company. A free newsletter subscription for them could do wonder in this regard.
People are not at all interested in boring and useless stuff. So, a newsletter should have interesting contents and must carry little insight about the company’s upcoming products.
Recent consumer statistics has claimed that 70% of the customers would prefer new products to older ones.
4) Take Customers’ Feedback Seriously: Let your existing customers freely voice their opinions about your company’s products and services. More they feel attached to a firm better will be their loyalty. In turn, this will enhance the firm’s revenue generation capacity too.
5) Speed Up the Company’s Referral Selling Initiative: Another major advantage of having a satisfied pool of consumers is the prospect of a referral-selling program. Under this system, each consumer will be asked to introduce a new client to the firm, and the firm would pay a fixed commission to them for their hard works.
Considering the current days of incessant competition, this referral process works in a meticulous manner with a win-win situation for both consumers and the owner.
Case Study
A FMCG company operates its e-commerce portal on the net. The company has a bunch of unsatisfied customers, as the owner didn’t install the best call center software in the network.
Though consumers have already shown their displeasure at the company’s obsolete technology and poor after-sale-service, yet the business owner didn’t install any advanced call center solutions in the system for the last one year.
A few months later, the company found its profit shares went below the desired level. Then the owner decided to hire a telecalling firm to augment its contact support services. The outsourced agent installed the appropriate call center software solutions on day one in accordance with the consumers’ demand.
The installation of the advanced online call center software works miraculously. As customers now felt more convenient to buy products from the shop’s portal using 128-bit anti-hacking encryption. Such software tools always enhance the credibility of the firm while retaining the existing customers.
A recent market study has claimed that one happy, and a satisfied customer brings many fresh customers to the firm by way of positive mouth publicity. So, firms should always take them into consideration before formulating any new marketing campaigns to allure new consumers at the cost of their existing customer-base.
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