A loyal customer base is good for business. But how do you ensure customer loyalty and how can you both retain and grow your customer base? According to numerous studies and insights, one of the most valuable investments your company can make in terms of both retaining and gaining customers is to have an effective Customer Relationship Management solution and strategy in place to ensure you are delivering an exceptional customer experience.
A loyal customer is defined as someone who is likely to do repeat business with your company. But today’s customers are spoilt for choice when it comes to where they spend their money and just one bad experience can send them to your competitor.
Why loyal customers matter
- According to Harvard Business Review, it is anywhere from five to 25 times cheaper to retain a customer than it is to acquire a new one.
- Sales conversions are far more successful with repeat customers, according to Market Metrics. Repeat customers convert at a 60-70% rate compared to new customers who only convert between 5-20%.
- According to CRM thought leader, Francis Buttle, it costs companies 16 times more to nurture a new customer to the same level of revenue contribution as it does for existing, loyal customers.
- Existing customers aren’t only 50% more likely to try any new products or offerings you put to market, they’re also likely to spend up to 31% more, according to Invesp.
Effective CRM tools, like 1Stream’s CRM, can help ensure you retain the customers you have already worked so hard to gain and can help you wow new customers, increasing your chances of converting them into customers for life.
“Our omni-channel CRM solution is specifically designed to help organisations streamline and build customer loyalty – and client feedback shows it does just that,” explains 1Stream co-founder, Bruce von Maltitz. “This world-class pay-per-use platform helps our clients put their customers front and centre of their business, and when organisations show how much they value their customers, the impact on the bottom line inevitably follows.”
How CRM tools build customer loyalty
1Stream’s CRM solution ensures that all information about your customer, including every sale, interaction, or query across all mediums, is securely stored on one platform that can be easily accessed, anywhere and anytime. That means every member of your team can engage with customers in an informed, personalised way, without the customers having to re-explain themselves. When customers feel that you value them, they will reward you with their loyalty.
Make data work for you
An effective CRM platform means that your sales and marketing teams can extract insights from your data and use them to engage with your customers in a meaningful way, not only addressing their needs, but anticipating them too. By having a full overview of your customers’ purchase history, preferred communication channels and product inquiries, you can ensure your engagements with your customers are tailored to target their specific needs and gauge your customers’ potential interest in new products and services.
Data is the new gold, and 1Stream’s CRM solution ensures that every valuable bit of information about your customers, contact lists, sales leads and pipelines are up to date, securely stored and easy to access. This means that regardless of changes within your team, your engagement with your customers remains unaffected.
Never miss an opportunity
Because our CRM solution delivers thorough reports and overviews for review, it helps you understand your customers better. This enables your team to finely hone their CRM strategies to quickly address changes in customer behaviour and wants, and to ensure that these improve rather than negatively impact your bottom line.
By investing in ensuring that every step of a customer’s journey is a meaningful and happy one, businesses will reap the benefits by building a strong base of customers who will not only maintain their loyalty, but will tell others about their impressive experience – effectively marketing your company to potential new customers.