According to Bain and Company's research, a 5% improvement in client retention results in a profit rise of 25% or more.
To generate leads, it's common to attract website visitors, network effectively, boost your social media presence, and then close some of those leads into paying customers. It happens all the time. However, your clients quickly unsubscribe or terminate their accounts! The hard work must be re-done, and the process must be re-started from the ground up. It's devastating, yet it happens to everyone.
Unfortunately, your rivals are one step ahead of you and have taken your hard-earned consumers right from underneath your nose. In today's cutthroat market, clients are more likely to alter their opinions, so you need to use every tool at your disposal to keep them. And this is when Salesforce comes into play.
Despite the fact that many companies use Salesforce to close leads, you should realize that this conversion process is expensive. Contrary to popular belief, acquiring new customers is 5–25 times more expensive than keeping existing ones. As a result, it's critical that you hold on to the satisfied clients you've previously established.
A company's success or failure is determined by several variables, but the most critical is how many customers or clients the organization has. In order to enhance revenues, every area of the company seeks to bring in new customers. Although they're looking for new customers, they don't overlook the necessity of keeping their current ones.
Because of this, a lot of organizations place more importance on customer retention than on attracting new customers. As a rule of thumb, established customers spend 31% more than new ones. There is a 60-70% chance of converting an existing customer against a measly 5-20% chance of getting a new customer.
How can customer retention be measured?
You can measure your customer retention rate (CRR) with the help of the simple formula below, which takes into account the customers you have at the beginning (S), at the end (E), and any new customers you acquire throughout the period you're monitoring (N).
CRR = ((E-N)/S) x 100
Generally speaking, firms should strive for the highest possible customer retention rate. As a rule of thumb, most firms strive for a score of at least 85%.
How does Salesforce boost Customer Retention?
You don't have to look any farther than Salesforce for all of the capabilities you need to keep your customers happy by optimizing their experience at every touchpoint.
Now let's talk about how the magic happens:
Centralized Database
Thanks to Salesforce's data consolidation, access and decision-making can be done quickly and hassle-free. You no longer have to worry about data inaccuracies and verification when all of your data is in one place. Rather than focusing on data management, you can now focus on making your customers' experience better.
Integrated Software
By effortlessly connecting Salesforce with services such as Gmail, Dropbox, and MailChimp, you can have a 360-degree perspective of each of your clients. As a result of Salesforce's integration of marketing and sales departments, important data belonging to multiple departments, such as purchase history, time spent on the website, and so on, can now be accessed by anybody who needs it. This also makes it easier for customers to get their questions answered in a timely manner.
Enhanced Mobile Experience with Apps
A brand's mobile experience is of utmost significance nowadays, as the number of people using apps and making purchases on their mobile devices continues to rise. A staggering 2 hours and 41 minutes a day are spent by American adults on smartphone apps! Apps allow customers to interact with your brand on a more personal level, resulting in additional opportunities for you.
Additionally, Salesforce helps you construct portal apps, but it goes much beyond that. Managing customer journeys across marketing, sales, commerce and customer care is also possible with Salesforce. And with the support of AI-driven technologies, you can use accessible data more efficiently to maximize your potential.
Building apps with Salesforce has an extremely high return on investment; simply join up for a free Journey Builder trial to learn how you can improve your customer retention rates as well.
Customized Content
Any client would be delighted to get a personalized email asking for comments or providing assistance with the product they recently purchased. Customers that receive this level of customization feel valued and trusted by the brand because they feel acknowledged and recognized.
This is one of the main reasons why firms keep track of their customers' data. Moreover, it aids in the development of advertising strategies and the improvement of target audience targeting. You could utilize 'Pardot' in Salesforce to track user behavior depending on their interactions with your website, resulting in a more seamless and personalized experience for your website visitors.
AI-Driven Insights & Reports
Problems can be solved, data collected, and relevant information stitched together with AI techniques for customer insights. As a result, AI can be used to segment and target customers, allowing businesses to better understand which customers are most valuable and where they can be identified, as well as which customers are more likely to return or spend more.
As a result of this information, you can personalize your approach to these customers and deliver them the correct offers at the right time, through the right channel.
You can also tackle problems before they occur thanks to AI-driven insights! It's now easier than ever for your customer support agents to get essential data and transfer concerns quickly, so that they can be resolved as soon as they happen, thanks to AI-powered case management solutions.
Analytics Cloud
Customers unsubscribing no matter how hard we try is demoralizing and leaves us in a state of confusion and uncertainty. With the Salesforce Analytics Cloud at your disposal, this is no longer an issue. If your clients are becoming less active or enthusiastic, you will get a better understanding of why this is happening with the Analytics Cloud. This gives you a new chance to find out exactly what needs to be changed and how.
Social Media Engagement
Humanizing your brand's interaction with your target audience is made possible through social media. Salesforce Social Customer Service solutions can help you better serve your customers, and you can do it with ease. Users' 'likes' and 'follows' on social media sites can be utilized to learn more about their habits and preferences. If you want to keep your customers up to date on what you've got to offer, you could use social media to keep them informed.
Customer Reviews and Feedback
In order to improve and keep developing, you need to know what your customers say. Salesforce Surveys can help with this. Putting a survey on the thank you page or sending one via social media or e-mail is all it takes for customers to tell you how well you're meeting their expectations for your brand, product, or service. For both you and your customers, the information gathered could be used in a variety of ways.
It is possible to communicate even payment reminders or adjustments due to uncertainty in order to shield your consumers from unpleasant experiences and to safeguard your brand's value in the process. You could also use it to build a stronger and more personal relationship with your consumers.
Customer Service Tools
For customer support, Salesforce provides an impressive array of options. Customer complaints and requests can be quickly and easily accessed through these channels. Having all of the information in one place makes it easier for teams to make the most of it, whether it's for customer support or upselling.
Why choose Enabled Analytics?
In order to get the most out of Salesforce, it might be tough to understand and use. As a result, it's critical that your company prioritizes finding the appropriate partner with the proper expertise. Let us handle the implementation and customization.
At Enabled Analytics, we are a Salesforce Gold Certified Partner specialized in Salesforce implementation, integration, and customization. Due to our extensive knowledge and over 100 certified Salesforce professionals, we can offer our clients a wide range of adaptable engagement models to meet their specific needs.
Enabled Analytics can aid with Salesforce projects, no matter how complicated they are, by offering end-to-end Managed Services and by supplying hard-to-find professionals on an hourly and block-of-hours basis.
Please feel free to reach out if you have any questions.