What is customer retention?

Every company wants to grow, and an important aspect of business growth is customer retention. Just a 5% boost in customer retention can increase a company’s profits by 25% to 95%. With such high returns of investment, it is no wonder that companies are investing in the best customer retention tools and strategies they can find.

Customer retention, by definition, refers to how much power a company has over retaining its customers, i.e. making the customers come back to do business with it. A company with a high customer retention rate continues to grow and get bigger as they take in more customers.

How to best retain customers

Customer retention is important, yet it is not as tricky as many managers believe it to be. There are only two conditions to it: customer service and quality products. A perfect customer relationship management solution can help you achieve the first condition easily. Here are a few customer retention strategies you can adopt for your business:

1. Offer instant service or schedule calls

There is nothing more off-putting to a customer than having to wait for hours to get through to a customer service agent. Having a system of scheduling calls can save your customers’ time and make them feel that you value their time. Setting up texting channels is also a smart idea as it allows customers not to talk face to face while getting redressal. Planet Crust’s low-code platform Corteza allows easy scheduling of calls and helps the customers remain happy.

2. Predict consumer needs

Customer needs are ever-changing, but they can be predicted. A CRM system allows you to record the history, preferences and feedback of all your customers. You can analyse the customer records and discover trends in consumer demands based on past customer interactions.

Planet Crust’s CRM Suite provides you with extensive 360-degree overviews. You can dive into these pages filled with information to understand what your customers need and be ahead of their demands.

3. Treat existing customers to new offers

Sometimes managers focus so much on new customer acquisition that they overlook the desires of existing customers. This may lead to existing customers changing companies in search of better services or prices. Treating existing customers with active offers is a great way to stimulate their current needs. It can also help you achieve higher customer satisfaction rates. You can use Corteza’s automation engine to automatically send out emails with specific offers when a customer is up for renewal.

4. Reward the best customers

Customers who continually do business with you contribute the most to revenue growth. You must make sure that these customers remain satisfied at all times. Rewarding them with free VIP memberships or special discounts can make them feel attached to your business.

You can use orteza to record and analyse the purchases each customer has done. You can then determine which clients are the most valuable to your business, and then reward them accordingly.

5. Communicate through multiple channels

Customer service can enhance ten-fold if it is conducted through the channels that customers prefer. Social media integration and omnichannel services are the best way to do that. With Planet Crust’s API centric low-code platform Corteza, you can integrate your CRM with social media platforms, enabling you to communicate via the channel preferred by the customer.

Corteza and the ease of customer retention

The open-source low-code platform Corteza offers various tools that will help with customer retention. So, it helps you to increase your customer satisfaction as well as customer retention rates significantly. Get started for free today and test the stellar solution for yourself.