Tag: Customer Retention

CTOs Leverage Technology to Focus on Customer Success
Salesforce

How CTOs Leverage Technology to Focus on Customer Success

The success of any sales & marketing plan depends heavily on customer engagement achieved through it. Engaged customers are loyal to your business, and they are perhaps the most significant influencers who help you acquire more customers through their positive word-of-mouth. 

When happy customers bring more customers, the interactions are feel-good. These interactions help boost customer satisfaction while reducing churn. Engaged customers are an asset to any business as they help offset new customer acquisition costs, which is 25x higher than retaining the existing ones. 

Customer engagement is as meaningful as customer acquisition, indeed! While helping you boost sales conversion, customer engagement can help you get more qualified leads as well.

The ultimate goal of sales teams is to sell and keep the company’s revenue on an upward trajectory. Considering customer acquisition their highest priority, sales professionals tend to spend most of their time and efforts on this. Conversely, businesses aren’t entirely excited about acquiring new customers only and want to have more loyal clients that return to their business.

Online research indicates that engaged customers spend at least 30% more on subsequent purchases than new customers. 

 

Benefits of customer retention for any business include:

 

Benefits of customer retention for any business

How to Boost Customer Retention?

 

We all know how important it is to achieve greater customer engagement. But “how to achieve it” remains a question for most of us! With digital e-commerce platforms completely transforming how customer interactions were done so far, it becomes essential for the CTOs to devise strategies that help them get these digital platforms – SMS, chatbots, online stores, and more. 

 

Here’re the quick tips for customer retention:

 

  • Power up your business with AI. Chatbots are a tremendous AI-powered tool that helps boost engagement by being available for customer queries 24/7.

 

  • Be available across all channels customers can look you up for! And these include all social and digital platforms where your competitors are also present.

 

  • Set expectations that are realistic and deliverable! Don’t put too much stress on your sales team for achieving an unrealistic target! It may backfire!

 

  • Ensure that consumer journeys are seamless. Modern customers don’t want to spend time deciding how your website works? Focus on UI & UX!

 

  • Use available client data to deliver a great experience to each of your valued customers.

 

  • Pay attention to customer service as that has a lasting impact in ensuring more excellent customer retention.

 

  • Make use of apps as most customers prefer apps to websites when shopping online, as per various online reports.

 

How Can Salesforce Technology Help Boost Customer Retention and Success?

 

Salesforce has been helping countless businesses achieve more excellent customer acquisition for years. Now you can use it for boosting customer retention as well! Salesforce helps streamline all your integrations to facilitate the creation of a lucid data-funnel through the sales, marketing, and customer support teams. 

 

How Can Salesforce Technology Help Boost Customer Retention and Success 

 

Let’s quickly discuss the best ways through which CTOs can leverage the powerful Salesforce technology for focusing on customer success!

 

Centralized Customer Data

In modern times, business success depends heavily on customer data, which keeps the system up and running. Salesforce helps centralize all data sources in one place – including customer communications via VOIP systems, emails, notes, and other channels. With the power of data in your hands, your sales & marketing teams can make better and informed decisions, meet their revenue targets, and strengthen long-term relationships with customers. Centralized data is more reliable and easily accessible when needed.

 

Personalization 

Stop bombarding your valued customers and business prospects with emails as part of your blast campaign! That won’t work anymore! Personalized messages can help you get your news across just as you want! Thanks to Salesforce’s personalized communication system, businesses can send customized emails, forms, and messages that eventually direct the customers to specific pages (landing pages). 

 

Track Customer Data

As discussed above, data is the backbone of modern businesses, without which it is virtually impossible to create and implement any marketing play. Customer data reveals a lot about them – their location, places visited, things they like, their workplace, and more. Using this information, businesses can respond better to their customers’ needs. Salesforce can help you track your customer data in real-time. 

CTOs can have their marketing data connected with Salesforce to avoid abandoned carts. Salesforce technology empowers businesses to keep a watch on the landing pages that attract maximum customers, making it easier to follow customers’ purchase journey and make informed decisions.

 

 

Re-Engage Customers

Marketing and sales teams find it hard to keep the inactive customers engaged because they do not respond to their emails, calls, and messages. As a result, even the best sales pitches remain ineffective. Most of the sales reps end up abandoning such clients. But with Salesforce, you can be sure that even the most inactive customer is kept connected.  

 

Conclusion

Customer retention is the key to business success, and Salesforce helps businesses harness the power of customer data for increased customer retention. By making judicious use of the customer data and having Salesforce technology in place for creating and implementing strategies that facilitate customer acquisition and retention, CTOs can make way for augmented ROI and revenues for their company. Other than the benefits discussed above, Salesforce helps sales officers understand why customers leave their brand/products/business; merge customer retention and services to deliver an enhanced customer experience. CEPTES is a Salesforce Silver consulting partner who can help you to accelerate the business value of your Salesforce.com investment through consultation, innovation, and digitization. If you want to grow your business, connect with us or schedule a demo.

Digital Transformation in Insurance
Digital Transformation, Insurance

Digital Transformation in Insurance: Opportunities and Challenges

The insurance industry is crucial for an economy. The pandemic changed the way insurers operate, and several processes such as sales, service, claims, and others have been transferred to digital channels. 

A year has passed since these changes were implemented where employees and insured persons alike have got used to the new normal. 

That being said, there are tremendous opportunities in the digital sector that could benefit both parties at either end of the insurance spectrum if embraced. 

Here we discuss some of the challenges and opportunities and how they could be leveraged. 

 

Omnichannel Access to Services

People preferred buying policies and doing basic tasks such as paying insurance premiums by physically going to the office. The pandemic forced people to ride the digital horse and strengthened the online service ecosystem. Now that customers have made a move, such practices must be encouraged. 

This could be done by providing omnichannel services to the customers. An insurance company should provide multiple touchpoints to the customer, such as mobile apps, websites, and so on. 

Further, efficient measures to check customer credentials and health status be employed so that insurance fraud is decimated and no impediments come in the way of due diligence.

 

Utilizing Customer Data for Better Services

Data is the king in the present times. While getting data isn’t tough, presenting it in a meaningful way is. Salesforce could present the data to help the employees get proper insights and make efficient marketing decisions. 

Also, as per research, customers don’t mind sharing their data if better services could be provided. It becomes important to offer personalized services to the clients who aim at the pain points. 

This would increase the return on the investment done and lead to more satisfied customers and higher customer retention.

Read: 4 Effective Tips to Use Salesforce for Customer Retention

 

Keeping a Vigilant Eye on the Data Protection

The stringent laws about data privacy and data protection such as GDPR, the Personal data protection bill of India, and others belonging to different countries worldwide need to be strictly complied with. 

Treating data with high-handedness could invite high penalties and even a ban on the operation of the company. This has necessitated contacting attorneys specializing in data privacy laws to create a proper strategy and road map of data acquisition and protection. 

The world is wary of security breaches, cyber-attacks, and online fraud, and it becomes important for insurance companies to handle such threats efficiently. This would repose the trust of customers in the company’s operations.

Read:  How Salesforce Extends Beyond CRM for Banking and Insurance

 

Breaking Down Silos, Connected Digital Ecosystem

Just a few decades ago, almost every industry used to work in silos. This means there were straitjacket divisions between different departments of the same organizations. However, now there is a high need to connect the different departments so that synergy could be ensured in the whole company’s functioning.

Tools such as Salesforce allow the companies to integrate the data between different teams leading to better decision making, planning, and implementation.

Several strategies, such as account-based marketing, increasingly rely on sharing of data to combine sales and marketing departments’ efforts so that one doesn’t create bottlenecks in others’ work. 

 

Conclusion

The pandemic has pushed us years ahead when it comes to adopting a digital way of working and living. From the legal to even consulting industry, every industry has saved costs and benefitted tremendously from this digital move. It is high time that insurers adopt this new way of functioning and strengthen their operations, benefitting both the customers and the company. To know more, connect with us or request a consultation here.

COVID-19, Small Business

Boost your productivity and sales post-COVID: The ultimate guide for any small business

While most businesses are struggling to re-establish themselves post-pandemic, only a handful of them have the digital capacity to achieve it in time. Today, an uptick in the sales graph is the question of survival for many businesses, but a speedy recovery is only possible through the digitalization of business processes. Being dependent on conventional calls, sticky notes, and exchanging emails to update your team at every stage of a deal is too slow.

Today, the billion-dollar question is: How can small businesses develop a crisis and recovery strategy that ensures a boost in sales, post COVID-19? This is where cloud offerings come into the picture.

Thankfully, there are infinite possibilities on what we can achieve, once we head in the right direction. Here are a couple of tips that can ensure an exponential boost in productivity and make you ready for a post-pandemic scenario : 

Acceptance

Accepting the situation is key. To get an edge over the COVID-aftermath, make sure to review business models, revenue models and lead generation tactics. Chart out fresh plans to boost sales productivity and recovery strategies. 

Analysis

Small businesses must cope with the fact that a business model or a sales team that relies heavily on offline structures, must transition to digital platforms for a higher success rate. Relying on traditional methods alone might not provide the best results in these turbulent times, but add to it a competent sales process automation platform, and voila! Witness a boost in sales productivity like never before. 

Sales Partner

Needless to say, sales is one such field wherein time is of the essence. Most small businesses follow the traditional style of maintaining hand-written logs, manually setting up appointments, using sticky notes to scribble useful information, and so on. Such a format might work in conventional situations, however, it also causes delays- something small businesses can’t afford in a post-COVID scenario.

Investing in a technology partner to inculcate sales automation strategies, is bound to be profitable. 

Customer Retention

Post-pandemic is bound to present an unprecedented situation for SMEs (Small and Medium Enterprises). Not only will they be striving to stay afloat, but competing to gain an edge over each other. Information gaps, lack of active feedback measures and delayed grievance redressal might result in poor communication with customers, thus putting a dent on customer satisfaction.

Thankfully, you can pipeline all your data, address queries and grievances much faster and turn cold leads into potential customers leveraging a powerful  CRM.

Digital Transformation

A digital transformation would entail tracking real-time data to make important decisions. The reason why a Salesforce CRM is an exemplary choice for small businesses is because of its striking features tailored for small businesses, intuitive automation, robust analytics tools that help spot trends in the data, realise touch points required to close a sale, flag any delayed or overdue opportunities, scale the difference between actual and predicted sales and increase customer retention.

CRM will empower and assist your teams to work remotely and engage customers. For small businesses to survive, nay, thrive post-COVID, they’d need to undergo a digital transformation, implement a Salesforce CRM and make way for automation

CEPTES, a Salesforce partner, has been focusing on helping MSMEs boost their productivity and accelerate their business for over a decade. Take on the post-pandemic challenge head-on, and get success with CEPTES. To know more, please get in touch.