A company generally grows their revenues one of two ways: either it adds new customers or it generates more business from existing customers. Today, I want to discuss growing your revenues through existing clients. It’s no secret, a client who’s happy with their experience during the purchasing cycle, and who’s happy on top of it with the products or services they bought from you is most likely going to stay true to you by maintaining the relationship. Customer retention and satisfaction is huge. So how do you make sure you have a low rate of churn and a high rate of customer engagement?
First step – Measure and keep accurate and specific metrics in your CRM on:
- Revenue generated by the existing customer base;
- The most recent products and services they’ve purchased from you;
- The recurring problems that you’re able to solve quickly and efficiently;
- The level of interaction between you and your customers and how it is contributing to improvements to your services and products.
Second step – Act on it
Data is useless unless you’re addressing the issues that come up. Assign accountability to a specific team and make sure they are empowered to resolve the issues properly.
Improving client retention and lifetime value for existing customers should be the most important priority of your organization. By using a high performing CRM to focus on your existing customers, you will build a stronger organization dedicated to business problem solving and pave the path to long-term sustainable growth.