A Full-Fledged Customer Relationship Management Software
The name CRM may sound sophisticated but in reality, it is a must-have, even on a shoestring marketing budget. Loyalty marketing may happen in the business across various levels and in various stages of the customer journey. A CRM helps to aggregate customer data and get insightful information on the buying characteristics of your customers.
Most importantly, a CRM empowers your business to keep up on all the customer retention management campaigns in action. By creating separate lists of customers, you can plan tailored email campaigns to customers based on their tenure and lifetime value. CRM enables businesses to measure the responses of loyalty campaigns. The platform can be integrated with other processes as well.
- Deploy Analytics For Retention Marketing
It is not enough to have a thousand likes for your facebook posts. How many of them are convertible leads is the key question. Similarly, sending out loyalty vouchers to an entire client base is not important, but more important is how many of them have taken action on them and how. Analytics can crunch those numbers for you and make customer data meaningful. You can plan, re-plan and tweak your customer retention management. Using tools like Google Analytics or Kissmetrics you can get insights into what works best for you: Blogging or tweeting; mail marketing or behavioural retargeting, and so on.
- Measuring Customer Expectations
You need to set and exceed customer expectations in order to control and action your customer retention management process. Setting various qualitative and quantitative parameters as marks of control can enable your goals to meet customer expectations. For example, reducing customer complaints by 10%, improving blog shares in social media by 15%, or getting 15 responses to loyalty vouchers by a months end, etc. can help in ascertaining whether customer engagement is impressive or not. Also setting clear outlines for what customers expect from you and measuring them numerically will help in defining the focus of loyalty programs. Examples of customer expectations include courteous customer service, access to a range competitive products, clear usage instructions, better navigation in websites and a personalized service.
- Setting KPIs For Customer Service
Managing customer service is the key to customer retention management. Customer service with courtesy and consideration are the keys to enhance the value in post purchase communications. Every query to customer care, every critical feedback received, is an avenue to engage with customers. There is no point in investing huge amounts to staff the customer care department if no efforts are undertaken to manage and assess the quality of customer service. A cost effective way to manage customer retention through customer service is by setting quantifiable KPIs (Key Performance Indicators) that can bring out the deficiencies in your process. Yet another low cost method to enhance customer service is by the use of social media in customer care. Following and engaging with customers on Facebook or Twitter will appeal to their emotions and build loyalty, besides solving their queries quicker.
- Social Media Tools For Retention Management
Loyalty is a function of customer engagement. Social media warrants more quality and value in emotional bonding with the brand, compared to other means of communication like email or phone. This is because of the transparency and shareability of customer thoughts on public media. Loyalty marketing acquires a new edge and even empowers the creation of like-minded online communities. Tools like Hootsuite, Sproutsocial and Buffer are some of the social media marketing tools that can help in scheduling, managing and analysing the social media content of your business. Customer retention management over social media can be very beneficial in converting online followers and acquaintances into sales. Repeat business is ensured due to the continuity of conversations and relationships on social media.
- Management Of Online Communities
This follows from the previous point that successful customer engagement leads to the creation of various online communities who interact among themselves and with the business. This leads to the development of lots of user generated content. If managed well, retention marketing can stand to recover costs and positively impact sales as well. The strategic use of social media handles across the online presence of your organization will ensure proper management of the online communities. Conducting events, holding contests and workshops will enable the bringing together of these communities that will lead to customer retention and the prevention of customer churn.
- Frequent Communications Calendar
This is yet another cost effective way to bring about sensible customer retention management. A frequent communications calendar is not a mere post-mortem record of a number of emails sent or calls made to loyal clients. Various quantitative and qualitative aspects are managed by the calendar like customer demographics, buying preferences, responses to communications and lifetime value. This helps in not only timing the communication, but maintaining appropriate and relevant subject matters. The cost involved in such commutations and the proportionate benefits therein can be effectively measured and managed.
- Use Online Surveys And Questionnaires
Surveys are time-consuming, both for your customers and for the marketing team. However, the benefits are many. From the customer’s point of view, personalized communication, timely intimations and reminders, relevant recommendations and high-quality customer service follow the participation in these surveys and questionnaires. For your organization, the benefits can be summed up in a single word: information. This first-hand and resourceful information collected from surveys will enable the business to take information-based decisions that can lead to streamlined customer retention management. The effectiveness of loyalty programs can be ascertained using online surveys that are cost-effective and swifter in getting results.