Are you giving your clients a reason to stay loyal?
Attitude and emotion drive client loyalty. Most account executives, the people responsible for managing existing clients, can answer the who, what, when, where, and how of client relationships. But very few can answer the why. Why do clients do business with you over your competition? The answer is simple. It is because they feel valued, protected, and/or informed. These whys have a huge impact on client loyalty. Research shows that 60 percent of clients leave you for your competition because a perceived indifference on your part. They think you don’t care about them. A CRM solution can help. Using predictive analytics, CRM can identify clients that haven’t been contacted recently by an account executive. All of the warning indicators that get your spidey senses tingling can be managed using technology rather than your memory. It can analyze buying patterns to identify cross and upsell opportunities that deepen relationships. It can monitor social and other media to see what your clients are saying about your business and its products. And then task the right people to reach out to correct negative opinions or to promote the positive ones. These are just a few examples of how CRM helps build client loyalty.
Studies have shown that if you raise your business’s client retention rate by just 5 percent it correlates to profit increases of 25 to 95 percent. Visit us at softwareaspromised.com. For more on this
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A skilled consultant and technical strategist, Kevin De Pree is the CRM Practice Lead at Rand Group, with over 24 years’ experience leading global ERP and CRM projects and teams. Kevin has a unique background in both business management and IT systems consulting and sales, which allows him to provide a holistic understanding of how different systems and processes work together. Kevin a business degree from California State University and has been an active member on Microsoft Dynamics Product Advisory Board for several years. You can learn more about Kevin HERE.