For businesses looking to generate steady returns and have a sustainable business model, customer retention is the name of the game. The rationale behind this approach is simple: it is easier to sell to a person that is already using your product.
Acquiring new customers can be expensive and difficult, so it can be more effective for a business to target people already using their products. After all, this customer base has already chosen your product once before! Businesses are now working on implementing modern technology and software solutions to improve their customer retention.
Software as a Service (SaaS)
Businesses are now incredibly reliant on software to manage nearly every aspect of their business. The growth of the internet and the global marketplace has made it easier for businesses to promote their product, which has created an incredibly tough marketplace for individual firms. Customers are fickle in the era of one-click shopping, so businesses are using software to track customer interactions and provide a unified front of service when interacting with repeat customers.
Customer Feedback in the Digital Age
Modern consumers are used to living in the post-internet landscape of 24/7 access to media and services. For business, this means that customers expect to be able to reach customer support whenever they need it, not during standard weekday business hours. The company that provides the most comprehensive and useful support to customers will be the company that sees their customers return year over year.
Customers also expect to be able to use their smartphones to interact with customer success team, but that is more likely to mean sending messages over Twitter and social media, rather than calling a customer service number and being put on hold. Many companies also offer live chat services on their websites, so customers can reach out and talk with a customer support representative online.
Unified Software to Avoid Corporate Silos
There is an issue in large companies that can be incredibly frustrating for both employees and customers of the firm. The company will often be divided into a multitude of departments, which might not be using the same information, or communicating at all. This can lead to confusion and anger when managing information with customers. The customer feels slighted, and the business could lose their customer. Nowadays, firms use software called “Customer Relationship Management” programs to track their ongoing relationships with their clients. A good program will be accessible by all of the different departments of a business, and ideally from mobile and the cloud so business can continue churning, even after business hours.