Acquiring a new customer costs more than retaining an existing customer. Increasing customer retention by a tiny percentage can increase profits considerably.
If you can spot a customer who might be about to reduce spend or sever the relationship, and take steps to address any problems or meet needs, so that they remain a client it not only keeps the revenue, but you also have the opportunity for growth. If you can excel at account management and build a strong relationship with your existing base, you will increase customer satisfaction, customer spending, Customer live time value and even get advocacy in the process. What’s not to like?
Record customer meetings and account reviews.
Track key stakeholders and identify their role in the organisation.
Capture order history to identify buying trends and up-selling possibilities.
Identify ‘at risk’ customers and prospects and put processes in place to mitigate these.
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The first challenge is to know which customers are at risk. Do you know what an at risk customer looks like for your organization? What are the behaviours they exhibit? Do you know the steps you could take to get the relationship back on track?
CRM from Workbooks gives you this information. It uses historical data to build your understanding of how customers behave before they cut spend or end a relationship, and it then flags this to you so you can take the right actions.
For most organisations this involves a ‘Red/Amber/Green’ (RAG) traffic light value on an Organization or Person record to identify ‘at risk’ accounts and projects. You can regularly run a report to see which accounts are at risk. Crucially these judgements are not subjective opinions, they are based on past facts, and so are more reliable.
You can use all of the standard sales functionalities to support your up-sell and cross-sell opportunities management and ensure that you optimize your share of wallet within your customer base.
You can use the Cases and Reports function in your CRM platform to manage customer issues to a successful conclusion. You deliver superior customer service and customer experience. You keep the customer and look to growth rather than wondering why you’ve lost another customer.
Moreover, you can over time build up a picture of common issues across accounts, and drive customer account management processes around these. By doing this you will be able to head off any potential issues earlier on, so fewer and fewer of your customers slip into the amber and red categories.