To help you build a great brand in any business with great customer loyalty and, thereby, retention potential, using important tools such as best call center software available is absolutely important.
It will help you effectively figure out the analytics of the system and keep your agents and employees organized. A good call center software will help you keep you organized and reduce the costs related to such customer retention methods that we will discuss below.
However, only using call center software isn’t enough to help you succeed with your business. It is important to build a customer base that will help maintain a strong foothold in the market. One way to do so is using customer retention techniques for better results.
When the topic of profit is discussed, the thing that strikes us most at any given time is the number of prospects that the company has.
This can be determined with a look into call center software that the company has selected and set up. Even if you have agents that that are experts in achieving the lead, with time it is extremely important to develop a bond with your customers.
Getting new leads is often the best way to quickly gain a sizeable amount in the market share. However, forming a bond with the customers that already have been loyal to your company can provide your company with brand advocates.
Apart from using call center management software, it is believed that using a great customer retention strategy can often become the best business strategy of all times.
For any business that provides a certain product to the customers, the action of getting new products and always going to be more important than anything else.
However, simply selling a product is not the most important thing, but what the customer feels about buying from the company is something that you must be concerned with. The first purchase is the beginning of a relationship, so it’s important to nourish it well.
Call center software solutions can help you determine what step to take next, therefore, we present you with top 30 tips that will help you gain the appropriate levels of customer retention that will in turn increase your brand loyalty.
1. While losing a few customers is not uncommon, it is important to realize, for any business, how many inactive users are present in the business, for putting a stopper on the inactive customers will triple your growth rate in the longer run.
2. It is important not to get complacent and stop the sales and after sales services once the initial sale has been presented to the company. In fact, it is all the more important to use cloud call center software solutions to assuage the concerns of the customer throughout.
3. To lock in the profit from the sale, it is important to sell and repeat that sale again and again, by providing offers and making deals with the customer.
4. Show that you are grateful to your customers by thanking them, whether it is by emailing, or having the words printed in the receipt itself. It is important to remind the customers why it is the right decision to buy products from your company.
5. You shouldn’t simply lose hope for your inactive customers and ignore them, but you should try to gain their interest back using phone calls of texts to check up on them. You can be assured that a lot of them will be willing to trust your company once again after contact.
6. You should use the latest and most updated programs to make sure that your data is being crunched properly. If you are unsure about what solutions to go for, a proper call center solutions comparison can be done to help you decide.
7. To build your customer retention you can excel in keeping your customers satisfied, so that they in turn tell other people the way they were treated when the business was being conducted with them. This can be done by delivering to them the highest levels of service possible.
8. Programming your systems to send thank you cards via emails or phone call is important as customers will feel equally gratified in bringing their businesses to you.
9. Training your agents to be polite to the customers, speaking courteously and respectfully, while being attentive and to the point, can help you retain more customers than anything else, even if that means having to deal with aggravated customers in a very non aggravated way.
10. Managing costs and allotting a sizeable amount for customer retention alone is very important. One of the most overused products that drain your money is spending it on areas which do not need as much money.
11. Keeping in tune with the above given point, you should invest in cost effective programs to help you dedicate more time to customer retention without burning a hole in your pocket. For this a proper call center software pricing comparison is important.
12. There must be a system in your company where there is a complete lack of ethical shortcuts to make quick profits. You should be responsible for all the products that you are selling, therefore it is important to maintain the standard of your products.
13. There should be a consistency in what your promise to your customers and what your deliver to them, because there is nothing more off putting to a customer than the lack of promise forms the company that claims to do one thing and then fails in delivering them.
14. Your products should have a superior build quality and should be correct for the money that is paid by the customers. Swindling even one customer can turn out to be a catastrophe for your company.
15. There should be service integrity in your company as well, which can be shown to your customers with the help of small things as well as the large things such as the tone of the customer sales representative, or the amount of time needed to deliver a product.
16. Being open to your customers about the going on in the company is very important, as it will show the customers the plans, the future expectation, the ways that you are trying to improve the status of the company. A pamphlet every year with details of the company and its plans will help them know that you care about their involvement.
17. You should not take note of only the one-off profit that you are asking, but focus on the profit on the larger scale to keep things in perspective, as aggregate profit will vary from the immediate profit that you are making at the moment.
18. Realize the combined profit that your company is making off a particular customer who purchases from your company again and again. This realization will enable you to be in control of the marketing expenditure faster and make you more capable.
19. It is a well-known fact that 96 out of every 100 dissatisfied customers will not complain about the services of the company with the company itself. Instead, they will spread the word with the help of social media, which can turn out to be disastrous for your company.
While there is nothing to be done with such cases, it is important to take care that the few complaints that you receive from the company customers are given importance are taken care of.
20. The system of discovering complaints and issues can serve as criticism that will help you discover the flaws within the system more effectively than any management statistics can provide to you.
21. Resolving issues that your customers have, especially ones with the VIP status, are quickly as possibly can help in rebuilding the customer’s faith in your company at a faster rate than just waiting for them to spread the word and damage the reputation of the company.
22. Using social media to connect to your customers in a friendly and polite manner can help them remember you for a longer time and help them form a bond quickly.
23. Before implementing new idea, you should be able to understand who is being retained in the company as valuable customers, and spend time to learn from it for understanding smarter retention techniques in the future deals.
24. Never waste a single opportunity to respond to your customer and do not forget to mention and cover every chance at engaging them to the company. Employing methods such as emails, Facebook, twitter and so on is immensely helpful in doing so.
25. To ensure that your customer retention is amazing all throughout is to make sure that there is a proper policy in your company that makes sure that no customer is left out and ignored, with fast response and solutions.
26. Revamp your customer content marketing for better customer retention by making it more iron clad in reaching a wider audience of not only potential customers but also that of existing customers who are then going to be more interested in the company.
27. Nowadays, producing content alone is not enough for your company to bring in all the positive ROI. To get into the mindset of the people who buy from you, you should be able to create the content that you yourself will be interested in and share with your friends.
By putting yourself in the shoes of your customers you will quickly understand how to maintain positive ROI.
28. Invest in proper advertising to distribute your content better than your competitors to help gain attention of your customers. Hiring professionals to do the job and dedicating a budget to the marketing department can result in greater sales for your company.
29. Since most people like to be a part of a special club that will make them feel more understood and more important, you can set up a section for VIP customers and cater to them differently than the rest of the customers. It does take time and money, but in turn it helps in keeping customers loyal to your company.
30. Do not shy away from going the extra mile for your customers, especially the longtime customers as this will help your stand out in the longer run by proving to your customers that you deliver on your promise in staying by them throughout.
The Case Studies
In order to understand how to use customer retention to your advantage, it is important to follow the above given tips to see a positive result in the growth of your company. But knowing about the tips is not enough and one should not assume that they now have the key to success.
Customer retention strategies should be carefully and slowly implemented in the system for better results and to do this, we have provided you with not one but case studies for your better understanding.
We have done our best to highlight the importance of understanding the customer retention and how this can be harnessed to help your company understand and work in an efficient fashion.
However, it is not only important to understand how to improve your understanding of the way this customer retention works but it is also important to understand how it actually works.
Therefore, we have taken the liberty to provide you with two example that will help you to understand the finer details of the process.
The case studies we are undertaking with regards to this topic are customer retention at Hyundai Motor India Ltd and customer retention through Six Sigma.
We shall discuss these companies in detail to help determine how customer retention helped them to achieve success in their respective fields.
Customer Retention at Hyundai India Ltd
About the Company
Launched in 1996, Hyundai Motor India Ltd or HMIL started operating in India, and launched its first car in 1996. Since the day it has opened it gates to the customers, it has never looked back.
From the sales report it is clear that the domestic and export sales report has risen manifold in each passing year and the company has gone to being the second most popular car company in India at the moment with a share market of 18.10 percent as of 2011.
The market faced many competitors from international companies who were beginning to set up new production facilities in the country. There was a great need to be at top of their game to retain customers to maintain the market share in the country.
Nalin Kapoor, General Manager (Sales & Marketing) was beginning to think about the marketing strategies he could change and new marketing strategies he can use to make the stiff competition his company was facing easier to handle to demolish the risk of the company going under.
Customer retention was increasingly becoming one of the major problems in the automobile business as the purchase of the customer’s order and its delivery time span varied between three and five years and during these period the effective time and the cost of brand switching was next to zero.
HMIL or Hyundai India had been consistently maintaining customer relationship management activities, but it was discovered that its customer retention ratio was declining rapidly for some unknown reason.
Kapoor then decided to hire a team of professionals who were experts in this sort of situation, who then decided to study the loyalty programs of the competitors and find out where it was lacking in terms of customer service which was stopping effective customer retention, and ascertain whether launching a loyalty card was an effective way to solve their problem of retention or not.
This marketing department made some calls and extensively studying the existing loyalty program of not only Hyundai but also Hero Honda, MSIL and Ford for identification of how those programs were designed and promoted to the customer.
Their reports indicated several short comings of the existing programs within Hyundai and also discovered features that the customer really liked about the company.
The loyalty program employed by the company also had cost implications as there was a great need for a strong and capable technical support team to run it successfully.
Kapoor was thrown into the dilemma of whether it was actually advisable to run a loyalty program or not with the reports running out so.
If he decided to go through the program, how should it be used so that the customers remained loyal to the company, if not, what marketing strategies can be used to increase customer retention process quickly?
The problem demanded immediate action, and Kapoor was hard pressed for a quick action. With the help of the team he hired, he was able to save the company from a dire situation, that saw effective marketing strategies put into place for better customer retention, making Hyundai once again stand out from the other companies.
For full information about how Mr. Kapoor managed to establish this, please follow the given link:
Customer Retention of Max Life Insurance Company
About the Company
Founded in 2000, with headquarters in New Delhi, India, Max Life Insurance Co. Ltd is one of the fastest growing insurance company that serves as a nonbank owned private insurer to the citizens of India.
It has a capital base of four billion, and it manages more than 38 billion in assets in India. It is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd., and was a certified company to both ISO 9001:2000 and ISO 9001:2008.
Like any other business, Max Life’s aim was to focus on the identification and attraction of new business and customers.
They concentrated on the money for the new customers that had been dominating the company for eight years, growing from the previous years, until the trend shifted in 2009, and they had no means to fight this change.
In this era, the renewal became the primary source of revenue for the company, and renewals increased from forty-five percent in 2008 to fifty-six percent in 2009, followed by 73 percent in 2011.
However, despite the fact that the renewing customers were quickly becoming the main source of revenue, the leaders of Max Life saw millions of dollars just being lost every year to the lapsed policies which customers never took time to renew.
Upon undertaking the annual exercise to identify the organizational improvement opportunities, they determined the factors used to identify the improvement opportunities that will include customer and distributor satisfaction survey data.
They used several tools during the project identification process to help them determine the great organizational needs with the best possible outcomes, which includes process mapping, SWOT analysis, and CTQ or critical analysis trees.
Using Pareto analysis, they pinpointed in on the lapse recovery, which resulted in an achievement of impact evaluation of 71 point as the highest priority improvement project opportunity, calling it project Unnati, a term meaning ‘progress’.
The leader brainstormed and determined at leave 57 possible causes for the high lapse of data. Causes included data quality, low engagement of the agents hired by them, poor incentives provided to both the employees and the customer, and issues in the service system of the company.
Subject matter experts at the company and Max Life customers as well joined hands to provide stakeholder feedback to the company during the root cause identification stage, through which the team of the company received the feedback through intensive focus group meetings, and also focused on customer call listening analysis as well as complaint trends.
At least five hundred customers participated in the process and individuals provided valuable feedback to the company, voicing their opinions, which ranged from the agent not coming in touch with them after purchase to the complication of the process that the company employed.
There were many improvements in the company following this Project Unnati, but most of all, it improved the company’s collection rate and better customer engagement. The team helped improve the customer engagement rate form 0.90 percent to at least 2.4 percent.
For more information, please follow the link provided below:
Customer retention can be time consuming, but it will help in retaining more customers once your company is established in its business, so it must be given a certain amount of importance along with the other factors of the company.