Given that most income is generated from existing customers, onboarding and retention become two key elements that keep the businesses in the running. With an increasing number of brands offering similar products as you, it becomes difficult to onboard and retain customers for a business. Retaining customers becomes challenging when a company does not have a customer relationship management (CRM) system.
Businesses must have a CRM system that caters to the needs of not only potential customers but also existing customers. A CRM system also helps bring in personal accountability for any faults in the service being provided. Having a system that caters to customer needs not only showcases how much value the businesses hold for their customers but also helps the business make profits.
It is beneficial for all businesses to maintain healthy relationships with their customers. Though the primary goal of a CRM is customer retention it also helps onboarding new ones at low costs. CRM systems like Kapture CRM is a one-stop solution for serving customer needs. From keeping a track of follow-ups to maintaining databases of customer preferences a Kapture’s CRM helps not only in customer onboarding but also customer retention.
How Kapture CRM helps in customer onboarding and retention
1. Anticipating customer needs - Having a CRM that caters to the needs of buyers results in better customer service. It allows the company to track purchasing habits of the buyers like their preferences for a specific type of product, etc. By doing this a CRM system acts like an AI that determines the potential needs of the prospective lifetime customers.
2. Tracking customer’s buying patterns - It is necessary to gather data on customers and their buying patterns. With collected information targeting customers becomes easy. This also helps in categorizing customer needs which in turn helps build a better customer base. When you create a good customer base that detects the possible needs of buyers it helps in maintaining high levels of customer satisfaction rates and business productivity. Higher customer satisfaction rates lead to higher revenue for the company due to which the customer is more likely to become a repeat buyer which helps in gaining customer loyalty.
3. Building customer loyalty - With consumer loyalty, there is another added benefit of overall daily costs reduced due to a centralized data collection of the enterprise. When the customer experience becomes due to a CRM system this automatically increases the onboarding and retention of buyers. Ultimately by having a CRM increasing customer commitment and positive customer relationships becomes easier.
4. Provides a personal touch - It is important to reach out to customers for follow-ups even after purchases. When businesses add a personal touch to this it shows that the customers are valued. This not only makes existing customers happy but also makes them reach out to others. This results in an increase in customer onboarding.
5. Helps assess feedback - All businesses thrive when they build their strategies around feedback. Feedbacks are highly crucial for successful marketing and strategy planning. Having a CRM system makes it easier to collect and assess customer feedback. This will also help in understanding the strengths and weaknesses of your business strategies.
The drawbacks that arise because of a lack of CRM
1. The absence of CRM leads to fewer ways to analyze and assess consumer satisfaction rates.
2. This causes difficulty and inefficiency in attracting customers and will ultimately retain customers randomly from outside of the target groups which will lower sales.
3. Since there is no engaging CRM for potential regular customers generating leads will become not only inconsistent but also hard.
4. It also creates a bad experience for the customer themselves when they don’t hear back from the company.
5. Apart from failing to generate potential leads the retention of existing customers also lowers due to a lack of approachability towards the company.
6. There will be a deficiency of customer loyalty and retention due to bad experiences which can make the customer opt for another brand or company for the same service/product offered that has a CRM system.
7. Along with all of the above, another major drawback experienced is that the data about the customer needs and supply is cluttered because of which the company will be required to spend a lot of valuable time on manual data entry.
Book a demo with Kapture CRM today to understand how the automation platform can help add value to your business.
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