It is a well-known fact in sales that it is easier to sell new products to existing customers than to win new business, and so once you have a customer on board, you want to keep them. If you sell an ongoing service, then customer retention can be even more important, because churn can mean a constant drive to find new customers to replace those jumping ship or losing interest.
Whether you are an online business or a physical one, one of the big things that will affect how well you perform in the coming year is how good you are at retaining customers, and re-engaging those whose accounts seem to be at risk. Here, we look at tools that can help you to do this more effectively:
Totango: Totango is a SAAS platformdesigned to offer greater intelligence about customer behavior. It can allow you to identify your best performing customers, and those who seem to be at risk of becoming churn due to lack of activity. It also shows you customers who don’t seem to be adopting new features you might offer, or who look like they could do with some extra training or support. It not only identifies these kinds of behaviors, but also helps you manage how you connect with and engage with these customers. This gives you a full end-to-end system for managing customer retention, from the intelligence you need to take action, to executing the action itself and monitoring results.
On top of an ever-growing platform that keeps expanding with new integrations, the company recently announced the addition of the SuccsessBeat Reflection Tool. This new addition allows users to automatically generate and deliver personalized customer success reports, deliver automated adoption and ROI reports to key account contacts and end-users, and run account and user level campaigns with benchmarking and more. This really is a must have product if you have a large customer base and want to prevent churn. “If a customer is actively engaged with your product, they’re much more likely to stay loyal” states MaksimOvsyannikov, Totango’s Chief Product Officer.
Loyalty Apps: Loyalty systems may seem like they are really for the bigger companies, like supermarket chains, however more and more other companies are seeing the benefits when it comes to both customer loyalty and retention, and intelligence gathering. Offering your own specially devised loyalty scheme is one option, but if you are a small company or a single independent retail or hospitality outlet, then it can be far easier to join an existing program. There are lots of these, which customers can download the apps for, including ShopKick, which rewards people for simply visiting the premises or registered businesses, Swipely, Punchcard and Spendgo. Take a look at the different schemes to see which ones best suit your business.
Foursquare: Foursquare is by no means new, but it is great for promoting customer loyalty when you have a physical business. Because it is location based and very much tied in to social media, it has the added benefit of showing friends of your customers when they are shopping with you – a not insignificant marketing boon. With Foursquare, you can push new offers or promotions to customers when they visit your location, keeping them engaged.
Retaining customers and inspiring loyalty can be far easier when you have the best data analysis at your disposal, and good ways to offer perks and offers to existing customers at the right moments. Using tools like these can help you do better at keeping customers engaged in 2016.