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Customers represent the gas that fuel a business. Similar to a car, if there is little to no customers in the tank, the business will not go far, especially in the long run. Marketing acts as a mechanism through which businesses find customers to deliver their services and products but marketing does not end after the sale. Current customers signify
an opportunity for businesses to hold a steady stream of income with repeat purchasing. However, it requires businesses to effectively manage consistent communication with its current customers. How does a business maintain a relationship with its current customers that encourages repeat buying? The way to accomplishing this is through the use of customer relationship management (CRM) software and marketing automation. These tools are important for retaining customers because they offer better conversion rates, which lowers the cost of marketing while increasing profits for your business. Existing customers have purchased from your business therefore, trust and confidence has been established. There are ways you can use CRM software and marketing automation to keep your current customers happy, while increasing revenue and cutting marketing costs.
CRM Software Uses
1. Reward your most profitable customers. CRM software can help your business discover accounts that generate the most revenue. This kind of insight allows you to allocate resources in areas that give the largest return.
2. Target customers with special offers to increase their loyalty. CRM software can allow you to view the purchase history of customers. This type of information is valuable when determining which offers will be the most attractive to each customer or groups of customers. Also, this strategy provides an opportunity to increase customer loyalty accurately through incentives by targeting specific customers.
3. Personalize communication with customers. It may seem ironic to use technology to add a human touch to customer relationships but this is an effective use of CRM software. Customers are people so it feels nice to be remembered. According to Digital Trends, 73% of consumers prefer to do business with companies that use personal information to make their purchasing experiences more relevant. This opens the door for businesses to influence consumers by delivering relevant messaging and making their interaction with your company more personal. Companies that send cookie-cutter marketing communications and treat every consumer the same miss the chance to build valuable customer relationships.
Marketing Automation Uses
1. Post sale engagement.As a business, post-sale engagement is the foundation of a viable and profitable customer relationship. Marketing automation plays a key role in nurturing relationships with customers even after the sale by giving businesses the information they need to pinpoint which customers are engaging and which are not. This can help businesses develop relationships with new customers and keep current customers engaged.
2. Customer service in the form of surveys asking customers for their feedback. These insights are critical for improvement. Using surveys and other tools allows businesses to get feedback that enables them to measure their performance. Based on those responses, customer service processes can be refined and more personalized interactions can be developed. Also, this method can be used to target customers who provide positive feedback to advocate on behalf of the business.
3. Upsell and/or cross-sell.Existing customers are more likely to buy from your business again. Marketing automation uses a customer’s activities such as, purchase history and other information to make custom product recommendations, send triggered re-order messages, and find relevant cross-sell products.
Through the use of CRM software and marketing automation, your business can collect and manage information on its customers as well as identify effective approaches of customer engagement. These technological approaches to marketing can help your business grow profits and keep marketing costs from jumping too high and are essential to executing on your marketing strategy.