“Mr. Tomer had planned to double his revenue by the end of financial year 2017. But unfortunately, this did not happen. His revenues graph went down instead. He was worried what could have been the reason.
His sales team had acquired pretty good number of new customers. But he missed on a very important aspect, customer retention.
While he was busy acquiring new customers front door, his customers kept leaving from the back door.”
But, I hope you aren’t doing the same!
If you still aren’t measuring your customer retention rate, it’s high time you changed your strategies.
Why goodbye from your existing customers hurts?
Let’s begin with a fact.
Probability of selling to a new prospect is only 5-20% and that of selling your products to an existing customer is 60-70%.
A huge difference! Isn’t it?
This is how valuable your existing customers are.
Now, how do customer retention and customer loyalty help your business grow?
Customers are your free promoters. Word of mouth publicity is better than any other form of marketing.
Most of your prospects will refer online reviews before buying the product. Your reviews must compel the prospect to end up buying your product.
A loyal customer gives you valuable feedback to enhance your product.
They might do negative branding of your competitors if the customer has switched from their product to yours. (This is why you should never let your customer switch to your competitors :p)
Here are few statistical figures to support my argument.
How to hook your customers permanently to your company?
“My experience with your company has been magical so far. It’s been 10 years I’m using your product, and have recommended many to use it as well . Your excellent customer service always succeeded in solving our problems immediately and……..”
Have you ever received such an appreciation from your customers? Isn’t this what you’ve been longing to hear?
Well, a happy customer rarely turns up to give a positive feedback, however, an unhappy customer does so, more often.
However, with the help of MyOperator, you can offer best service to your customers, that’ll compel them to do a positive branding of yours, and give quality reviews.
P.S. Little customer churn is inevitable, but you should try to keep it as low as possible.
MyOperator products that help you retain your customers
MyOperator helps you provide unparalleled customer service. It is obvious that customers come up with problems every now and then, but answering and solving those problems efficiently keeps them satisfied.
No matter, how digital the world has become, customers still want humans to interact with them when stuck in a problem, or in case of urgent requirement.
So, to cater to this need, MyOperator provides you a call management system, that helps you answer all your business calls 24*7, and give personalized experience to your customers.
IVR (Interactive Voice Response): IVR helps you reduce waiting of your customers by connecting their call to the right department and the right agent immediately.
It helps you collect data from your callers, regarding their query or requirement and routes all your business calls to the right departments.
In case, the agent is unable to solve the problem, MyOperator’s unique ‘Live Call Transfer’ feature enables the agent to directly transfer a call to another agent without disconnecting the call.
Also, you can set up time slots for each agent, depending on their working hours. Thus, calls will be routed only to those agents who are working in that shift.Moreover, if none of the agents are available or busy, callers are given an option to leave their message in the voicemail. Agents can call them back once they are free.
IVR also helps you provide customized experience to your callers by speaking to them in their local language, thus, eliminating the linguistic barrier.
Virtual Phone Number: By definition, virtual number is a phone number, that is not directly associated to a telephone line. It acts as a centralised number to forward calls to other phone numbers that are mapped behind this virtual number.
Virtual number helps you take and make your business calls anywhere, anytime.
Let say, a customer calls on your customer care number at 3 am. Though, your night-shift agent is sitting at home, calls will be routed on his mobile number and he can take calls, as well as provide resolution to the customer.
Not only this, virtual number can help you track and monitor your calls in a single click on your MyOperator mobile app. Every time a customer calls on your business number, it is tracked if the agent answers the call.
In case there’s a loophole in your call management process, or your agents aren’t answering the calls timely, it can be tracked and improved.
Hence, IVR and virtual number together, contributes towards providing a smooth and efficient customer service. You can increase your customer retention multifold by using an IVR and a virtual number.
MyOperator features that’ll help you boost customer retention rate
There are other MyOperator features as well, that will help your business in customer retention and upgrading customer experience.
CRM Integration: CRM integration enables you to integrate your CRM software with MyOperator. Hence, your agents can find all their customer data at one place, that is, all the call recordings, customer requirement details, and other significant information.
It helps your agents give a personalized experience to every single customer and make your customers feel valuable.
Call Recording: Call recording provides important insights about your buyer persona which helps you in knowing your customer better. It also gives significant data about agent’s individual performance, which can be used for quality and training purpose.
Analytical Reports: Analytical reports tell you about your peak call hours, number of missed calls, received calls, caller demographics, and many other insights that gives you a real picture of on-call customer service.
There are other useful features as well that you’ll unveil once you start using the product. For instance, if you haven’t heard from a customer for a long time, simply call them to know their feedback, and if everything is working fine. It makes them feel that you care about your customers. An outbound IVR can help you in this process.
Apart from timely handling of calls, it must be ensured that calls are answered politely, and with patience. Ethics of call handling must be followed.
Other indispensable factors for customer retention
Now, customer service is one aspect that can help you retain your customers even at the time of crisis, but this is not the only aspect for customer retention.
There are other significant aspects as well, that must not be ignored.
Quality product: You must create a quality product that beats your competitors, and your customers are willing to stick to your product for a long time.
Transparency: Pricing and services that you offer must be transparent for your customers. Avoid keeping any hidden costs.
You must create a USP (Unique Selling Proposition) that is inimitable for a significant period of time.
Takeaway: 68% of customers leave because they are unhappy with the service they receive. Don’t give a chance to your customers to leave you. Upgrade your customer service and hook your customers for lifetime.