There’s no getting away from the fact that customer satisfaction is critical to the survival and success of any business.  

And while acquiring new customers is important in meeting sales and revenue targets, retaining existing customers is the key to growing a business. That’s why fostering long-term relationships – getting to know your customers and tailoring their customer experience – is so important.  

One way to do that is to have an effective CRM customer retention strategy in place to keep customers engaged and satisfied. 

In this week’s The Lever, we’ll explore how CRMs help support customer retention.  

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1 FACT 🧐  

“Customer retention is the new growth,” according to Adobe CEO Shantanu Narayen (https://www.selecthub.com/customer-relationship-management/crm-customer-retention/). If you want to survive the 21st-century business battlefield, you need to emphasise keeping your current customers. And the heart of accomplishing customer retention is CRM software.  

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1 TIP 💡   

CRM - which stands for Customer Relationship Management – is all about finding ways to improve the quality and consistency of your relationship with customers and build customer loyalty.   

A CRM system can help you centralise, optimise and streamline your communications with customers, and become better in the following 6 areas:  

✅ Knowing your customers better 

✅ Segmenting customers into target audiences 

✅ Keeping existing customers happy 

✅ Anticipating their needs 

✅ Communicating with them more effectively 

✅ Protecting their data privacy  

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1 TOOL 💥 

How do you choose the right CRM? 

What makes one stand out from another? 

Before choosing a CRM, ask yourself these questions:  

1. What are the most inefficient processes in our business and what do we want to improve with a CRM system? 

2. What operational process and workflows do we lack and need to add? 

3. Who in our company is going to use the CRM? How many users do we need? 

4. What other software do we want to integrate with a CRM system? 

5. What is our budget?  

Here are the top CRMs for 2022 according to Investopedia: https://www.investopedia.com/best-crm-software-5116883 

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1 QUESTION ❓ 

How does your business nurture relationships with your existing customers?  

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1 ACTION 🎬 

Identify what you are doing - and what you could be doing - in your business to retain your clients. How do you consistently wow them?    

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