Are you keen to improve your customer retention rate? MS Dynamics offers a wide variety of functionalities which help to do just that. The comprehensive CRM by Microsoft is one of the leading software solutions for enterprises and customer management.
Value of customer retention
What does customer retention mean to a business? All businesses thrive and grow based on the number of customers they have and the new ones they are able to attract. Holding onto the customer you already have is cheaper than trying to constantly get new ones. Those in hand are more valuable than the potential ones out there. The customers you have are your current income source.
We’ve understood the importance of retaining customers, but how can you successfully action it? This is the part where Microsoft Dynamics contributes greatly.
- Understanding customer needs: An important element of customer retention is about understanding the customer’s requirement. When you are on the same page it becomes easier to serve and satisfy customers. Satisfied customers are long term customers. Those who are happy with a company are not inclined to move out of their comfort zone and look at competitor businesses. This holds true even in the event of luring advertisements. Dynamics CRM provides a quick brief synopsis on a customer and their preferences thereby allowing your company to serve them accordingly.
- Reminders and automated tasks: Based of each individual customer’s need the Dynamics CRM send you reminders. This helps the team to ensure that the customer is served as desired. There are fixed scheduled services which need to be adhered to. Reminders generated by the Dynamics CRM do a great job to ensure that the task is completed. It is essential to complete tasks pertaining to specific individual customers to ensure their loyalty.
- Centralising customer data: The Dynamics CRM provides a powerful tool to centralise and organise all your customer information. When all your data is organised and in one central location is can be leveraged to provide customer with optimum service quality and higher rate of retention.
- Personalise communication: The Dynamics CRM can be easily integrated with other third party communication software. This can be leveraged to have a personalised communication with customers, thereby making them feel special and valued. The loyalty factor of a customer is greatly determined by how they feel. A customer who feels valued has a higher loyalty to your company.
- Activate the inactive: Over a period of tome some customers may become inactive. This is a common phenomenon and not something unusual. There is no reason to let them dormant. The Dynamics CRM can help to identify these inactive customers and reactivate them by sending them regular scheduled communication. Promotional mailers and greetings on occasions is a great way to maintain communication with dormant customers.
These are some of the ways that the Dynamics CRM can help towards customer retention. As the adage goes – “a customer in hand is better than two in the pipeline”. Customer retention should be given higher importance than marketing campaigns for new customers. If your existing customers do not find reasons to stay then then is no point spending money getting new ones. Dynamics CRM provides the perfect solution for customer retention.