Maximizing Customer Retention with Salesforce Implementation

For a business to grow, it is mandatory to get more customers, but what keeps a business top in the market is its loyal customers.

Retaining customers is an art. One who excels in it always has many buyers for their business and secure revenue streams, simultaneously increasing customer lifetime value (CLV).

Customer relationship management is already undergoing constant transformation. Every day you can spot some latest best practices to retain customers or a new software claiming to be the best tool to manage relationships with prospective and existing customers. With so many options in the market, it is easy to get lost.

So, to break the ice and shorten your research span for the best platform, we recommend Salesforce, which is World’s No. 1 Customer Relationship Management software, promisingly changing how businesses connect with their customers. It provides Salesforce Customer 360 to create better customer experiences, retain them and increase revenue-generating sources.

This blog is about one heated discussion on how businesses can maximize customer retention with Salesforce Implementation Best Practices.

Why Customer Retention is important?

Before we discuss the importance of retaining customers, let’s discover what we exactly mean by customer retention:

Customer retention is a metric that shows how many customers are using the products or services of the company for a long period. The more customers come back, the better the quality of services and the satisfaction they receive over time.

The main two reasons why a business should start directing its efforts towards retaining customers are:

It’s easier to sell to existing customers

According to marketing metrics, the probability of selling again to an existing customer is 60 to 70 percent. The chances of converting a lead to customers are only 5 to 20 percent. We all agree these numbers do make some sense. People tend to be more responsive and buy again from the companies they’ve purchased before compared to purchasing from a completely new business.

Not only retained customers will repeat the purchases but are more likely to buy more because of their experience. Research from Laura Lake shares the statistics that retained customers spend 33 percent compared to fresh customers.

Here emerges the real question: Why are marketers only focusing on getting new customers? Companies are recklessly spending on persuading and acquiring new leads. There is no guarantee whether or not a strengthening relationship will build with them.

Think about this.

Customer Retention can positively impact Customer Acquisition

Acquiring new customers and retaining existing ones are never the same story. But both of them are quite capable of impacting one another. When retaining customers who are engaged and entertained efficiently, then can help you a lot with acquiring new leads without putting much effort.

Referrals, Word-of-mouth, recommendations, and testimonials are ways your existing customers can market your business. Satisfied customers tell 9 people about their positive experiences, while dissatisfied customers tell 22 people about their negative experiences, indicating that customers are likelier to talk more about bad experiences. By treating customers well and implementing retention strategies, businesses can increase the likelihood of getting referrals.

Maximizing Customer Retention with Salesforce Implementation Best Practices

Having learned the importance of customer retention rates, delve deeper into how incorporating best practices for Salesforce implementation can enhance your ability to retain customers.

1. Salesforce Customer 360 to know your customers well

You aim to build a strong, profitable relationship with your customers as a business owner. But how do you achieve that? It starts with understanding their problems and finding the right solutions to resolve them quickly and effectively.

With Salesforce Customer 360, you can bring your marketing, sales, commerce, and customer service teams together on a single platform. This powerful tool allows your teams to collaborate seamlessly and leverage a shared view of customer data.

By segmenting audiences, creating targeted campaigns, and identifying sales opportunities, your teams can ensure your clients receive the best possible level of service. And when your clients are happy, they're more likely to stick around, improving your retention rates and boosting your bottom line.

Read Also: How Salesforce AppExchange Boosts Your Business

2. Introduce a Loyalty Program

You can encourage your customers to stay with you and build long-lasting relationships by offering rewards, discounts, and other special incentives.

You can take your loyalty programs to the next level with Salesforce Loyalty Management. With features designed to help marketers create and manage loyalty programs intuitively, you'll have everything you need to keep your customers engaged and loyal.

Thanks to the easy-to-use interface of the Salesforce solution, setting up and managing loyalty programs has never been simpler. And with Customer 360, you can personalize your loyalty programs to make them even more informative and effective.

3. Make AI the best companion for your teams

With the instant messaging platform Slack, your team can communicate and share information in real time, allowing faster and more efficient problem-solving.

And that's not all - with the help of Einstein AI, your team can automate repetitive tasks, focus on solving complex problems, and provide creative solutions. By assessing the conversion potential of each lead and assigning scores and gradations, AI can help your team prioritize their efforts and focus on leads that are more likely to convert into sales.

Further, Mulesoft links your organization's data inside and outside the CRM, making it easy to access and centralize. And with Tableau providing real-time analytics and data visualization, your team can make data-driven decisions that drive success.

4. Utilize the capabilities of Marketing Cloud for personalizing communications

The Marketing Cloud platform offers several capabilities to help businesses personalize their communications and build stronger customer relationships. These include using data to understand customers, creating targeted campaigns, implementing personalization tokens, using journey builders to create personalized customer journeys, and measuring and analyzing results. By leveraging these capabilities, businesses can improve engagement, drive conversions, and achieve marketing success.

5. Bring Inactive customers to the motion

One of the most effective ways to boost customer retention is by engaging inactive customers and motivating them to take action. However, maintaining relationships with new and existing customers can be challenging and requires significant resources.

Fortunately, Salesforce implementation best practices can help overcome this challenge. By leveraging the power of Salesforce Marketing Cloud, you can automate customer engagement with inactive customers through targeted emails, mobile messages, ads, and other communications that meet their needs. With real-time data from the cloud, marketers can deliver highly personalized messaging throughout the customer journey, ultimately turning existing customers into loyal repeat customers.

Conclusion

In summary, customer retention is crucial to any business's success. Salesforce implementation can help improve retention strategies by offering personalized experiences, relevant communication, efficient customer service, optimized sales processes, and customer feedback and analysis.

Through Salesforce, businesses can establish strong, enduring relationships with their customers, ultimately leading to greater loyalty, retention, and revenue.