Customer loyalty is more difficult maintaining than earn but for most organizations the process to create a bandwagon of loyal customer ends after few initial steps. In order to continue enjoying a competitive edge, companies need to focus on turning loyal customers into their ardent advocates. This is however, the trickiest part of customer relationship management.
Customers are volatile – more so in the changed economic dynamics. They don’t hesitate to switch their loyalty to a brand that reaches out beyond offering products and services and tries to form a relationship. The modern business scenario is highly customer-driven with all brands vying to be in the good books of their customers.
Earlier customers were restricted by the deficiency of appropriate technology in seeking and forming bonding with their favorite brands. But availability of smartphones and popularity of social media have enabled them to seek beyond the initial levels of interactions to form closer relationships.
Today customers are better informed. They demand more than what they are offered by the brand. They seek personalized service and brands that are sensitive to their requirements. Identifying changing customer behavior is the most challenging task that today’s businesses face on daily basis.
No matter how popular is your brand you always run a risk of losing around 10% of your customers yearly. That loss needs to be compensated by acquiring new business. But as it happens new businesses aren’t plenty and hard to come by. You therefore need to shift your focus to the remaining 90% and must transform them to your most loyal brand advocates.
Today businesses are more technologically powerful and have devices that can amass useful customer information to help with analysis. Customer relationship CRM software acts as the life’s blood for enterprises. It can help a business search, filter and track customer information. It further allows businesses to apply logic and analysis in identifying customer buying pattern, preferences, frequencies and more that can be applied towards apprehending trends.
Companies need to apply the insight gained from the CRM system to proactively reach out to customers and communicate through the multi-channel platform – extend services, send periodic reminders and updates on services and deals that might interest them, suggest products without being coercive.
Brand loyalty today has taken a new meaning. It is no longer about discount coupons and promotional offers. Businesses now need to be more human in the ways of dealing with customers and focus more on analyzing what their customers want from them and act upon fulfilling those.
Author Bio: Francesca Patterson is CRM advisor, who is associated with few companies who are offering CRM service. She has experience in Customer relationship CRM software development for various industries like real estate, insurance, finance, entertainment, education and many more.