Save what you have not what you want!

In the pre-Covid economy, it appeared that all efforts were focused towards gaining new customers, but what can you do when everyone is nervous and some are really struggling?  Whilst branding and marketing, that is leveraged for attracting new clients should not be ignored (that's a whole different subject I’ll leave for those more qualified), you should really work hard on retaining your existing customers, and one of the most effective ways is using your own data with the right application.

It should be obvious why it is essential to keep your 'loyal' customers but perhaps it's no harm to go through the numbers on this. First of all, keeping an existing client costs up to 5x times less than trying to get a new one. Also, it is much easier to sell new, or more products to someone who has already established some faith in you. What’s more, by raising customer retention rates by 5%, you will be able to increase profits by 25%-95% (HBR). It makes sense that in times of crisis, customer retention is a vital element for survival. 

Now that we have some context to the numbers, let’s see what techniques you can use to keep your existing customers happy, satisfied, and wanting to keep working with you and buying from you. NOTE: I am not ignoring the fact that due to Covid, many businesses have drastically reduced their overall spend, but let's not forget that many of these businesses are still operating and spending. Its the times we are now, and this isn't forever - it may feel like that, but the darkest days are before the dawn. Stay positive and seek a solution.

A Strategy

You can’t expect any positive results if your strategy comes down to quick adjustments at the last moment ie: winging it. As usual, you have to make a sound plan on how to embed data and analytics. Think of how you can use the data you already have collected, or regularly collect from your customers. In a nutshell, this is what your plan should look like:

Set your KPIs (Key Performance Indicators) the right way (automated, repeatable, and scalable)

Identify no more than three main challenges to deal with

Decide on the urgency and priorities 

Classify any data and/or system issues so as to know how to approach them

Educate everyone that can benefit from this new approach (including you)

High-Quality Leads

If you wish to attract more high-quality leads, then focus on your existing ones. Analyse their key features and profile, and do everything in your power to appeal to these types of clients in the future. With a bit of analysis, and using the right tools, you can find out many common attributes. Potential customers that share the same properties as your most loyal ones are the ones most likely to “join the crowd”. Look for the trends.

Data Analysis 

You must have already noticed how the amount of information about your clients is a bit overwhelming. Admittedly, it is difficult for employees to juggle all the tasks and find out why clients are leaving or churning, or why they are staying with you for that matter. Fortunately, this is where a good data analysis application comes to the rescue - whilst we are on this point, I am going to shamelessly plug our highly effective application from Eighty6. Check out www.86.ie and you can request a call back or demo from me anytime.

By using maths, statistics, and probability, the right application, with the right algorithm, you can generate some really useful insights. In addition, making sure that you provide these algorithms with the right data, the better the results will be for you. As an example, Eighty6 takes information from your sales invoice, and our system digs deep into your customers’ purchases. Not only can you see the items that may be ‘at risk’ - because they have slowed from their usual frequency - but you can determine overall trends across many customers, and see where you need to focus your attention plus any relevant up-sell or cross-sell opportunities. Seeing what they aren’t buying is a clue to what they could (or should) be buying. 

The Right Application

To keep your clients happy, you have to provide them with a seamless experience. Customers like routine and flexibility - at the same time, which is quite a task to achieve. For this reason, it is your mission to select the right software application that best suits your organization's needs and solves the problems you are facing or could be facing.

It's not always the application that offers the most features that's the right fit. So many times, you can end up with paying for a feature rich package that you only use a small portion of. Ask the key questions of what you really need and find a solution that best fits or can be customised (for the right price) for the best fit. Just think of all the potential power that your phone or laptop possesses and what you actually use it for? Do they offer a low cost, or free trial to see the way it really works, how easily you and your team work with it, and what are the tangible upsides? Do you achieve more sales, increase your customer retention or even discover a more efficient process for your sales/office and management teams?

Safety & Security

Don’t forget safety. As you are dealing with potentially sensitive data, any leak could be catastrophic for your reputation, so bear this in mind when selecting the right partner for you and your business. 

Analysis Matters

If you haven’t already done so, then I would suggest you make reducing customer loss/churn a priority. Data analytics can be of great help. It can’t be denied modern businesses are surrounded with incredible amounts of data coming at them from all sides. But remember you can always harness the data and use it for your own good. Just make sure you pick the right tools and strategies. 

If you would like to have a conversation about your business, then drop me a line or call me anytime on +353 87 3334739 or email me at [email protected] 

Cheers !