8 Ways to Ensure Your Company is CS Focused Part 1
This two-part infographic series entails eight best practices for Customer Success that can be adopted in your organization to solve problems effectively and build customer loyalty. The first part of this infographic series speaks of the first four best practices to ensure your company is Customer Success focused :
- Develop relationships with your customers, as it helps in building customer loyalty.
- As a leader, provide your team with the tools they need to succeed.
- Have an escalation plan
- Embrace it: Early customer journeys will have bumps along the way.
Customer Relationship Management is about how companies use a combination of strategies and technology to manage a company’s interaction with current and potential customers. Through data analysis, a customer’s history is analyzed in order to improve business relationships, customer retention and to increase growth. The scope of customer relationship management is around creating value for customers and the company over a longer period of time. Customer relationship management is a software solution that brings all the information into one cohesive unit. You can store all the information about your prospects and customers, send emails, make calls, create reports, schedule appointments, add notes, manage your pipeline, and find out who’s opened your latest email—all within the CRM system.
Customer relationship management strategy is required to achieve the task of satisfying customers, more than developing products and services and acquiring more customers and retaining existing ones. Also, maximize efficiency and reduce the cost of acquisition by focusing on retention. The goal is to work toward making your brand visible and the experience with it memorable.
The Customer relationship management process involves different activities and strategies that companies use to manage their interaction with current and potential customers. The main focus is on building relationships with existing customers. Such that, they keep coming back for other products and services of your company that eventually converts them into loyal customers. Moving beyond that, they are then transformed into brand advocates, which means you achieve customer retention and loyalty. Harness that relationship even with prospects and they’ll be converted into actual customers. In both cases, they translate to revenues and facilitate the growth of your company.
The key to retention is engagement – this is better emphasized by the statistics mentioned below:
- Engaged customers are 5 times more likely to only buy from the same brand in the future
- Highly-engaged customers are 90% more likely to buy and spend 60% more per transaction
- A strong emotional connection with a brand is a bigger predictor of loyalty than factors such as ‘effectiveness’ or ‘ease’