Role of NetSuite CRM in Improving Customer Retention
Role of NetSuite CRM in Improving Customer Retention
It is always said that acquiring a new customer is costlier than retaining an existing customer. So, it is more cost-effective for businesses to create customer retention strategies. One of the best customer retention strategies or tools is a Customer Relationship Management (CRM) system.
The best thing about a CRM solution is that it can help execute customer retention strategies. Let us discover the various customer retention techniques in this article. Also, the article will focus on the NetSuite CRM’s features and how these capabilities help execute the best customer retention techniques.
What is customer retention?
Customer retention is a critical strategy of customer relationship management. It means convincing existing customers to continue buying your offerings.
If you provide value and quality over other similar products in the market, customers prefer your product/service. You must also provide excellent customer service to dissuade loyal customers from buying elsewhere. This leads to customer retention.
Retaining customers does not need lead generation like in customer acquisition. Here, you need to determine what leads to customer satisfaction and loyalty. And you must know what drives your customers to turn to other vendors. Based on these data points, you can use strategies to keep your customers with you.
Customer retention techniques
Before employing customer retention strategies, you must determine why customers want to leave you. Once you know these reasons, you can improve them to ensure customers stay. The common reasons for the high churn rate of customers are:
Faulty or low-quality product
Your product does not meet the needs of your customers. It means you have not understood your target audience’s needs. If the customers cannot derive the benefits they want from such a product, they switch to your competitors.
Lack of or poor customer service
You do not provide sufficient or good-quality services to customers, like not listening to their complaints, not resolving them, or making them wait. This behaviour irks the customers, and they might stop relying on you.
Customers not feeling valued
They feel left out if you do not listen to what customers need or want to say about your product/service. Like when they have product/service complaints, you connect them to bots every time. Or, when they make a big purchase from you, you don’t even acknowledge or send a thank you mail. In such cases, customers do not feel valued and heard.
The best solution is to use Customer Relationship Management software in all such cases. And what better than NetSuite CRM solution? It helps you manage relationships with customers and improve them. You can provide them with personalised services according to their expectations. You can track customer data and target them with attractive offers and discounts.
Following are the ways you can retain customers using the NetSuite CRM system:
NetSuite CRM keeps your data organised and sorted
The most crucial feature of every NetSuite solution is its single view of customers. NetSuite CRM provides the same benefits – one unified data source. It helps you with complete visibility of all your customer transactions from all channels.
You can have data on the following:
- Customers’ demographics
- Past transactions
- Volume and value of transactions
- Customer buying behaviour
- Response to offers and discounts
- Feedback on pricing
With NetSuite CRM, you can access this data anywhere and anytime. All this data helps you understand your customer expectations and plan your marketing strategies. You can give them the best offers at their preferred touchpoints to increase sales.
NetSuite CRM also gives you performance measures of all your channels – in-store, online, and phone. You can know what channel interactions your customers prefer and respond to most effectively. Thus, you can personalise your interactions based on their behaviour and channel preferences.
Personalised interactions satisfy customers. They become more loyal to your brand, resulting in higher customer retention.
Align your marketing campaigns with sales data on NetSuite CRM
You must be executing several marketing campaigns to retain customers. Now, you cannot target existing customers without strategising. You need to understand what each of your existing customers values so you can appropriately target your campaign.
Your existing customers might like any of the following about your offering or brand:
- Product or service quality
- Low prices of your offering
- The variety of options you offer
- An effective response to customer complaints
- Value for money
You must analyse their attraction points and create customer groups for each point. Based on this, you can create marketing campaigns and attract them. Track these campaigns’ performance to decide whether to continue or stop them.
All this is possible with your NetSuite CRM solution. You can design customised campaigns, send them automatically, and check their performance. The NetSuite CRM system also lets you align it with sales data for effective targeting.
NetSuite CRM makes coordination between teams possible
Which teams need to work more to retain customers? It’s the sales, marketing, and customer service teams. They need to organise the processes, communicate with each other, and share relevant insights.
The NetSuite CRM software makes this possible with a single, shared database. These three teams can share the calendar for scheduling, tasks list, and customer insights. They can communicate about the next steps in customer retention strategies. Since they all have access to updated information, the process has no cracks.
NetSuite CRM keeps track of every customer and your interaction with them. It helps you stay up-to-date with time schedules, reminder alerts, and follow-up action. You can automate these tasks to avoid missing anything and ensure the customer lifecycle is on track.
Thus, the NetSuite CRM solution lets you collaborate better among different teams. You improve the value delivered to customers, resulting in higher customer retention.
Create and execute loyalty programs with NetSuite CRM
Loyalty programs drive customer retention. They can motivate customers to buy from the same brand because of extra benefits. Loyalty programs give benefits such as:
- More discounts and offers
- Early access to the new collection
- A higher percentage of discounts
- Invitation to launch events or other celebrations
- Access to pre-launch products or services for feedback
- Free complimentary products
You can give such offers to customers who buy in higher volume or value from you. The NetSuite CRM system helps you create loyalty programs. You can track customers’ purchases and allocate loyalty points that they can use to access discounts. The offers must be attractive enough for customers to join loyalty programs.
Such loyalty programs increase your sales. You also get a confirmed group of customers who look forward to your events and offers. It is also possible that they generate word-of-mouth publicity for your brand. Thus, not only do you retain customers, but you also acquire new customers in the process.
NetSuite CRM helps you answer sales questions
All your business departments and teams can access the NetSuite CRM solution. The sales team can access the data collected at a single source. And they can use this data to improve sales performance.
It works the other way as well. Sales team members go on the field and interact with customers, so they have many insights into customers. They know answers to your existing customers’ questions:
- What feature attracted them to your product/service?
- What features do they not like in your product/service?
- What do they feel about the product/service price?
- How do they like to be contacted by the company?
They also know customers’ reactions to your product/service. If all this information stays in their head, it will not generate any value. So, you must collect all this data and store it in the NetSuite CRM.
The CRM system allows you to sort, filter, and categorise data points according to your needs. You can analyse these insights and provide relevant answers to questions. Now, you can prepare your sales team with appropriate answers to customers’ common questions.
Sales teams can also get visibility of the sales forecasts and targets and work accordingly. Thus, you can improve the performance of your sales team members and increase sales numbers. And with better responses to your existing customers, you can improve customer retention.
Listen to your customers better with NetSuite CRM capabilities
One critical customer retention strategy is understanding your customers’ expectations. You can change your offering and services based on their expectations to please them. And you can do this only by listening to what your customers say.
You can collect customer feedback and store it in your NetSuite CRM system. You can collate their views on social media and review sites to analyse them. You can ask them about their opinion on your offering and customer services.
This is where NetSuite CRM’s single data source helps. You can keep collecting this data regularly to track the change in their opinions. Analyse this information and tweak your offers to meet your customers’ expectations.
Listening to what your customer wants and personalising your offer makes them happy. They develop trust in you and hence, stick to your brand. The result is higher customer retention.
NetSuite CRM keeps your customers engaged
A key marketing tactic is always to keep your brand in the quick memory of customers so that when they look out for the solution, they remember you and your offering. This is not possible if you forget to interact with them after the sale transaction. It helps to keep communication going.
NetSuite CRM solution helps to increase the frequency and improve the quality of customer communication. You can access the data on effective channels based on sales, customers’ preferred channels, and types of marketing offers that make customers happy. Based on these insights, engage with your loyal customers.
Also, the NetSuite CRM system stores all your customer engagement and interactions. You can refer to them and design your upcoming interactions to avoid frustrating them. All this leads to seamless communications with customers, augmenting your customer retention
Give your customers excellent experiences using NetSuite CRM
One thing that customers look for from any service or product provider is enriching customer experiences. Even you can do that with NetSuite CRM. And with feedback on previous experiences, you can keep improving to satisfy your customers better.
NetSuite CRM stores all customer data along with the various interactions you have with them. You can analyse all this information and understand customers’ feedback at each touchpoint. You can identify what is working at every touchpoint and customer journey phase. You can tailor the services, offers, and marketing messages to customers.
Enrich your positive points further so that customers only look for your brand. And improve upon your negative points so that customer complaints reduce. By creating exceptional personalised experiences, you get a surety that customers will stay with you. Also, the customer will look nowhere else when buying that product or service.
How can NetSuite CRM and Cloudiotech help you improve your customer retention?
These are the customer retention techniques you can execute using NetSuite CRM. You must keep providing delightful offers and services to make them return to your brand. It costs you less and helps increase your revenues by a higher percentage.
So, get yourself the NetSuite CRM system and let it manage customer relationships for your brand. You can design the strategies and execute them through NetSuite CRM. NetSuite CRM is the most fitting solution for your needs because it has the following features:
- Customer relationship management
- Marketing campaign management
- Reporting and analytics
- Mobile compatibility
Contact Cloudiotech if you need help implementing NetSuite CRM in your company. Cloudiotech is a leading provider of NetSuite implementation services in the US and UAE. We help clients with integration, customisation, training, data migration services and post-implementation support.
We can customise the NetSuite CRM software according to your needs. We also help you integrate it with other tools for maximum productivity. We train your employees on its use and migrate existing data onto the new system.
Implement NetSuite CRM to stop losing your customers to competitors.
And use Cloudiotech’s CRM implementation services for effective results.
