If your business is seriously trying to keep customers by building (and maintaining) the right … [+]
Almost everyone has heard how increased customer holding by 5% can increase revenue by up to 95%, or how it is six to seven times more expensive to get a new customer compared to a customer existing. But understanding how to improve client keeping levels is often a challenge in itself. Fortunately, with the right relationships, you can make considerable advances in increasing customer retention.
1. Improve the customer’s experience
The most obvious way that the right relationships will improve your rate of retention comes by improving the overall customer experience, no matter which warm you operate. PWC reports that 73% of global customers view the client’s experience as a major factor in their purchase decisions.
On the other side of the spectrum, Microsoft’s research has found that 61% of consumers have changed brands as a result of a poor customer service experience. Because of this, the relationships that focus on improving the overall customer experience play a major role in improving retention levels.
New technology partners can play a key role in the field, especially as it already has a more determined history in the customer service. While Surabhi Sankhla, VP of Product Management in Korea.Ai, explained in a recent article for Bold Busines. Also, organizations have usually clearly defined cases of use, training data and defined performance frameworks for customer support that make them easier to implement. “
To determine the right ways to implement the technology or other services of a partner, you need to be careful about the pain points that exist in your current client processes. Wherever there is inefficiency or frequent complaints is a possible obstacle to retention. If your organization lacks internal skills to properly resolve this issue on its own, returning to a reliable partner will be essential for mitigating the overall experience.
2. Provide relevant products or services
Many strategic business relationships focus on expanding the range of products or services that partners are able to provide with their customers. In his book “Getting everything you can from everything you have,” Business executive and author Jay Abraham notes, “A cross sale is presenting to the client an additional product or service that will add or increase their transaction result with you or your company. ”
The importance of the inter-sale supply is essential. Such partnerships should focus on how they can maximize the value for their common customer base – such as the way airlines will often partnership with car rental companies, displaying lease booking options with Rent immediately after tickets have been purchased.
In this case, providing an additional service that is important for the needs of the target audience travel helps to create a more effective booking experience, allowing customers to organize multiple travel needs in a transaction. This increases the overall value of individual transactions, while increased partnership comfort can make customers more predisposed to use the same future booking opportunity.
With additional offers, your business can become a kind of “a stop shop” for its target audience – and that level of comfort can have a huge impact on your sales and keeping. Hubspot reports that 70% of customers are willing to pay more for an appropriate experience, something you can facilitate with the right partners and supplementary offers.
3. Included directly partners in holding effort
While strategic partnerships often have a more indirect role in keeping customers by improving your services or expanding your products offers, many of the strongest relationships will often focus directly on retention.
This should be particularly widespread in relationships that use purchasing partners who are often responsible for helping customers for B2B organizations, but it is also important for businesses facing customers who rely on relationships with third party distributors to Achieved their target audience.
This indirect approach to buying and keeping customers is one of the most powerful tools in the tools of any business – but to succeed, organizations must fully match their partners in their holding efforts.
As accelerating economy analyst Janet Schijns writes in her cloud wars article, “invest in creating a holding channel strategy that clearly identifies, by segment of clients, mainstreaming and holding partner profiles” Lion ” that you need to enable them. Use a partner to hold accounts or clients you have sold through your direct sales force, not just your indirect arrangements sold.
Working with partners to improve holding
Proper strategic relationships can have a powerful impact on your business customer keeping rates – but only if you approach these relationships with the main advantage. Businesses need to work closely with their partners to set up holding goals and develop initiatives that will improve the maintenance and value of customer life, with strategic initiatives focused on providing better customer experience that meets needs of your existing audience.
By keeping the client a key focus on your partnerships, you and your partners will be well equipped to identify actions and initiatives that improve keeping and creating victories for all.