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How Salesforce Helps You Improve Your Customer Retention?
Salesforce plays a critical role in retaining customers. It is essential to understand how your sales team interacts with customers so that you can improve the customer experience using Salesforce customer retention. Also, it would be best if you considered how your sales process works and whether there are any areas where you could improve on it. In this post, Kapsys will discuss a lot of information about Salesforce customer retention, including how to calculate the Salesforce customer retention rate and how salesforce can help you improve your customer retention. But first, you need to know customer retention and why it is essential.
What is Customer Retention?
Customer retention is the rate customers stay with a business for a given period, known as the churn rate. The churn rate is the percentage of customers who leave your company within a specified time. It is calculated by dividing the total number of customers who left your company during the specified period by the total number of customers you had at the beginning. The higher the churn rate, the worse off your business will be. The lower the rate of change, the greater the customer loyalty and business success, as the business retains more customers over time.
Why is Customer Retention Important?
Most of the time, customer retention/churn is an essential KPI because a company's ability to retain existing customers is necessary for short-term and long-term goals hit. Some primary reasons why include the following:
- Retaining existing customers is less expensive than acquiring new ones.
- Loyal customers tend to repeat their cooperation with the company, which means they are valuable.
- It is effective for companies to sell additional products to their customers because they already have a relationship built on trust and product satisfaction.
- Happy customers bring in new customers through referrals.
How Do Businesses Measure Customer Retention?
Using the following formula that includes your customers at the beginning (S), at the end (E), and the customer acquired during the period you measure (N), you can calculate the customer retention rate (CRR).
The Formula for the Calculation
Customer Retention Rate CRR = ((E-N)/S) X 100
Companies aim to reach more than 85%. In addition, companies should generally strive to achieve the highest retention rate possible.
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How Can Salesforce Help You Improve Your Customer Retention?
Salesforce retains customers and enables customer interactions. Thus, your team takes advantage of opportunities to build and maintain a relationship of trust between you and your customers. It would help to show customers you care and can support them with Salesforce.
Centralizing Customer Data
Salesforce stores valuable customer data centrally in one place for easy access. In addition, all incoming emails, VOIP calls, and notes are kept in detail with the dates, keeping your employees well informed of all the details. Salesforce ensures data accuracy and eliminates the possibility of data duplication. Accordingly, you can keep your database clean and clutter-free. Thus, you improve the quality of your data, which ultimately helps in serving your customers better.
Personalizing customer communication
With Pardot Dynamic Content, Salesforce enhances customer retention by customizing communication channels, such as email senders. This tool can be used by adding customer names to subject lines. Also, you can create relevant content for your landing pages using ready-made templates.
Tracking Customer Interactions
You can track individual interactions with customers in real-time with Salesforce. You can monitor your customers' actions, clicks, reading, and participation on your website. Salesforce tracking customer interaction helps you engage with your customer at the right moments by posting or following email senders to increase their interest in your products and services.
Engaging with inactive customers
Salesforce helps you categorize your customers into many categories. Moreover, this targets and prioritizes highly active and engaged potential clients and helps set appropriate strategies for passive clients. Your representatives can analyze which methods are working well and determine what is best to try on inactive clients by looking up their calls log or email history.
Customer Service tool integration
You can integrate a tailored customer service tool or platforms through Salesforce for Customer Retention. For example, Salesforce Service Cloud. Thus, you will be able to access and address customer issues, complaints, and requests. In addition, Salesforce for Customer Retention provides an understanding of customer interactions on other channels, such as social media, to convert customer requests and complaints into customer reviews.
Salesforce Customer Retention: Conclusion
Retain more customers and increase revenue with customized solutions for Salesforce. Enhancing customer retention is one of the most effective and meaningful ways to increase your return on investment ROI. On top of that, Salesforce boosts your business on customer loyalty and improves their experience with your brand. Kapsys helps you increase the customer retention rate using Salesforce customer retention strategies.