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Retaining Customers – What is Your Strategy?

2/7/2014 4:45:38 AM Posted by Erin Carrather

You know how important it is to gain new customers and create new business for your organization, but how much of a focus do you put on keeping your existing customers happy? What some companies fail to realize is satisfying your current customer base is critical. Retaining loyal customers is not easy – it takes some thinking and innovation to ensure that they keep doing business with you. What it comes down to is creating buying experiences that satisfy your customers’ purchase requirements. Do you understand the needs of your customers? This should be the first prerequisite in guaranteeing that they will return to you time and time again. You need the right tools to do so. Investing in a powerful Enterprise Resource Planning (ERP) solution can be the first step in keeping your current customers happy while helping you anticipate their needs. You want to determine the proper goods and/or services to market, and create offers that will excite your buyers. With an ERP system, you will be presented with better information to enable you to make smarter, faster decisions that enhance customer interactions and boost satisfaction.

What are the top strategies you can utilize to help companies like yours satisfy customers and entice them to keep buying your goods and services?

  1. Anticipate what your customers want even before they do – When a customer routinely purchases your products, you should be able to identify patters in their buying behavior. From these patterns, you can determine how to better optimize customer satisfaction. You want to drive sales and prevent your customer from taking business to one of your competitors. Investing in an ERP system can help you predict future requirements and give you insight into what your customers may want to purchase in the future.
  2. Maximize up-sell and cross-sell opportunities – Do you have a strategy of selling higher-quality products or complementary products to your customers? Do your sales people promote upgraded versions of certain components that could ultimately improve your customers’ products? By presenting them with benefits of upgrades, the sales rep cans how the customer that your organization is committed to their success while increasing your profitability.
  3. Knowing who your most profitable customers are – Your most profitable clients may not simply be the ones who buy the most goods from you. You need to analyze when purchases are made, the frequency of orders, and the revenue generated by these orders. Being able to do this allows you to segment your customers according to value. After all, profitability is a relative term. For example, a certain customer may purchase a substantial amount from you but may also require a great deal of support and service that off-sets the revenue you generate from their purchases, whereas another customer buys less but requires no additional service. Understanding profitability is the first step to cultivating relationships with your best customers.
  4. Delivering superior service – Do you make and meet your promises for goods and services in a timely fashion? You need clear visibility throughout your supply chain to determine where you’re at in terms of inventory levels and your manufacturing capacity. ERP software that can help manage your inventory and supply chain can help you create and manage customer orders better, while successfully optimizing the order-to-delivery process.

If any of these strategies resonate with you, contact Third Wave and find out how you can be more proactive about retaining your current customers with the addition of ERP software!