After a recent sales call to discuss our sales pipeline for the new year, I realized we as an organization spend a lot of time and money trying to find new business to continue our growth. Your company is likely not dissimilar. Grow or die. Seems pretty unpleasant, but it is a necessary part of the business landscape.
However, while new sales to new customers will always be important, how much time and resources are allocated for customer retention and organic growth?
In a recent article in the Atlanta Business Chronicle titled “3 Ways Data Can Drive Customer Retention,” the author focuses on centralizing your customer data from its various sources, analyzing this data with key indicators and using this data to get the correct areas or departments in your company involved with specific customer needs.
One way to accomplish this goal would be to launch a customer loyalty program. At QIC, we will help you determine 2-3 key indicators, which are areas for you to target with the initial launch of your program. While our platform is robust enough to manage a more complicated approach with dozens of key performance indicators, our recommendation is to start with a few. This will give your customers time to adjust to how the program works while you will also get accustomed to how the platform works and what kind of data is needed to get the program launched and off the ground.
Providing QIC with the data needed to manage your program will force your company to become more efficient in your internal processes and data storage, which will benefit your company in the long run.
Finally, as the program continues to evolve we will continue to analyze the data and help you determine the areas of the program based on your KPIs that are working and which areas may need to be tweaked or changed because they are not providing the necessary results.
Looking for ways to improve customer retention? Give us a call – Let’s Rally.