How to improve customer retention

Key Takeaways

• Business risk losing loyal customers due to poor technology
• 96% of customers say good customer service is critical to remain loyal
• CCaaS solutions like Zoom Contact Centre offer businesses ways to improve retention

A recent study found that 90% of existing customers would rather take their business elsewhere than rely on a company that uses outdated systems. 

On top of this, data featured by Tech Informed shows that nine out of ten UK businesses are struggling due to legacy technology.

Combine these two insights, and the result is clear: thousands of businesses risk losing loyal customers simply because their technology isn’t up to scratch.

A lack of growth, dwindling profits, reputational damage and even closures are just some of the threats faced by businesses not investing in new tech to improve the customer experience and, in turn, raise the impression of the business in the customers’ eyes.

Thankfully, Elite Group is here to help. We support businesses with the technologies they need to raise productivity, improve sales, boost efficiency, and deliver outstanding customer experiences – one of which is CCaaS (‘Contact Centre as a Service)” which we’ll explore in more detail shortly. 

So if you’re concerned your business is taking a backwards step every time you log on, we’re the team to talk to. Speak to one of our experts today, or keep reading to learn more.

What is Customer Retention?

Customer retention is the process of delivering great experiences that customers return to again and again.

It’s a key indicator of business health and is often used to measure how well (or how poorly) different areas of your business are performing.

One of the most common customer retention metrics is churn rate – this is the percentage of customers you lose compared to those you gain.

Loyal customers are more likely to spend more, refer others, and stay loyal during tough times. The better your customer experience, the higher your retention rate.

Why is Your Customer Retention Rate Dropping?

Even businesses with great products or services can lose customers if their experience is poor. Examples include:

• Slow or unresponsive support – If customers aren’t answered quickly enough, they’re more likely than ever to jump to the competition.
• A lack of personalisation – Nobody wants to feel like one out of a pack, and personalisation can be the difference between a positive experience and a negative one.
• Poor onboarding – New customers need to feel like they can approach you for all their needs. Without this, they’ll feel stranded and could abandon you. 
• One-way communication – If it feels like you’re speaking at customers, rather than with them, they’re unlikely to stay loyal to your business.

You may notice a pattern emerging above: the customer service experience.

According to Microsoft, 96% of customers say good customer service is crucial if they’re to remain loyal. So if you want to keep your customer lifetime value (CLV) numbers high, and if you want to increase customer loyalty, your service needs to be on point always. Unfortunately, reaching this level of satisfied customers is unlikely if your technology is constantly letting you down. 

So, what’s the solution?

How Modern Technology Can Enhance Customer Retention Management 

Modern advancements have helped create a more in-depth and comprehensive customer experience than ever before, increasing the chances of retaining customers and lightening the load of overworked contact centre agents. 

Here are just a few ways you can craft the ideal customer service experience to keep them coming back for more:

More personalised experiences: By relating to the customer directly with information relevant only to them and their history with your business, they’ll feel more inclined to return.

Omnichannel communication: In a world of countless ways to connect, why limit your customers to just one? Encourage customers to reach out in whichever method suits them and their schedule.

Ease of use: Simplify the customer experience by using intelligent chatbots, allowing them to answer their own queries, saving you time and effort. 

Integration with CRM software: Have instant access to essential data, such as customer research, customer behaviour patterns, repeat purchases and more in the same platform you use to communicate with them.

CCaaS brings all this together.

Why CCaaS Should be an Essential Part of Your Customer Retention Strategies

CCaaS, or Contact Centre as a Service, brings together voice, email, live chat, video, and messaging into one easy-to-use cloud platform, accessible from any internet-enabled device.

Here are a few features CCaaS offers:

• Omnichannel support – Meet your customers where they are, on the channel they prefer.
• Remote-ready – Perfect for hybrid teams, with no need to install or maintain software.
• Managed service – All updates and fixes are handled by your provider, so you don’t have to.
• High security – With end-to-end encryption and off-site data storage, your information stays safe.
• Disaster recovery – In the event of fire or system failure, your data can be recovered instantly.

Once CCaaS that we love is Zoom Contact Centre. Yes, the same Zoom that kept us all connected during the pandemic has invested in a revolutionary tool you can use to create the same positivity amongst your customer base.

Once you’ve onboarded the platform, here are just some of the benefits you and your team can expect:

Improved productivity – Because less time will be spent toggling between applications, contact centre staff will have more time to serve a higher number of customers and improve their efforts.

Eased pressure – Intuitive IVR (Interactive Voice Response) and intelligent chatbot solutions mean customers will reach the right place and have their questions answered sooner, saving time.

Increased availability – With a reduced reliance on physical staff working exclusively on phone lines, customers may be able to serve themselves with intelligent live chat to an extent, raising sales and allowing staff to allocate their time more effectively.

Agent performance data and reviews – Integrated tools can be used to monitor agent performance and highlight areas for improvement.

Customer feedback analytics – Monitor customer expectations and feedback with sentiment analysis to track satisfaction levels and avoid reputational damage from poor reviews.

Take a look at Zoom CCaaS in more detail at the link above.

Boost Customer Loyalty and Retention with Elite Group

If you’re new to the concept of CCaaS, we’re here to make it easy.

All our solutions are fully tailored, so you only pay for what you need, and we’ll make sure it’s set up to deliver maximum value. From proactive support from initial scoping through to onboarding and beyond, we’ve got the expertise and the tech to be your all-in-one strategic communications partner.

Speak to an Elite Group expert today and take the first step towards stronger customer engagement and long-term growth.