Stop focusing on numbers: start focusing on customer retention
They say customer acquisition costs far more than customer retention – up to five times, in fact. While sales teams may have a sole focus on this one goal, Paula Bates at Toucan Telemarketing says that customer retention is just as important.
“We have a few processes,” says Paula, whose teams call themselves the “silent arm” of their current clients’ sales staff.
“We’re engaged by businesses to start the sales cycle, to talk to people who may not have heard of our customers before, and to reinvigorate dormant customers.”
The process is linear for the Toucan Telemarketing team, who help their clients set up key face to face meetings. Step two focuses on retention, looking at how they can re-evaluate their methods to engage customers at every step of the cycle.
How the Toucan Telemarketing customer retention process works
“We take on new customers and start on their customer retention strategies right away,” says Paula. “Often, they’ll say, ‘this is how we do things.’ We are very transparent about our processes – if one way isn’t working for them, we’ll suggest switching things up.”
Another key strategy is to continually review data, says Paula. For example, the Toucan Telemarketing team may examine a “dormant” account and enquire as to whether or not the client has been approached by a competitor.
“Retaining customers is a huge challenge for middle-sized businesses, and those approaching the top end of smaller businesses,” she adds. The key is to look after existing accounts and use your own buying/selling cycle data to catch a contact when they’re most receptive to communication.
Why customer retention is so important
The Toucan Telemarketing team prides itself on being a team of 20, with a personal approach. It is this personal approach that has led them to be so successful, and Paula says this way of thinking could help other businesses.
“We are part of your team and we show it. We’re not a faceless organisation,” she says. With that in mind, Paula encourages all her clients to personalise their approach with each customer.
It’s a sentiment that’s echoed by the stats. 80% of us are more likely to convert with a personalised customer experience. This account-based marketing approach puts leads in front of a real person, a person who can engage in genuine conversation with them about their day, rather than a switchboard. Consistent customer satisfaction through personable interactions is essential to maintaining and increasing customer retention rate.
Further studies show that you are up to 70% more likely to sell to an existing customer than a new one. For Paula, it’s a holistic process, building relationships from the ground up.
“Our clients have the product knowledge and we have the connections. We put them in touch with key contacts and examine their strategies, encouraging them to build an organic, not pushy, relationship. This approach has helped us win clients from competitors far larger than Toucan.”
For an extra arm of your sales and telemarketing team, contact Toucan Telemarketing today.