Customer Retention & Nurturing
In the sales optimization stage we honed in on which customers and products were generating the most profit for your organization. Now that we know who we want to work with, we need to do a deeper dive on their buying behaviors and more about what makes them tick. Then we’ll develop systems for retaining them and nurturing them into long-term advocates.
Analyzing your customer involves both quantitative and qualitative data. From a quantitative perspective, we’ll look at your CRM analytics, determining how they initially contacted you, their average time to purchase, how often they buy from you, how many communications, and preferred communication styles (phone, email, in-person, etc.) to understand the buyer journey. Qualitative data comes from sales and customer service representatives as well as clients in the form of interviews and surveys, which help more on the psychology side of the transaction.
Customer analysis will help a great deal in building out the ideal buyer profile. For this stage, we are looking to uncover their typical buying behaviors, where they hang out on / offline, motivations, frustrations, key personality traits and detailed characteristics on their careers, companies they work for, and channels of influence. We’ll even go so far as to give them and name and find a photo for their bio. This helps create a hypothetical person that your sales and marketing team can have dialogue with, uncovering deeper challenges and opportunities the ideal buyer would encounter in their daily lives.
Account Management Optimization
It is 50% easier to get repeat business from current customers than it is to acquire new ones. Often times your account team will have a representative that outshines the others as far as farming relationships. Our focus at this stage is to document, analyze, and identify the top qualities your customers respond to and implement cross-organizational systems to train current as well as new account managers. Improving retention even slightly will result in better long-term performance from first-time customers.
Nothing beats a direct communication between the sales / account team and your customers. However, there are a lot of follow ups and steps in between those communications that can be optimized or even automated. Fungi’s solution to these gaps is to automate communications at both the marketing and the sales level leveraging your existing CRM (or a new one depending on desired capabilities). Automations can come in the form of a simple pre-built follow up email from the account rep’s email address, long-term follows ups to touch base, internal triggers to remind the sales team to follow up with a customer after a certain time period, or even text messages.
For mature companies, often times we find there are lists upon lists of old customers who haven’t been re-engaged in years. Over time, you’ve spent countless hours and likely tens of thousands of dollars to acquire new customers who now sit in a cold, dark, dank database, never to be contacted again. Our database engagement strategy involves identifying the most relevant old customers (those who match up with your ideal buyer) and slowly but consistently re-engage with them. These campaigns are often geared towards re-introducing them into the sales and marketing funnel so that they move from a legacy list to becoming an engaged customer once again.