Be it Merchant Cash Advance or any other business, customer retention is as critical for a company like customer satisfaction, if not more.
Therefore, to put things in the right perspective, it has been found in a research conducted by Harvard Business School, that increase in customer retention rate by just 5 percent can boost profits by 25-95 percent.
However, to retain a customer for a prolonged period of time does not just happen on its own. This is because; to retain customers it needs periodic re-engagement with the customers to remain on top of their mind.
Now that we have established the fact that your MCA business needs to retain its customers for long term success of your company, let us take a look at some of the ways you can keep your customers engaged to increase the chance of retaining them:
So how do you improve your customer retention plans?
1. Personalization Is Key
Although it might not be practical to compose a separate message for every single customer but segregating customers into groups using MCA CRM software (based on history, location, loan preference, business size, etc.) and thereafter sending group-specific messages can also go a long way in establishing an emotional connection with your customers.
Merchant Cash Advance CRM software systems make it easier for MCA businesses to not only retain important information about each customer in the CRM database , but it even allows businesses to send their customer personalized messages and emails based on that information.
2. Add rewards
One of the very first questions that pop in our mind when someone asks us to do a favor is: “What is in it for me”?
Even though attending to a small feedback-form most often takes nothing more than just a couple of minutes, most customers do not bother to write a review, or fill out customer feedback forms unless they get something in return.
Hence a great way to guarantee reviews or feedbacks from your existing MCA customers is by paring your request with a reward.
In fact, offering rewards to customers for their reviews and feedbacks helps in two ways:
• Primarily, customers feel more connected with your Alternative Financing business since once they are assured of the reward they feel it necessary to spend a few moments to think about your services and thereafter write the review.
• Secondly, the customer will return to your business once you make necessary changes in your workflow based on their suggestions, which shows your care and encourage a sense of responsibility towards your customers.
3. Great service assures higher chances of retention
The greater your service is to your customers the very first time, the higher are your chances of retaining your customers over time.
This is because when it comes to service, as always quality is a factor that beats speed.
This statement can be substantiated by the statistics that more than 86 percent of customers in any business are willing to pay more if that guarantees an enhanced customer experience, as reported by Oracle.
Another aspect that delivers great customer service is making customers feel that they are known by your organization.
Although casual conversation with customers might at times seem unnecessary, however, there are many experts those believe that customers like it when they are shown that they are important and are not rushed for accepting your services.
Choosing the right platform for customer service is also very critical. Since for certain businesses email might be still the acceptable means for communication, while for others, live chat may be an absolute necessity to conduct their business.
4. Share customer feedback on social media
Sharing contents that are engaging on social media networking websites play an important role in improves the chances of customer retention for your Cash Advance business.
Additionally, sharing reviews of the existing customers on social media networking websites have also proved to be a powerful tool for the purpose of engagement as customers find it more credible when hearing from people who have actually used your MCA service.
5. Schedule your interactions with your customers
You are most likely to make your follow-ups with your customers and if you have a schedule monitoring tool like Merchant Cash Advance software that allows you to set up follow-up emails and calls.
As a matter of fact, Merchant Cash Advance CRM software that comes with integrated appointment scheduling tools can go a long way in making sure that you meet the expectations of your customers.
Conclusion
Therefore an MCA CRM solution not only makes life easier for Cash Advance businesses who are trying to enhance the CRR (Customer Retention Rate) of their firms, but it also helps in improving overall Customer Experience (CX) by providing valuable insights about the customers at a periodic interval for rapid business growth .
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