Is your alternative funding business focused on acquiring new customers or is it that you are more interested in retaining your existing ones?
Although it is always appealing to acquire new customers, nevertheless customer retention (that many companies ignore) is, in reality, the key revenue driver of any small business organization.
Now, if you are a user of Merchant Cash Advance CRM software, which is also popularly known as MCA CRM, for your Cash Advance business, here are a few statistics that you simply cannot ignore, to drive home the importance of customer retention strategy for your MCA business.
Therefore, with so much importance on customer retention, it is most essential that you need to incorporate customer retention best practices in your alternative funding business strategy to increase your MCA businesses’ customer retention rate.
Here are a few customer retention strategies that will aid you to maintain a competitive edge over other MCA businesses in your alternative funding market.
It is a big mistake, if after sealing a deal with a new customer; you immediately turn your attention back to acquire another, elated by the win.
This is because, it is extremely important that you must engage your new customer right from the start, and never leave them to fend for themselves once they have signed your MCA contact, and the best way for doing it is to deliver a robust onboarding program.
Train your Cash Advance business customers how to use your alternative funding services successfully, and to its full potential, so that you can generate the maximum returns on your investments.
If you are using an MCA CRM software, use automation to conduct online customer surveys of your existing customers to find out where they are struggling and how you can improve their customer experience with your Cash Advance business.
According to a nearly proverbial quote and a sage advice by Bill Gates, it says:
“Your most unhappy customers are your greatest source of learning.”
Therefore, conduct customer surveys using your Merchant Cash Advance software, to let your customers voice their concerns.
You can also send one-off emails to the participating customers of your survey sharing the results and laying out the plans you made based on their feedbacks that will show your customers that you really care about their pain-points and you are taking proactive measure to address them, which increases customer retention by building enhanced customer loyalty.
Select a group of customers from your most important customer’s list and form a Customer Advisory Board (CAB) to discuss with them about your MCA services and their experience using it.
Let CAB in your alternative funding firm, be an open forum, where your most important customers can voice out their concerns and satisfaction, which can provide valuable insights into the minds of your existing customer base.
Make it point that you share the key takeaways you receive from the CAB meetings and draft an email to all your MCA customers informing them about the changes in your business plans, which will get your entire customer base involved that will help build trust and boost customer retention for your Cash Advance services.
Do you know more than seven out of ten customers are willing to pay better rates of interest if they receive a world-class customer experience from employees of your MCA firm?
Therefore, never make your customers wait when they require support. Since according to market survey more than 77% of consumers said that they value their time as one of the single most important things that any company can do to deliver excellent customer service.
Provide your customers to submit their help desk tickets through multiple channels (social media, phone, email, and live chat) and try to increase the FCR (First Contact Rate), by resolving customer support issues on the first attempt without escalating the support ticket and making the customer wait till you get back later on.
Hence, using a Merchant Cash Advance CRM platform like ConvergeHub that is capable of handling multi-channel customer support, and also aid in increasing the FCR by using its knowledge base for resolving frequently asked customer issue is the need of the hours for all small and medium-sized MCA firms looking for growth in their business and revenue.
With so much information stored in your CRM Database, using an MCA CRM software, it is extremely simple to tailor every interaction that you have with your existing alternative funding customers.
Hence, suggest your sales, and support team members open the contact records in your best small business CRM software and view all the interactions your customers had with your MCA firm in the past, before trying to solve their pain-points and issues.
MCA CRM software like ConvergeHub, which is capable of providing a 360-degree view of your customers, makes personalization of customer-facing interactions, even more, easier, allowing MCA businesses to form warmer and closer relationship that does wonders for increasing CRR (Customer Retention Rates) in your Cash Advance business.
Last but not least, remember educating your MCA customers does not end with the onboarding program, being discussed at the beginning of this article.
Once the customer onboarding is accomplished in a proper manner, publish blogs articles on a regular basis (once every fortnight), which helps to continually educate the customer on emerging trends, and tips on how your customers can grow their revenue using your Cash Advance services.
If you are using the best small business CRM software like ConvergeHub, you can easily use your MCA CRM software to develop a knowledge base for your customers to house these educational resources and update the existing ones, which will not only increase the satisfaction level of your Cash Advance customers, but also boost customer retention rate, help treat your important customers like business partners and assure them that you are taking their opinions and suggestions seriously.
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During the Rocket Launch session, we will do a deep dive into your MCA business along with you, and brainstorm how ConvergeHub can help you acquire leads, automate your sales process, improve your conversion and get more referrals from satisfied customers.
Do you have a strategy that works well for increasing the CRR for your MCA business? Share it with us in the comments section below!