Stock broker is researching stock market on computer tabletAcquiring new clients is the primary goal of every telemarketing campaign, but as marketers go about chasing their lead conversion targets, they must not forget about their existing patrons. Most telemarketers invest a lot of time in hiring business list brokers, calling prospects and taking them through the sales funnel. Many of them, however, often neglect customer retention and satisfaction, both of which are imperative to business success. As acquiring more customers is more exciting than customer retention, many businesses tend to let the need take a backseat.

Why Focus on Customer Retention?

Paying attention to the existing customers is imperative for businesses. A recent research shows it is 6-7 times costlier to acquire a new customer than to retain an existing one. Undoubtedly, gaining a customer through marketing and losing an existing one because you didn’t pay enough attention means no change in the number of customers. The margin, however, lowers as a result of decreased profits and increased marketing costs.

In addition, it is always easier to sell a product or service to an existing customer than a new prospect. If a customer was satisfied with your product and you were in touch with the customer regularly, you may be successful in convincing them to try a new product or service.

Focus Areas

Team Development

It is important to teach your employees the fundamentals to address the needs of the prospects, rather than trying to force-sell. Any interaction that a customer has with any of your team members impacts your business. It is, therefore, important to provide your team with the tools they need to guide their conversations and optimize conversions.

Employee Satisfaction

Happy employees result in happy customers. Customers and employees are equally important assets for your business. If your employees do not love your company, the customers too may not hold your brand too high. Try to create a balanced atmosphere in the team, wherein the employees are recognized for their efforts and given continuous support to excel.

Checklist for Team Members

  • Telemarketers need to ask open-ended questions to prospective customers. Open-ended questions enable the callers to understand the prospects better and also refine their skills to handle their customers better in the future.
  • It is important for telemarketers to follow-up with the customers and resolve the problems if any, of the customers on time. It is advisable to resolve the problem within the promised timeframe because over promising and under delivering takes clients away from a business.

Conclusion

Once you have established a team of happy employees and trained them to present your products to customers, it is the time to encourage them to go forth and prove themselves on the floor. The key to a successful business is to add new customers and at the same time pay attention to the existing customers too. Make the existing customers your first option, when you come up with a new range of product or service because it will lower the sales cost and provide the more stability to your business. Last but not the least, source the calling data from a competent business list broker to ensure your initiatives are targeted in the right direction.

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