Customer Retention Strategy | Field Ready Sales Plan: Ken Research

The Field Ready Sales Plan is a particular arrangement that sets out the sales targets & system for your business, and identifies different steps you take to meet your objectives. It assists you to choose the sales strategies that are appropriate to your target market, define a set of sales targets for your business, motivate, activate, and focus your sales team, recognize sales tactics for your sales team budget & clarify steps you will take to achieve your targets review your objectives periodically and improve your approaches to sales.

An effective sales plan is required to provide strategic direction for the sales team, monitor sales team’s progress to organizational goals, to communicate the company’s goals or objectives to your sales team and outline the roles & responsibilities for sales team & leadership. A typical Field Ready Sales Plan includes revenue targets, target customers, pricing & promotions, strategies & tactics, team structure, market conditions, deadlines & DRIs (Directly Responsible Individuals).

Many businesses develop/update sales plans periodically every 6 or 12 months. You should treat your sales plan as a living' document, which you can revise regularly. Ken Research has numerous customer retention strategies to increase your sales. Customer retention refers to various activities that companies do for reducing the number of customers they lose each quarter, month, and year. Customer retention is essential for long term survival of your eCommerce business and eStore. Some stages of customer retention include social bond, financial bond, structural bond, and customization bond etc. Social bond focuses on building social bonding with the customer that builds longer time profits. In financial bond, customers are offered financial benefits for instance discounts and other free cross-services to avoid the churn. The business uses this stage of retention to get customers’ attention for other levels of retention. Structural bond stage works in Business-to-Business (B2B), in which the business forms a bonding intimate enough that they share a part of business structure that is hard to break. Therefore the retention becomes a crucial part of business structure. Additionally, customization bond stage involves the mass communication with the customer & developing an intimate understanding between the two. With this bonding, the product or services are no longer of one standard but get customized as per the customers’ requirements. The price or charges become more flexible.

Some of the key Customer Retention Strategy includes form customer councils, preview & validate new features, run contextual in-app surveys, onboard new customers, set cleat expectations, act of customer feedback, utilize product announcements, offer multi-channel support, send customer satisfaction surveys, start a customer loyalty program, trigger emails to bring back inactive users, incentives customers with referral programs, use a discount to re-engage first time buyers, use the element of surprise, publicly acknowledge your mistake, empower customers with self-serve resource, thank your customers, and among others. With the effective customer retention strategies, you can boost sales revenue, protect your business resources, build a strong commercial relationship with your clients, and take your business towards branding, all in most cost-effective ways.

For More Information, Click on the Link Below:-
https://www.kenresearch.com/marketing-strategy.php

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations, technology, transformation, digital, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Serving 70% of fortune 1000 companies globally, some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

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