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How Distributors Improve Customer Retention

How Distributors Improve Customer Retention

A common rule of thumb in distribution is that it is seven times more expensive to acquire a new customer than keep an existing customer. When it comes to stable and predictable growth, in many ways customer retention may be more important than customer acquisition.

Customer Retention Metrics

SMP gives you the ability to view, share and manage all your important customer retention metrics in easy-to-build dashboards and visualizations. Things like:

  • Customer churn rates
  • Days Sales Outstanding by customer
  • Growth rates and share of wallet by customer
  • Total purchasing history and profitability by customer
  • Frequency of purchasing and size of order

Watching these metrics closely gives you the ability to respond quickly to variations before you lose a valuable customer. You can monitor your best customers and coach your team on how to boost their spend and loyalty.

Get a 360-Degree View of Your Customer

Distribution sales is unique because of the interaction of customers, products and services in order to win sales. This makes a real 360 view of your customer unattainable for distributors with most CRM systems. Fortunately, SMP includes the three most important elements for a 360-customer view in a distribution company:

  • Integration to ERP data
  • Simple activity creation, management and tracking
  • Easy data visualizations for better insight

With SMP your team will better understand customer challenges, goals, preferences and more to be more customer intimate and responsive than your competitors. You will collect all notes, marketing, service and sales data so that your customer responses are unique, personalized and engaging. And SMP makes it easy to scale up your customer relationships across your entire team – more interactions

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