Technological Aid for Customer Retention in the Construction Industry.
Construction companies are faced with enough challenges when it comes to customer relations. The industry is driven by work ethics and relationships and consistently inculcate a people-centric culture to cater to its internal and external customers. Customer loyalty and retention play a crucial role in the success of any business.
Why Customer Retention?
Customer retention inspires trust in the company, creates a channel of loyal consumers and boosts its brand equity. Another important aspect to consider is that the customer acquisition cost is higher than customer retention cost for any business. The Marketing Metrics statistics state that ‘the success rate of selling to an existing customer is 60 – 70%, while the success rate of selling to a new customer is only 5 – 20%.’
Customer Life Cycle
The construction industry operates with internal customers that are contractors. There are many parameters that may affect the relationship with the contractors. They may decide to leave for better prospects or lack of capabilities at their end. This would be a natural end to the relationship. However, contractors need to feel to be partners in success and demand a professional approach. Clearly asserting your requirements for the project, including deadlines, milestones, quality specifications, etc. falls under this purview. In the absence of clarity and proper monitoring of contractors, projects may be compromised and hence would further lead to heart burns and loss of a contractor relationship.
Technology to the Rescue
IoT based technology has been instrumental in improving customer retention strategies. In the construction industry alone, it is aiding to streamline operations and drive everything smoothly with real-time data feed and analysis. It has become easier for construction companies to align contractors with their project goals, define milestones, quality parameters and inspection schedules and certifications; and keep them on track. It has enabled better communication and customer relations.
The Most Preferred Technological Solution
Realus- Construction Management Software is a cloud-based Quality Management Suite that is helping the construction industry make a shift from paper-based manual quality check processes to real-time Maker-Checker automated processes. It offers complete visibility on construction quality levels, thereby enabling the companies and their internal customers are in command of the project.
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