"The Startup's Guide to Customer Retention," Retention Science >> Jerry Jao [COMMERCISM 2014]

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IMAGINE ALL THE…CHANNELS: THE STARTUP’S GUIDE TO CUSTOMER RETENTION, Jerry Jao, Co–Founder and CEO, Retention Science

IMAGINE ALL THE…CHANNELS: THE STARTUP’S GUIDE TO CUSTOMER RETENTION, Jerry Jao, Co–Founder and CEO, Retention Science

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  • 1. @reten&onsci   @jerryjao  
  • 2. I  <3  ecommerce   @reten&onsci   @jerryjao   •  1st  ecommerce  at  the  age  of  15   •  3  startups   •  Blogs:     •  forbes.com/sites/jerryjao   •  prac&calecommerce.com/author/jerry-­‐jao  
  • 3. 2  ways  to  grow  your  business   @reten&onsci   @jerryjao  
  • 4.   Exis&ng  customers  spend   33%  more       80%  of  future  profits  come   from  just  20%  of  exis&ng   customers*   Acquis&on  vs.  Reten&on   *Gartner  Group   @reten&onsci   @jerryjao  
  • 5. Manage  your  marke&ng  budget  on  things   that  will  move  the  needle   @reten&onsci   @jerryjao  
  • 6. Focus  on  channels  that  drive  high  ROI   @reten&onsci   @jerryjao  
  • 7. Customer  Life&me  Value   @reten&onsci   @jerryjao   hVp://www.cmo.com/content/cmo-­‐com/home/ar&cles/ 2013/8/23/how_to_measure_clv_a.html  
  • 8. How  to  measure  Customer  Life&me  Value  
  • 9. What  are  your  success  metrics?   Customer  life&me  value     Repeat  purchase  rate     Customer  re-­‐engagement     Cost  of  acquisi&on  and  its  ROI     @reten&onsci   @jerryjao  
  • 10.                                               Use  data  to  drive  mul&-­‐channel  campaign  recommenda&ons  &   measure  key  metrics                                                                                                                                             CRM  Tools              Web   Sales  data   Demographic  data   Behavioral  data   Social  data   Personalize  each  customer  interac&on  
  • 11. Create  a  1-­‐to-­‐1  customer  treatment  for  your  customers   @reten&onsci   @jerryjao  
  • 12. How  to  be  cost-­‐effec&ve?   Set  up  Google  Analy&cs     Lots  of  experiments  (you  won’t  know  un&l   you  try),  but  do  it  in  small  doses     Only  experiment  one  “variable”  at  a  &me     Take  advantage  of  free  services         @reten&onsci   @jerryjao  
  • 13. Thank  you!