Customer Retention: Why Your Dog Would Make More Money Than You
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Customer Retention is extremely important for any online business, though is often overlook. Learn how to increase your customer retention rate (and reduce churn) with these tips and tricks.
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Customer Retention: Why Your Dog Would Make More Money Than You
- 1. CUSTOMER RETENTION OR WHY YOUR DOG MONEY WOULD MAKE MORE THAN YOUVERO
- 2. DOGS COST MONEY GROOMING FOOD HEALTH
- 4. YET...you’d never, ever LEAVE them, would you? BUT YOU’D NEVER LEAVE THEM
- 5. IMAGINEIF YOUR ONLINE BUSINESS WAS AS LOVED AS YOUR DOG
- 6. RETENTION ...AND YOUR CUSTOMERS DIDN’T LEAVE. THIS IS CALLED
- 7. $0 $5,750,000 $11,500,000 $17,250,000 $23,000,000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 20% churn - your business 5% churn - your dog Customer retention affects revenue DRAMATICALLY $22M / year VS. $16M / year
- 9. SO HOW DO YOU IMPROVE RETENTION?
- 10. But how do you build loyalty? Two things influence loyalty. 1. Behaviour 2. Attitude 1 KNOW WHAT LOYALTY LOOKS LIKE AKA: TRACK EVERYTHING
- 11. KNOW YOUR CUSTOMERS’ THOUGHTS BEFORE THEY DO TRACK USER FLOWS TRACK CLICKS ASK QUESTIONS
- 12. IF A CUSTOMER MOVES FROM LOYAL TO NOT LOYAL PULL THEM BACK
- 13. ENGAGED EMAIL IS A GREAT TOOL TO KEEP YOUR CUSTOMERS
- 14. Remind your customers you exist. Useful reports like this from UserVoice...
- 15. ...or this daily update from Quibb are extremely effective.
- 16. Send them regularly or when customers change their behavior.
- 17. Build emails around your core building block, e.g. profiles.
- 18. Gaming the system Customers with multiple free trials, using coupon codes, etc. Exporting data Why are customers all of a sudden taking data elsewhere? Credit cards expiring Not renewing credit cards after they expire. SOME OBVIOUS SIGNS OF A LACK OF ENGAGEMENT:
- 19. RJMetrics http://blog.rjmetrics.com/ecommerce-churn-rate/ Lincoln Murphy http://sixteenventures.com/saas-churn-threats David Skok http://www.forentrepreneurs.com/why-churn-is- critical-in-saas/ Totango http://blog.totango.com/2011/10/3-ways-to-do-cohort- analysis-on-saas-churn/ LEARN TO CALCULATE YOUR RETENTION RATE / CHURN:
- 20. 2 EARN YOUR CUSTOMERS’ TRUST AKA: SHARE, SHARE, SHARE!
- 21. TRUST IS DIFFICULT TO PIN DOWN
- 23. Some ideas: - Phone calls. - Surveys. - Blogging. - Slideshows, etc. SLIDESHOWS VIDEOS BLOG POSTS EBOOKS SHARE!
- 25. Great companies, like SEOMoz, build great communities by sharing.
- 26. Inbound.org is a great example of how to build trust.
- 27. Email is your friend! Net-a-porter educate via “The Edit”. Full image link. Digital magazine = fashion education
- 28. KISSmetrics share blog posts constantly: they post every day. This is what blogging is about!
- 29. ...they share different formats too. Re-share content for IMPACT
- 30. Sharing your knowledge works. All the cool kids are doing it, like Wistia... Fun, AND it works!
- 31. ...and Help Scout. So why aren’t you?
- 33. 0% 25% 50% 75% 100% Email Facebook SMS Twitter % PEOPLE THAT USE EACH MEDIUM DAILY WE HAVE A WINNER! 90%+
- 35. Plus, it’s PROactive not PASSIVE
- 36. ENGAGED TRUST KEEP YOUR CUSTOMERS AND BUILD
- 37. AND YOUR CUSTOMERS WILL LOVE YOU LIKE THEY LOVE THEIR DOGS!
- 38. WANT TO REDUCE YOUR CHURN? VERO
- 40. LEARN HOW GET OUR FREE 30 DAY COURSE ON HOW TO SEND LIFECYCLE EMAILS. DELIVERED VIA SEVEN EMAILS, OPT-OUT ANY TIME. CLICK IT Learn to send better emails
- 41. WANT *EVEN* MORE? SUBSCRIBE TO OUR BLOG, FULL OF EMAIL MARKETING HACKS Subscribe to our blog
- 42. PS - SHARE THIS PRESENTATION IF YOU FOUND IT USEFUL :) ...OR FOLLOW ME ON TWITTER @CHEXTON