User retention rate is how well a company maintain Customers to make an action on whether they visit on our asset or purchase the products more than one time.
www.foodmagz.com
www.proximaalpha.com
2. User Retention Strategies
What is customer retention?
User retention rate is how well a company maintain Customers to make an action
on whether they visit on our asset or purchase the products more than one
time.
A low retention rate is similar to filling a bucket with holes in the bottom. This
means it is not always about how good your marketing strategies are, it is mainly
about how well your product experience or services that you offer to delight your
end Customers.
3. 1. Personalized Service
Rule no.1 : Have Customer obsessed. Don’t follow what competitor has been doing.
Focus on what your Customer wants.
Rule no.2 : Customers never satisfied.
Customers want to be threated as a king. So, personalization in terms of product
experience, marketing, as well as Customer Services would be one of the major
part in maintaining your relationship and user retention.
4. 2. Create excitement to your vertical or horizontal market
Social is a means to express yourself, what the company has been doing and tell
the stories of the products. To create excitement, you need a combination of
communication approach as well as services they might be interested in.
Let say, your product experience is great. However, if you can’t tell the stories
through good communication languages, they might not fully understand unique
value proposition of the products.
5. 3. Use positive social proof
Numerous research or studies on customer acquisition have shown that positive
social proof such as positive sentiment on Social Media or as simple as
testimonial are commonly the most powerful ways for getting people to listen
and trust your brand and hopefully increase your retention.
6. 4. Product Experience wins
Don’t focus on marketing strategies
before providing the best product
experience to the Customers. If you
run a service company using website or
mobile apps as assets, make sure your
customer experience (UI / UX, User
Journey) as well as the product itself are
the best.
7. 5. Reward your market or loyal advocates
The quickest way to recognize your brand advocates is with a loyalty program or
referral program such as giving existing customers a $20 credit when they refer
someone who becomes a customer or simply make a purchase (and that new
customer gets a $10 credit on their account). However, that strategy usually
requires a lot of money.
Another way : When your customers spend their time to recommend your service or
product to others, let them know that you see and appreciate it in a way saying
thanks or give them credit. it shows you are paying attention and confirms that
their feedback or testimony means everything to you.
8. 6. Analysis with relevant tools – Cohort Analysis and others.
In order to catch up business objective, usually company needs to run dozen of
experiment. It could be service experiment or campaign experiment. Whatever that
is, analysis your experiment is needed, and it has to be analyzed regularly due to
customer behavior changing overtime. One of the famous tools is a cohort analysis.
A cohort analysis is a subset of behavioral analytics that takes the data from a
given data set. For example, all users with the same Acquisition Date belong to the
same cohort. The Cohort Analysis report lets you isolate and analyze
cohort behavior.
9. Follow us on Social Media
and our businesses
www.proximaalpha.com
www.foodmagz.com
IG : @foodmagz_id