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Customer Retention

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What are the basics of customer retention?

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Customer Retention

  1. 1. Why customer retention? Confidential and copyright of Somo Global Ltd.January 17 1
  2. 2. What is retention? Customer retention is the act of driving repeat purchase of a product or service so that a single conversion becomes a habit, leading to: Increased transactions Higher engagement Higher advocacy Confidential and copyright of Somo Global Ltd. January 17 2
  3. 3. Retained and loyal customers spend 30% more More expensive to reach new customers than existing ones Increasing customer retention by just 5% can lead to an increase in profits up to-95% +30% 7x +95% Source: Buildfire.com, Nov 2016 Source: Buildfire.com, Nov 2016 Source: NG Data, “What is customer retention?”, Sept. 2016 The importance of customer retention Loyal customers are more valuable, easier to reach and more profitable January 17 3Confidential and copyright of Somo Global Ltd.
  4. 4. Even though the importance of retention is clear to most businesses the ability to delivery a clear retention capability is very low 74% 75% 76% 84% 14% 12% 13% 10% 0% 20% 40% 60% 80% 100% Matching customers across multiple devices Understanding customer behaviour over time Tailoring messaging by channel Associating conversion events with marketing Digital priorities versus current capability "Very important to growth" Strong capability in place Source: Econsultancy, “Customer Recognition Report”, Oct 2016 Retention Capability needs improvement Confidential and copyright of Somo Global Ltd. January 17 4
  5. 5. Creating ‘sticky’ customers requires co-ordination across the customer journey and between departments, with each element feeding into each other 3 key levers to a successful retention strategy Confidential and copyright of Somo Global Ltd. January 17 5 Being relevant: Knowing your Customer actionable insight Contact strategy: Acquiring and reaching valuable customers Optimal User Experience: Removing friction from the customer journey
  6. 6. 1. Building Relevance January 17 6
  7. 7. Creating and analysing data sources from across the customer journey will create a single customer view and provide valuable insight into your most loyal customers across multiple touchpoints Creating actionable insight to build relevance Confidential and copyright of Somo Global Ltd. January 17 7 Customer Insight -Purchase activity (conversion / abandonment -Response to marketing -Customer service performance -Payments / Loyalty -Social sharing / Advocacy -Desktop / Laptop -Tablet -Mobile -In-store -ROPO -Location -Address(es) -Orders in progress -Ratings and reviews -Delivery preferences -Wishlists Targeted Relevant Contact Strategy
  8. 8. 2. Optimal Contact Strategy January 17 8
  9. 9. Optimise and build contact strategy from acquisition through to nurture through to active decreasing churn Building retention through acquisition Confidential and copyright of Somo Global Ltd. January 17 9 Push Notifications Search Social In-App messaging Email Mobile Ad networks Retargeting SMS Partnerships Owned Are you sending the right messages to the right customers through the right channel? Which channels are most appropriate to your segments? Is your content customer-specific and relevant? Are you interacting in the correct way online? What interactions and data are you gathering, how will you action it? Are your app notifications aligned with your other channels? Are you using attribution effectively across channels to understand customer behaviour? Which channels are your most effective in terms of conversion and value with existing customers?
  10. 10. 3. First-Rate User Experience January 17 10
  11. 11. Why Improve Customer Experience Confidential and copyright of Somo Global Ltd. January 17 11 Improve Retention Increase cross selling and up selling Improve Customer satisfaction 42% 33% 32%
  12. 12. Customers Highly Value Great Experiences Confidential and copyright of Somo Global Ltd. January 17 12 86% of customers will pay more for a better customer experience By 2020, customer experience will overtake price and product as the key brand differentiator.
  13. 13. Analytics traffic review of digital channels Customer journey mapping Full site and app functional audit 1. 2. 3. Optimise user experience by removing friction in the customer journey A great user experience across multiple channels is key to keeping customers coming back January 17 13Confidential and copyright of Somo Global Ltd.
  14. 14. Conduct a root and branch review of your analytics platforms across websites and apps • Using your purchase funnel look deeply at customer churn through the conversion process and identify the specific pain-points experienced by users: • Where are customers dropping out from the journey? • Create contact strategies for cart abandonment. • Identify bugs and broken pages for attention. • Work across device types to get a clear understanding of whether there are significant individual or cross channel implications: • Is the site fit for purpose across all device and browser types? • Is your iOS application outperforming your Android one? • Long-list identified pain-points for fixing or flagging as specific challenges to be investigated further in the front end. 1. Analytics review of digital channels Confidential and copyright of Somo Global Ltd. January 17 14 BROWSING IS THE MAIN ACTIVITY ON THE MOBILE SITE 50% 1.4% 0.4% MAIN POINT OF DROP OFF, 3X MORE LIKELY TO ADD TO CART ON DESKTOP 50% MOBILE CART CONVERT VS 35% DESKTOP CART Example mobile analysis of purchase funnel attrition
  15. 15. • Customer journey mapping is particularly useful as a way of understanding the qualitative end-to-end process of fulfilling a specific goal, task or mission • They should be set up to accommodate multi-channel and multi- device experiences that better reflect the way that consumers interact with brands. 2. Customer journey mapping Confidential and copyright of Somo Global Ltd. January 17 15 PURCHASE DELIVERY REPEATRETURNS PRODUCT EXPLORATION PLANNINGINSPIRATION Task: I want to buy a summer outfit but I don’t know what I want Goal: Research, browse, compare and find a summer dress for a day out Task: I want to buy a specific item Goal: Buy a product as a returning customer Task: I want to buy on credit Goal: Set up a credit account • Journeys are mapped out in the completion of a particular goal or mission and during the process of doing so specific need states, challenges, pain- points and next actions can be observed. Journey maps identify a specific list of UX challenges for resolution and create a clear understanding of customer needs throughout the mission and where different channels are not meeting them. • Furthermore, insight into where and how different channels and devices are being used can help businesses to understand how to create a more coherent and seamless omnichannel journey for existing customers.
  16. 16. • Perform a detailed functional audit of all your channels to understand if you’re meeting the expectations of existing customers in terms of your service. • Our functional audit takes the whole consumer journey across the site and poses questions of the functionality at each stage, comparing it to direct competitors in your business' space, but also to best in class competitors from across different verticals such as Amazon or Netflix. • The purpose of this exercise is to understand where your channels sit in terms of your existing competitor set, but also to look at the sorts of functionality that customers desire from businesses due to their experiences on commonly used channels. 3. Full site and app functional audit Confidential and copyright of Somo Global Ltd. January 17 16 Poor Good Average BestinSector Homepage Search Search Results Product Detail Page Sales Page Category Landing Sign InAccount Servicing Product Exploration Purchase Inspiration & Planning Product Overview Page BestinClass Your performance
  17. 17. Build relevance through data: Create a deeper understanding of your customers through analysis of data to create a one to one relationship through retained customers Create a contact strategy framework that can optimise your acquisition marketing through to nurture and ultimately creating retained customers Audit and improve all of your digital channels from app to mWeb to web in order to build a friction-free omnichannel experience that has customers coming back for more Customer Insight Contact Strategy Customer experience How Somo can help Our 180-strong team of data scientists, planners, strategists, product managers, UX and UI designers and developers can build you a winning retention strategy in 2017 January 17 17Confidential and copyright of Somo Global Ltd.
  18. 18. Appendix January 17 18Confidential and copyright of Somo Global Ltd.
  19. 19. The Importance of Data Collection 1st Customer Journey 2nd Customer Journey Third party context data Location Time Personalisation (Context and relevance) Data Collection Data allows personalisation • Increases engagement • Increases conversion • Increases retention • Makes marketing useful Customer Insight: Knowing your customer
  20. 20. Reduce churn Gathering and actioning data effectively enables businesses to communicate with customers with more relevance ensuring that customers move from being one and done to loyal or frequent visitors Enable up- and cross-sell Understanding of customer behaviours around past purchase or future desires enables product- or service-matching that is grounded in associated relevance Increase customer lifetime value Ultimately a better understanding of your customers will lead to better targetted marketing and communications increasing the lifetime value of your customers. Benefits of knowing your customers Personalisation and well targeted messaging will create increased revenue and profitability Confidential and copyright of Somo Global Ltd. January 17 20 Customer Insight: Knowing your customer
  21. 21. Segment customers by customer lifetime value Create customer segmentation by loyalty / engagement triggers Review marketing channel effectiveness and plan activity 1. 2. 3. Developing a contact strategy for customer retention that drives value and engagement Creating a successful contact strategy allows businesses to more effectively target and engage loyal customers January 17 21Confidential and copyright of Somo Global Ltd. Contact strategy: Reaching your most valuable customers
  22. 22. • Segment your existing customer base using available customer data from sources outlined above to identify the biggest opportunity groups for retention marketing • NURTURE high value / high engagement customers through loyalty benefits • REACTIVATE high value / low engagement customers through return incentives for lapsed or dormant visitors • GROW spend from low value / high engagement customers Segment customer base by value and engagement Confidential and copyright of Somo Global Ltd. January 17 22 High Low Low High Value Engagement / Purchase frequency Lapsed High Value + Low Engagement = REACTIVATE  LoyalDormant Active High Value + High Engagement = NURTURE Low Value + High Engagement = GROW Contact strategy: Reaching your most valuable customers

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