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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.

Published in: Technology, Business
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Customer Retention: Why Your Dog Would Make More Money Than You

  1. CUSTOMERRETENTIONORWHY YOURDOGMONEYWOULD MAKE MORETHAN YOUVERO
  2. DOGS COSTMONEYGROOMING FOOD HEALTH
  3. THEYCERTAINLYDON’TMAKEMONEY
  4. YET...you’d never, ever LEAVE them,would you?BUT YOU’DNEVER LEAVE THEM
  5. IMAGINEIF YOUR ONLINE BUSINESS WAS ASLOVED AS YOUR DOG
  6. RETENTION...AND YOUR CUSTOMERSDIDN’T LEAVE. THIS IS CALLED
  7. $0$5,750,000$11,500,000$17,250,000$23,000,0001 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 3520% churn - your business5% churn - your dogCustomer retention affectsrevenue DRAMATICALLY$22M / year VS. $16M / year
  8. EQUALSLOYALTYCUSTOMER RETENTION
  9. SO HOW DO YOU IMPROVERETENTION?
  10. But how do you build loyalty?Two things influence loyalty.1. Behaviour2. Attitude1KNOW WHATLOYALTY LOOKS LIKEAKA: TRACK EVERYTHING
  11. KNOW YOUR CUSTOMERS’THOUGHTS BEFORE THEY DOTRACK USERFLOWSTRACKCLICKSASKQUESTIONS
  12. IF A CUSTOMER MOVESFROM LOYAL TO NOT LOYALPULL THEM BACK
  13. ENGAGEDEMAIL IS AGREAT TOOL TOKEEP 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 systemCustomers with multiple free trials, using coupon codes, etc.Exporting dataWhy are customers all of a sudden taking data elsewhere?Credit cards expiringNot renewing credit cards after they expire.SOME OBVIOUS SIGNS OF A LACK OFENGAGEMENT:
  19. RJMetricshttp://blog.rjmetrics.com/ecommerce-churn-rate/Lincoln Murphyhttp://sixteenventures.com/saas-churn-threatsDavid Skokhttp://www.forentrepreneurs.com/why-churn-is-critical-in-saas/Totangohttp://blog.totango.com/2011/10/3-ways-to-do-cohort-analysis-on-saas-churn/LEARN TO CALCULATE YOUR RETENTIONRATE / CHURN:
  20. 2EARN YOURCUSTOMERS’ TRUSTAKA: SHARE, SHARE, SHARE!
  21. TRUST IS DIFFICULTTO PIN DOWN
  22. COMMUNITYBUILD A
  23. Some ideas:- Phone calls.- Surveys.- Blogging.- Slideshows, etc.SLIDESHOWSVIDEOSBLOG POSTSEBOOKSSHARE!
  24. SHAREDEXPERIENCESBUILD LOYALTY
  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 whatblogging 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?
  32. PERSONALEMAIL IS
  33. 0%25%50%75%100%Email Facebook SMS Twitter% PEOPLE THAT USE EACH MEDIUM DAILYWE HAVE AWINNER!90%+
  34. EVERYONEHAS EMAIL
  35. Plus, it’s PROactivenot PASSIVE
  36. ENGAGEDTRUSTKEEP YOUR CUSTOMERSAND BUILD
  37. AND YOUR CUSTOMERSWILL LOVE YOU LIKETHEY LOVE THEIR DOGS!
  38. WANT TO REDUCEYOUR CHURN?VERO
  39. EMBRACELIFECYCLE EMAIL!VERO
  40. LEARN HOWGET OUR FREE 30 DAY COURSE ONHOW TO SEND LIFECYCLE EMAILS.DELIVERED VIA SEVEN EMAILS, OPT-OUT ANY TIME.CLICK ITLearn to send better emails
  41. WANT *EVEN* MORE?SUBSCRIBE TO OUR BLOG, FULL OFEMAIL MARKETING HACKSSubscribe to our blog
  42. PS - SHARE THISPRESENTATION IF YOUFOUND IT USEFUL :)...OR FOLLOW ME ON TWITTER@CHEXTON

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