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Customer Retention: Why Your Dog Would Make More Money Than You

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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.

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
  3. THEY CERTAINLY DON’T MAKE MONEY
  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
  8. EQUALSLOYALTY CUSTOMER RETENTION
  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
  22. COMMUNITY BUILD A
  23. Some ideas: - Phone calls. - Surveys. - Blogging. - Slideshows, etc. SLIDESHOWS VIDEOS BLOG POSTS EBOOKS SHARE!
  24. SHARED EXPERIENCES BUILD 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 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?
  32. PERSONAL EMAIL IS
  33. 0% 25% 50% 75% 100% Email Facebook SMS Twitter % PEOPLE THAT USE EACH MEDIUM DAILY WE HAVE A WINNER! 90%+
  34. EVERYONEHAS EMAIL
  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
  39. EMBRACE LIFECYCLE EMAIL! 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

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