Retentiongrid_Kevin Dykes

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A model for increasing retention and growing customer / user loyalty.

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Retentiongrid_Kevin Dykes

  1. 1. At a glance Amazon-grade automated customer retention for SMB e-commerce. In 11 months: •  > 3000 shops in 55 countries tracking 3 million consumers Designed for the non-technical sales and marketing end user: •  Push button integration •  Easy to understand •  Affordable Opportunity Mining & Automated Selling: •  Real-time alerts about high value selling moments •  Triggered Smart Campaigns with personalized product recommendations
  2. 2. E-commerce •  Customer •  Products •  Core Metric = Orders SaaS, App or Game •  User •  Features •  Core Metric = Session A Model for Increasing Retention and Growing Customer / User Loyalty Important Vocabulary
  3. 3. A 5% increase in customer retention can increase your profit by 75%, since current customers… And that’s not all… Growth is More than Acquisition
  4. 4. The power of loyal customers: –  Best source of referrals –  Most likely to try — and love — your new products –  Welcome up-sell and cross-sell suggestion Lengthening Lifecycle is Key
  5. 5. A simple yet highly effective model for retention
  6. 6. The one time buyer problem 81% one time
  7. 7. The impact of the 2nd order
  8. 8. New – ordered once in the last 30 days Retention To-Do List: •  Send a thank you •  Explain care and usage •  Invite them to join your social channels •  Share your story
  9. 9. Drifting – 1-3 orders, 31 to 90 days ago Retention To-Do List: •  Recommend popular products •  Offer a time-limited discount
  10. 10. Sleepers – 1-3 orders, > 91 days ago Retention To-Do List: •  Bold email subject lines for attention •  Be persistent
  11. 11. Promising – 2-3 orders, within last 60 days Retention To-Do List: •  Consider free shipping and exclusive offers •  Recommend products based on previous purchases
  12. 12. Loyal – 4+ orders, within last 90 days Retention To-Do List: •  Share exciting news •  Ask for reviews and referrals •  Convey a sense of exclusivity •  Consider loyalty programs
  13. 13. At Risk – 4+ orders, 91-365 days ago Retention To-Do List: •  Personal outreach to discover problems •  Send a satisfaction survey •  Offer a discounts for orders above a minimum value
  14. 14. Red Alert – 4+ orders, > than 1 year ago Retention To-Do List: •  Personal outreach to learn what went wrong •  Identify similar trends
  15. 15. Loyals  Leaving   Going  to  Sleep   Dri3ing  Away   Ready  to  Review   Newly  Loyal   Ready  to  Refer   Ready  to  Advise  
  16. 16. •  Recency  Frequency  Monetary  (RFM)  segmentaBon  –     –  Fact:  The  more  recently  a  customer  has  purchased  from  you,   the  more  likely  he  is  to  maintain  awareness  of  your  company.     •  Communicate  Based  on  Life  Cycle  SegmentaBon  -­‐  selling   moments  and  brand  building  moments   •  Automate  at  key  customer  relaBonship  inflecBon  points     Tips for Increasing Retention
  17. 17. •  Tweet @retentiongrid to ask for preso •  22 Ways to Reduce Churn with Growth Hacking – Lincoln Murphy – SixteenVentures.com •  Turning Customer Data into Profits with a Spreadsheet – JimNovo.com •  RetentionGrid blog – blog.retentiongrid.com Resources
  18. 18. •  What are your retention problems? •  What do you do to increase customer loyalty? •  Can anyone share a retention success story? Questions for you

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