What is customer retention rate?
How to measure it practically (without going through all customers individually)?
What can retention rate tell us?
How can it improve our business?
A Better Approach to Customer RetentionFramed Data
Welcome to part 1 of 6 for our How to Improve User Retention series. Each week, we’ll provide a new post with best practices, advice, and real examples on how to keep your customers happy, engaged, and buzzing about your product. We’ll chat about high level planning strategy, how to apply specific advice, and point you to some of the web’s best tools. Enjoy!
4 Techniques to Succeed in Retaining your CustomersM-Connect Media
Customer Retention Plan - To own a profitable business is in either in your hands or in your customer’s hands. Yes, this is true. You own a business to help the customers in some or the other way. Customers may have different options for the same thing and if they choose you then it means they bring business for you. And it is up to you how to retain them and bring them back to you again and again. See some strategies to do so.
Customer Satisfaction VS. Customer RetentionAhmad Heshmat
it explains the difference between retention and satisfaction, and typed of loyal customers, and also discuss reasons behind churn, specially for telecom industry. (if you want to download,it is open now :)
Customer retention is helpful in gaining customer loyalty and trust. Read this customer retention guide by OmnePresent Technologies to get a better idea of how to implement these tools.
For any business, customer retention is extremely important aspect. No wonder it is said that the customer is king, because he or she can make or break a business. What do you think? And, what are you doing to retain existing customers?
High customer loyalty is one of the most important indicators of good performing companies. Since customer satisfaction is directly linked to customer loyalty it is evident`that measuring customer satisfaction without taking customer loyalty into account and vice versa would be misleading.
The document discusses customer retention and lifetime value. It begins by explaining why customer retention is important as retained customers buy more, are less price sensitive, and have higher lifetime value. It then discusses how to retain customers by recruiting the right customers, segmenting them by lifetime value, and communicating with them to build loyalty. The document provides an example of a lighting manufacturer that saw 82% increase in orders and 86% increase in order size by building relationships with select customers. It stresses the importance of calculating customer lifetime value to determine which customers to target retention efforts towards. The document outlines how to calculate lifetime value and provides examples of how strategies like loyalty programs and event-driven communications can increase lifetime value. It discusses how lifetime value analysis can
For an updated version of this presentation: https://www.slideshare.net/clearaction/customer-retention-strategies-125750732
Is customer retention included in your marketing plans and budgets? Many companies are involving customers in 2-way conversation to build relationship strength. Trust is the #1 way to retain customers ... by preventing hassles in policies and processes ... making your company irresistible, for sustained organic growth.
See https://ClearAction.com
A Better Approach to Customer RetentionFramed Data
Welcome to part 1 of 6 for our How to Improve User Retention series. Each week, we’ll provide a new post with best practices, advice, and real examples on how to keep your customers happy, engaged, and buzzing about your product. We’ll chat about high level planning strategy, how to apply specific advice, and point you to some of the web’s best tools. Enjoy!
4 Techniques to Succeed in Retaining your CustomersM-Connect Media
Customer Retention Plan - To own a profitable business is in either in your hands or in your customer’s hands. Yes, this is true. You own a business to help the customers in some or the other way. Customers may have different options for the same thing and if they choose you then it means they bring business for you. And it is up to you how to retain them and bring them back to you again and again. See some strategies to do so.
Customer Satisfaction VS. Customer RetentionAhmad Heshmat
it explains the difference between retention and satisfaction, and typed of loyal customers, and also discuss reasons behind churn, specially for telecom industry. (if you want to download,it is open now :)
Customer retention is helpful in gaining customer loyalty and trust. Read this customer retention guide by OmnePresent Technologies to get a better idea of how to implement these tools.
For any business, customer retention is extremely important aspect. No wonder it is said that the customer is king, because he or she can make or break a business. What do you think? And, what are you doing to retain existing customers?
High customer loyalty is one of the most important indicators of good performing companies. Since customer satisfaction is directly linked to customer loyalty it is evident`that measuring customer satisfaction without taking customer loyalty into account and vice versa would be misleading.
The document discusses customer retention and lifetime value. It begins by explaining why customer retention is important as retained customers buy more, are less price sensitive, and have higher lifetime value. It then discusses how to retain customers by recruiting the right customers, segmenting them by lifetime value, and communicating with them to build loyalty. The document provides an example of a lighting manufacturer that saw 82% increase in orders and 86% increase in order size by building relationships with select customers. It stresses the importance of calculating customer lifetime value to determine which customers to target retention efforts towards. The document outlines how to calculate lifetime value and provides examples of how strategies like loyalty programs and event-driven communications can increase lifetime value. It discusses how lifetime value analysis can
For an updated version of this presentation: https://www.slideshare.net/clearaction/customer-retention-strategies-125750732
Is customer retention included in your marketing plans and budgets? Many companies are involving customers in 2-way conversation to build relationship strength. Trust is the #1 way to retain customers ... by preventing hassles in policies and processes ... making your company irresistible, for sustained organic growth.
See https://ClearAction.com
7 factors for building extreme customer loyalty rita schnarr pptDeltaChamber
Customer Loyalty depends on factors such as satisfaction, performance, economic value and alignment, but also on dependence that is emotional, structural and business-related. Come and learn some new marketing techniques for your business and assess those you are using now with Rita Schnarr .
Rita Schnarr is President of Schnarr & Associates and a Partner with Profiles International Inc ~ the world’s innovator in online employment assessments and talent management solutions serving over 40,000 companies worldwide.
This document summarizes key points from a book about building customer loyalty. Chapter 1 discusses why customer loyalty is important for businesses today, noting that loyal customers are worth more and it is more expensive to acquire new customers than retain existing ones. It also outlines rewards for providing great customer service like increased spending and penalties for poor service like lost customers. Chapter 2 explains that shared values are more important than engagement for building brand loyalty, and that customers are loyal to beliefs and causes rather than just businesses. It provides examples of brands that have cultivated loyalty by taking strong stances on issues.
What Is a Customer Worth? Understanding Customer Lifetime ValueAdam Toporek
On November 29, 2011 we posted a “back of the napkin” guide for calculating the economic value a customer brings over their “lifetime” with a business. We designed Understanding Customer Lifetime Value: A Non-Geek’s Guide as a thorough, yet non-academic, approach to determining the lifetime value of customers
The step-by-step process of determining customer lifetime value seemed like a natural fit for SlideShare, so we decided to re-release the post in a presentation format.
Check out What Is a Customer Worth to learn more about Customer Lifetime Value and to make better decisions about marketing and retention.
The document discusses various strategies for improving customer retention rates. It outlines factors that influence customer retention such as service quality, satisfaction, and loyalty. It then describes several models for understanding the customer retention process and analyzing customer value and segmentation. Finally, it provides examples of tactics for enhancing retention rates such as customer relationship management, targeted programs, and measuring retention through metrics like lifetime value and RFM analysis.
This document outlines a customer retention strategy for a pharmacy. It discusses the importance of understanding customers, providing quality service and support, and managing feedback and complaints. It then recommends using a multichannel approach including email, website, mobile app, call center, and social media to engage customers. Some specific tactics mentioned are email reminders and prescription delivery, search engine optimization of the website, an app for customer questions, and responding to customer issues within 12 hours. It also stresses training employees, measuring strategies, and retaining and growing customers through loyalty programs and personalized service.
The document provides 4 steps to build customer loyalty:
1. Build employee loyalty as happy employees provide better customer service.
2. When mistakes happen, fix them and earn customer trust to build loyalty.
3. Build an online community or "tribe" through mobile apps to foster connections between customers.
4. Implement a mobile loyalty program to track customer behavior, communicate offers, and increase engagement through a more convenient digital platform compared to paper loyalty cards.
Customer retention marketing focuses on keeping existing customers rather than acquiring new ones. Some key points:
- Companies lose 20-40% of customers each year, but increasing retention by 5% can increase profits by 50%+.
- While customers may be satisfied, 80% are still open to competitors' offers. Loyalty is less connected to satisfaction than assumed.
- Firms invest heavily in new customer acquisition but then gradually reduce service levels and increase the risk of defection, in a "catch-22" cycle.
- Personalized communication and viewing the customer relationship as a long-term process, rather than a single transaction, are emphasized as ways to improve retention.
10 Examples of Exit Popups Used as a Customer Retention StrategyMihail Savov
A customer retention strategy is a must for every business. Acquiring customers might grow a company, but keeping them from leaving is what leads to better revenue. Here, we will share 10 examples of exit popups that are designed to stop users from leaving your website.
Original post: https://isenselabs.com/posts/customer-retention-strategy-10-appealing-exit-popups-with-discount-hooks
Strategies to increase customer retentionYash Bodane
Customer retention involves activities to reduce customer defections and is important throughout the customer lifecycle. It is crucial because it costs much less to retain existing customers than acquire new ones. Strategies for customer retention include knowing customer behavior, expectations, keeping customers engaged with tools, having a strong CRM system, delivering consistent brand experience, promoting loyalty programs, and prioritizing retention in marketing plans. Effective customer retention also uses both online and offline services to provide recommendations, alerts and bridge the customer experience.
Implementing Customer Loyalty Program PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Implementing Customer Loyalty Program Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of twenty four slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Implementing Customer Loyalty Program Powerpoint Presentation Slides complete deck.
The document discusses loyalty programs and provides best practices for developing successful programs. It notes that loyalty program memberships have grown significantly in recent years. Key elements for success include targeting offerings, offering the right rewards, understanding customers, effective communication, and measuring results. Innovative programs are integrated with payments, marketing, customer service, supply chain, and employee programs. The document concludes there is an opportunity for restaurants to develop profitable loyalty programs.
Presenting this set of slides with name - Customer Loyalty PowerPoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of twenty five slides. Our tailor made Employee Engagement Activities For Corporates Powerpoint Presentation Slides editable presentation deck assists planners to segment and expound the topic with brevity. The advantageous slides on Employee Engagement Activities For Corporates Powerpoint Presentation Slides is braced with multiple charts and graphs, overviews, analysis templates agenda slides etc. to help boost important aspects of your presentation. Highlight all sorts of related usable templates for important considerations. Our deck finds applicability amongst all kinds of professionals, managers, individuals, temporary permanent teams involved in any company organization from any field.
Customer retention is important for businesses because retained customers spend more, are less expensive to acquire, and can increase profits by up to 95% if retention increases by just 5%. However, most businesses struggle to deliver effective retention capabilities like understanding customer behavior over time. The document outlines three key levers to an effective retention strategy: 1) Building relevance through customer insight and data analysis, 2) Developing an optimal contact strategy from acquisition through nurture, and 3) Providing a first-rate user experience by removing friction from the customer journey across channels. Somo Global can help businesses implement winning retention strategies through data analysis, customer journey mapping, digital channel audits, and developing targeted contact strategies.
Customer retention involves maintaining existing customers through positive relationships. It is important because retained customers are less price sensitive, provide positive word of mouth marketing, and have higher repurchase rates than new customers. Companies should focus on customer service, listen to feedback, understand customer needs, and continuously improve based on insights from customers to improve retention.
Did you know acquiring a new customer can cost 6 to 7 times more than retaining an existing one? This presetnation explores how retailers can apply audience measurement and analytics to successfully win back dormant customers.
5 Prover Customer Acquisition Strategies For B2C StartupsMarketing Masala
When it comes to customer acquisition strategy, most startups struggle with it. Here are 5 proven ways to gain more customers today for your B2C startup.
The document outlines a customer retention strategy with three key parts: Reach, Convert, and Nurture. For Reach, it discusses how customers are acquired through online advertising, websites, and direct visits. Convert describes storing leads in a CRM system and assigning them to sales reps to move through statuses like contact, potential, and won/lost. Nurture discusses retaining customers through general interactions, upselling/cross-selling additional products, and celebrating events like birthdays via email.
This document summarizes a service called UGT Networks that helps auto dealers retain customers and increase repair order revenue. The service involves installing discrete devices in customers' vehicles that communicate check engine light issues to the dealer and owner via email. This allows the dealer to proactively reach out and schedule service appointments, converting previously "orphaned" customers into loyal repeat customers. Dealers recoup their investment in the program through increased repair order revenue and customer retention rates.
At Totango, we’ve developed a framework – the Customer Retention Cost (CRC) and the CRC Ratio – to assess and benchmark customer retention efforts in the industry. This is a critical missing component in the portfolio of metrics that SaaS executives, Boards, and investors should track and measure.
7 factors for building extreme customer loyalty rita schnarr pptDeltaChamber
Customer Loyalty depends on factors such as satisfaction, performance, economic value and alignment, but also on dependence that is emotional, structural and business-related. Come and learn some new marketing techniques for your business and assess those you are using now with Rita Schnarr .
Rita Schnarr is President of Schnarr & Associates and a Partner with Profiles International Inc ~ the world’s innovator in online employment assessments and talent management solutions serving over 40,000 companies worldwide.
This document summarizes key points from a book about building customer loyalty. Chapter 1 discusses why customer loyalty is important for businesses today, noting that loyal customers are worth more and it is more expensive to acquire new customers than retain existing ones. It also outlines rewards for providing great customer service like increased spending and penalties for poor service like lost customers. Chapter 2 explains that shared values are more important than engagement for building brand loyalty, and that customers are loyal to beliefs and causes rather than just businesses. It provides examples of brands that have cultivated loyalty by taking strong stances on issues.
What Is a Customer Worth? Understanding Customer Lifetime ValueAdam Toporek
On November 29, 2011 we posted a “back of the napkin” guide for calculating the economic value a customer brings over their “lifetime” with a business. We designed Understanding Customer Lifetime Value: A Non-Geek’s Guide as a thorough, yet non-academic, approach to determining the lifetime value of customers
The step-by-step process of determining customer lifetime value seemed like a natural fit for SlideShare, so we decided to re-release the post in a presentation format.
Check out What Is a Customer Worth to learn more about Customer Lifetime Value and to make better decisions about marketing and retention.
The document discusses various strategies for improving customer retention rates. It outlines factors that influence customer retention such as service quality, satisfaction, and loyalty. It then describes several models for understanding the customer retention process and analyzing customer value and segmentation. Finally, it provides examples of tactics for enhancing retention rates such as customer relationship management, targeted programs, and measuring retention through metrics like lifetime value and RFM analysis.
This document outlines a customer retention strategy for a pharmacy. It discusses the importance of understanding customers, providing quality service and support, and managing feedback and complaints. It then recommends using a multichannel approach including email, website, mobile app, call center, and social media to engage customers. Some specific tactics mentioned are email reminders and prescription delivery, search engine optimization of the website, an app for customer questions, and responding to customer issues within 12 hours. It also stresses training employees, measuring strategies, and retaining and growing customers through loyalty programs and personalized service.
The document provides 4 steps to build customer loyalty:
1. Build employee loyalty as happy employees provide better customer service.
2. When mistakes happen, fix them and earn customer trust to build loyalty.
3. Build an online community or "tribe" through mobile apps to foster connections between customers.
4. Implement a mobile loyalty program to track customer behavior, communicate offers, and increase engagement through a more convenient digital platform compared to paper loyalty cards.
Customer retention marketing focuses on keeping existing customers rather than acquiring new ones. Some key points:
- Companies lose 20-40% of customers each year, but increasing retention by 5% can increase profits by 50%+.
- While customers may be satisfied, 80% are still open to competitors' offers. Loyalty is less connected to satisfaction than assumed.
- Firms invest heavily in new customer acquisition but then gradually reduce service levels and increase the risk of defection, in a "catch-22" cycle.
- Personalized communication and viewing the customer relationship as a long-term process, rather than a single transaction, are emphasized as ways to improve retention.
10 Examples of Exit Popups Used as a Customer Retention StrategyMihail Savov
A customer retention strategy is a must for every business. Acquiring customers might grow a company, but keeping them from leaving is what leads to better revenue. Here, we will share 10 examples of exit popups that are designed to stop users from leaving your website.
Original post: https://isenselabs.com/posts/customer-retention-strategy-10-appealing-exit-popups-with-discount-hooks
Strategies to increase customer retentionYash Bodane
Customer retention involves activities to reduce customer defections and is important throughout the customer lifecycle. It is crucial because it costs much less to retain existing customers than acquire new ones. Strategies for customer retention include knowing customer behavior, expectations, keeping customers engaged with tools, having a strong CRM system, delivering consistent brand experience, promoting loyalty programs, and prioritizing retention in marketing plans. Effective customer retention also uses both online and offline services to provide recommendations, alerts and bridge the customer experience.
Implementing Customer Loyalty Program PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Implementing Customer Loyalty Program Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of twenty four slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Implementing Customer Loyalty Program Powerpoint Presentation Slides complete deck.
The document discusses loyalty programs and provides best practices for developing successful programs. It notes that loyalty program memberships have grown significantly in recent years. Key elements for success include targeting offerings, offering the right rewards, understanding customers, effective communication, and measuring results. Innovative programs are integrated with payments, marketing, customer service, supply chain, and employee programs. The document concludes there is an opportunity for restaurants to develop profitable loyalty programs.
Presenting this set of slides with name - Customer Loyalty PowerPoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of twenty five slides. Our tailor made Employee Engagement Activities For Corporates Powerpoint Presentation Slides editable presentation deck assists planners to segment and expound the topic with brevity. The advantageous slides on Employee Engagement Activities For Corporates Powerpoint Presentation Slides is braced with multiple charts and graphs, overviews, analysis templates agenda slides etc. to help boost important aspects of your presentation. Highlight all sorts of related usable templates for important considerations. Our deck finds applicability amongst all kinds of professionals, managers, individuals, temporary permanent teams involved in any company organization from any field.
Customer retention is important for businesses because retained customers spend more, are less expensive to acquire, and can increase profits by up to 95% if retention increases by just 5%. However, most businesses struggle to deliver effective retention capabilities like understanding customer behavior over time. The document outlines three key levers to an effective retention strategy: 1) Building relevance through customer insight and data analysis, 2) Developing an optimal contact strategy from acquisition through nurture, and 3) Providing a first-rate user experience by removing friction from the customer journey across channels. Somo Global can help businesses implement winning retention strategies through data analysis, customer journey mapping, digital channel audits, and developing targeted contact strategies.
Customer retention involves maintaining existing customers through positive relationships. It is important because retained customers are less price sensitive, provide positive word of mouth marketing, and have higher repurchase rates than new customers. Companies should focus on customer service, listen to feedback, understand customer needs, and continuously improve based on insights from customers to improve retention.
Did you know acquiring a new customer can cost 6 to 7 times more than retaining an existing one? This presetnation explores how retailers can apply audience measurement and analytics to successfully win back dormant customers.
5 Prover Customer Acquisition Strategies For B2C StartupsMarketing Masala
When it comes to customer acquisition strategy, most startups struggle with it. Here are 5 proven ways to gain more customers today for your B2C startup.
The document outlines a customer retention strategy with three key parts: Reach, Convert, and Nurture. For Reach, it discusses how customers are acquired through online advertising, websites, and direct visits. Convert describes storing leads in a CRM system and assigning them to sales reps to move through statuses like contact, potential, and won/lost. Nurture discusses retaining customers through general interactions, upselling/cross-selling additional products, and celebrating events like birthdays via email.
This document summarizes a service called UGT Networks that helps auto dealers retain customers and increase repair order revenue. The service involves installing discrete devices in customers' vehicles that communicate check engine light issues to the dealer and owner via email. This allows the dealer to proactively reach out and schedule service appointments, converting previously "orphaned" customers into loyal repeat customers. Dealers recoup their investment in the program through increased repair order revenue and customer retention rates.
At Totango, we’ve developed a framework – the Customer Retention Cost (CRC) and the CRC Ratio – to assess and benchmark customer retention efforts in the industry. This is a critical missing component in the portfolio of metrics that SaaS executives, Boards, and investors should track and measure.
Eric Seufert, GDC 2014: Profitably launching Jelly Splash to #1, a marketing ...Eric Seufert
The document discusses marketing strategies for launching the mobile game Jelly Splash. It describes soft launching the game in Canada to test metrics like retention, virality, and customer acquisition costs. The soft launch was successful, showing strong retention and virality with a low estimated customer acquisition cost of $1.04. This set up a global "trampoline launch" to quickly gain users by aiming for a top chart position, despite the strategy having higher upfront costs than a slower "ladder launch". The document evaluates the costs and risks of different global launch approaches.
This document discusses calculating and analyzing customer lifetime value (CLV). It provides formulas for calculating CLV based on yearly gross contribution per customer, retention rate, discount rate, and retention costs. An example calculation is shown. The document also discusses how retention rate affects CLV and introduces the concepts of net promoter score (NPS) and customer likeability score to categorize customers. It proposes mapping customers on a "grid" based on these metrics to identify the most and least valuable relationships.
Metrics How To: Ratio of Customer Lifetime Value to Customer Acquisition CostFiresnap, Inc.
The document discusses the ratio of customer lifetime value to customer acquisition cost (LTV:CAC) metric. LTV:CAC compares the total value a customer provides over their lifetime with a company to the costs to acquire that customer. Calculating LTV:CAC allows companies to assess return on investment from customers and make more informed growth strategies. The document provides steps to determine LTV:CAC, including calculating customer lifetime value and comparing it to customer acquisition cost.
Two Methods for Modeling LTV with a SpreadsheetEric Seufert
NB! The bitly link in the deck DOES NOT WORK, please use this one: http://bit.ly/1JTymzd
This is the presentation I gave at Slush 2013 in Helsinki, Finland. It describes two methods for modeling Lifetime Customer Value (LTV) in Excel. Linked within the presentation is a spreadsheet exemplifying both methods against 100k rows of fake user data that I generated with a Python script to "look" real (although they probably don't).
Basic information on Customer Lifetime Value models.
- Demything frequent doubts with CLV.
- You can not calculate CLV in Google Analytics.
- First steps and outputs that you have to prepare when thinking about CLV.
- Presentation of possible outputs a CLV model can give you.
- Discussion on early estimation of CLV using cohort analysis and simple models to understand what interactions lead to a success.
The presentation was prepared in the pub White Swan for MeasureCamp London, March, 13, 2015.
Everything You Need to Know About Customer Lifetime Value (CLV)Demac Media
Customer Lifetime Value (CLV) has become a must know term for eCommerce merchants of any size. It allows you to discover the true value each customer has to your store. But what most people don't know are the different ways to calculate it and the true impact it has on your business.
In this discussion we cover everything you need to know about customer lifetime value. We present a few ways to calculate it as well as show some cases where CLV can impact a business. These cases will show what happens when you ignore lifetime value, and the benefits of making decisions with CLV in mind.
1) Customer relationship management (CRM) is a strategy that places customers at the center of a business to foster mutually beneficial relationships. It requires understanding key CRM concepts and best practices.
2) Calculating a customer's lifetime value allows businesses to segment customers, focus on the most profitable, and tailor offerings. However, each customer desires unique relationship styles so one approach does not fit all.
3) Businesses can increase customer lifetime value by reducing defection rates through personalized service, strengthening relationships, and cross-selling/up-selling additional products. The goal is satisfying customers so they remain loyal and generate future profits.
A study and analysis of customers perception on nandini milk and it’s product...Projects Kart
The document provides an introduction to a study on customer perception of dairy products from Karnataka Milk Federation (KMF) in Hassan city, India. It discusses the background and history of KMF, which has been serving the area for 33 years. The study aims to assess customer behavior and expectations towards KMF's milk products to help the management improve. It will consider factors like gender, age, occupation, income and family size of 100 respondents. The summaries are:
1) The document introduces a study on customer perception of KMF dairy products in Hassan city, examining the brand image and customer relationships over 33 years of service.
2) The study aims to understand customer expectations and loyalty towards KMF's milk
Customer Acquisition Cost and Lifetime Value (CAC & LTV)Sarah Wilz, M.Ed
This document discusses customer acquisition cost (CAC) and lifetime value (LTV), two key metrics for evaluating the financial performance of acquiring customers. It defines CAC as the cost to acquire a new customer and LTV as the total revenue generated by a customer over their lifetime. It provides formulas for calculating CAC, LTV, and the CAC payback period. A CAC/LTV ratio of at least 3x and payback period of 12 months or less are recommended targets. The document explains why these metrics are important for investors, bootstrapped companies, and reducing equity dilution. It addresses common questions about including costs in CAC calculations and estimating customer lifetime.
The document discusses customer lifetime value (CLV), including:
1. CLV is the predicted net profit attributed to the entire future relationship with a customer.
2. CLV is an important metric because the best customers account for the majority of sales, and retaining existing customers is often cheaper than acquiring new ones.
3. Companies can use CLV to inform customer acquisition and relationship management strategies, such as spending more to acquire or retain the most valuable customers.
The document discusses how marketing automation can help companies better manage customer relationships across the entire customer lifecycle through automated campaigns for onboarding, education, community building, and other efforts. It also emphasizes the importance of measuring metrics like satisfaction, advocacy, and expansion to track the impact of customer marketing programs. Finally, it provides guidance on budgeting for customer marketing, recommending allocating 30-50% of program budgets to retention, enrichment, and advocacy over time.
50 Facts That Will Make Businesses Rethink their Customer ServiceDesk
Take a look at these cold, hard facts that might persuade you to rethink how you run your organization's customer service.
Curious about Desk.com? Download this free kit to get started: http://bit.ly/FreeCustomerServiceKit
On average, U.S. corporations lose 10-30% of their customers every year. Raising customer retention rates by 5% can increase lifetime customer value by 25-100%. Customer loyalty is measured by their purchasing patterns and can range from undivided loyalty to indifference. Maintaining customer loyalty requires focusing on satisfaction, trust, and emotional bonding through consistent customer experiences. Successful customer retention strategies center around creating engaging experiences, transparency, education over sales, and prioritizing customer needs.
The document outlines the many accounting and financial management tasks required of small businesses, including accounting, bookkeeping, payroll, tax reporting, invoicing, bill pay, and more. It states that a good accountant or bookkeeper is essential to help businesses manage their cash flow, reduce costs, and achieve growth goals by properly handling these tasks. The document also provides examples of how bookkeeping services can analyze a business's finances, identify areas for increased productivity or cost savings, and ensure accurate tax reporting.
From Incubation to Reality: Business Model Innovation Within the Enterprise (...Zuora, Inc.
Borderfree - Mary Ransom, SVP, Consumer Products & Insights,
Intacct - Mark Gervase, Sr. Marketing Manager
Learn how Borderfree built and launched its first B2C business model in just 7 months. By leveraging the power of existing assets like salesforce.com and Intacct, and making strategic decisions about which new technologies to build versus buy, Borderfree added a new subscription service to its portfolio while staying within pre-established organizational boundaries.
This document discusses how to measure the success of a website through web analytics. It recommends setting up separate accounting for the website and tracking key metrics like visits, conversion rate, and sales statistics. Conversion rate is very important but what counts as a conversion depends on the business - for a retailer it's sales numbers and values, for a lead generator it's requests for quotes. The document also discusses diagnosing issues with low conversion rates by examining the audience, website itself, business fundamentals, product selection, competition, expectations, and sales integration.
1. The document outlines strategies for making data actionable, including developing a big data strategy, setting milestones, identifying relevant data sources, and using data to create organizational efficiencies.
2. It emphasizes focusing marketing and data use on engagement, lead generation, and utilization metrics. Data should be used to move from broad approaches like blast marketing to more targeted segmented marketing.
3. Key steps include gathering, organizing, and identifying relevant data, then using data to track activities and outcomes, store results for future use, and continuously tweak marketing based on lessons learned.
Capital One has built its business on customer relationship management strategies:
- The company segments customers into high and low credit risk categories to offer tailored products and pricing.
- It collects extensive customer data to assess individual risk and suggest customized offers.
- Capital One tests marketing strategies on limited groups before broad rollout to optimize customer retention and growth.
New Marketing for the New Economy - KotlerFilipe Mello
This document discusses how marketing is changing in the new digital economy. It notes that value is shifting from physical to intangible assets and from products to customization. The new economy requires different skills like e-marketing, brand building, and customer relationship management. It also requires a focus on lifetime customer value over individual transactions. Database marketing allows customizing communications based on customer data, though it requires significant investment. Overall, marketing is shifting from a supply-side to demand-side approach with a focus on customer retention through electronic communications and partnerships.
1) Companies use database marketing to understand their target customers and maximize profits by acquiring high-value customers at low costs. This involves tracking customer data, analyzing marketing campaigns, and building statistical models.
2) Statistical models like the "Buy Till You Die" model can predict customer lifetime value (LTV) by modeling individual customer transactions and dropout rates over time. These models are fitted to customer data and segments to improve predictions.
3) Data visualization and statistical modeling help companies test marketing campaigns, identify high-value customer segments, and optimize strategies to improve customer retention and response rates.
Ablepay offers a fast and easy way for retailers to provide financing options to consumers through their platform. Their financing solutions can increase retailers' sales by up to 60% and average order value by 60% as well, since 59% of consumers say they would have bought elsewhere or postponed their purchase without financing. Ablepay's platform allows financing to be offered across in-store, mobile, and web channels. It provides real-time reporting and a simple application process where consumers can be approved in 4 minutes with a 2 second decision. Retailers are paid within 24 hours once the consumer is approved and purchase is fulfilled.
The document discusses best practices for content marketing, including developing buyer personas, understanding the buyer's journey, creating remarkable context, and leveraging content. It provides two case studies that demonstrate how developing buyer personas allowed companies to better target their content and marketing efforts. This led to increases in web traffic, leads, sales-ready leads, and revenue for both companies.
How to Effectively Use Shopper Analysis in Retail BusinessCountBOX
Learn how you can build a complete shopper profile and analyze your customers using comprehensive suite of retail analytics tools to identify store traffic patterns, conversion rates, dwell times, demographic data and other key metrics.
Digital Reach - DiscoverOrg Fueling Your ABM EngineDigital Reach
Generating your target account list is the most important step to launch an account-based marketing campaign. Before you can launch your marketing and sales teams into action, you need to empower them to be successful. You need a well-running ABM Data Engine that uses accurate data to drive your targeted marketing efforts.
DiscoverOrg is joining with us here at Digital Reach to show you how to use great account and contact data to put your ABM effort into high-gear.
Adams Departmental Store is a small retail store located in PIA Road, Wapda Town with 7 employees. It targets customers living in the local area, offering grocery items, vegetables, electronics, bakery products, and meat. The store aims to fulfill customers' needs conveniently with a variety of products under one roof.
Data Driven Marketing: How to grow your online store
The presentation will cover how to create data driven marketing programs using the information collected in your Magento platform. The presentation will provide guidance on how on how to segment both your customer and product data to build data driven marketing programs.
This marketing proposal outlines services for analyzing customer data, creating targeted marketing campaigns, and measuring results. The company has over 20 years of experience serving over 20,000 locations. They build a comprehensive marketing database to distinguish customers from prospects. The proposal describes various marketing media like postcards, emails, and digital ads and how each can be used to target customers, prospects, or segments like new movers. Detailed response reports show metrics like new customers and incremental sales from different media. The goal is to understand what is working and help the client effectively reach customers and prospects to improve performance and ROI.
5.4 sales force structure and compensation.pptxRick Rasmussen
This presentation discusses strategies for building an effective sales force and compensation structure. It recommends that the CEO be the first salesperson and provide leadership by example. Different types of salespeople are needed at different stages of a company. Sales forces can be direct, indirect, or use multiple channels. Compensation plans should be designed to motivate desired outcomes like revenue, margins, and quotas. Common metrics include bookings, billings, and collections. The goals are to attract and retain top performers while incentivizing the business objectives.
Al-Fatah is a leading departmental store in Pakistan serving customers since 1941. It deals in a wide range of products from grocery, garments, jewelry, electronics and more. The document proposes developing an online store for Al-Fatah to serve more customers across Pakistan and provide an e-commerce platform. It outlines the technical design of the website, services, revenue model, and potential risks of online business such as delivery issues, security of customer data, and ensuring customer satisfaction.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Adani Group's Active Interest In Increasing Its Presence in the Cement Manufa...Adani case
Time and again, the business group has taken up new business ventures, each of which has allowed it to expand its horizons further and reach new heights. Even amidst the Adani CBI Investigation, the firm has always focused on improving its cement business.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
The Role of White Label Bookkeeping Services in Supporting the Growth and Sca...YourLegal Accounting
Effective financial management is important for expansion and scalability in the ever-changing US business environment. White Label Bookkeeping services is an innovative solution that is becoming more and more popular among businesses. These services provide a special method for managing financial duties effectively, freeing up companies to concentrate on their main operations and growth plans. We’ll look at how White Label Bookkeeping can help US firms expand and develop in this blog.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
2. CUSTOMER RETENTION RATE
• Calculated via a simple formula
• From sales data that you already have
• Helps you improve your business
withIQ.biz
3. RETENTION RATE FORMULA
Retention
Rate
Number of Current Customers
Number of All Customers
transacted in the last X days
• Current Customers: we retain their business and
expect them to purchase in the future
• All Customers: includes current and former
customers, but only to a certain point in the past;
otherwise the rate will keep going down.
withIQ.biz
4. DATA NEEDED TO CALCULATE RATE
• At least: Sales data linked to individual customers
• Needed to calculate basic rate
• Extra: customer geographic and demographic
data.
• Enables segmentation and helps find areas for
improvement.
• Where you can get this:
• Accounting software, such as MYOB and Quickbooks
• Almost any online shopping cart
• Your CRM
withIQ.biz
7. DRILL-DOWN TO FIND PROBLEM AREAS
Notice the
problem in
Queensland
What caused low retention rate in Queensland?
Long delivery time? Poor service? We cannot say from this data.
We can list all recently lost customers from that state and ask them.
It is good to know whom to ask!
withIQ.biz
8. RETENTION RATE DRILL-DOWN BY:
Consumer
demographic:
• age and gender
• children?
Business profile:
• size
• industry
Behaviour:
• customer value
segment
• purchase frequency
• products sought
Communications
• complaints
• interests
• preferences
Geography:
• country
• state / province
• city
withIQ.biz
9. ANALYSE YOUR DATA!
• Before you invest in CRM, Loyalty programs, “single
customer view” and so on.
• Start with the data you already have – sales!
• Extract data from Quickbooks, MYOB, shopping
carts, POS – we can help you read data from
anything that generates it!
• Immediate value – find problem areas quickly.
• Then drill-down and collect more information, but
only when and where it is needed
• Visit www.withIQ.biz and contact us
withIQ.biz