Upload
entrepreneurs-club-berlin-ev
View
238
Download
1
Embed Size (px)
DESCRIPTION
A model for increasing retention and growing customer / user loyalty.
Citation preview
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
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
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
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
A simple yet highly effective model for retention
The one time buyer problem
81% one time
The impact of the 2nd order
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
Drifting – 1-3 orders, 31 to 90 days ago
Retention To-Do List:
• Recommend popular products
• Offer a time-limited discount
Sleepers – 1-3 orders, > 91 days ago
Retention To-Do List:
• Bold email subject lines for attention
• Be persistent
Promising – 2-3 orders, within last 60 days
Retention To-Do List:
• Consider free shipping and exclusive offers
• Recommend
products based on previous purchases
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
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
Red Alert – 4+ orders, > than 1 year ago
Retention To-Do List:
• Personal outreach to learn what went wrong
• Identify similar trends
Loyals Leaving
Going to Sleep Dri3ing Away
Ready to Review
Newly Loyal
Ready to Refer
Ready to Advise
• 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
• 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
• What are your retention problems?
• What do you do to increase customer loyalty?
• Can anyone share a retention success story?
Questions for you