Every company small or large needs to develop retention strategies. What exactly is a retention strategy? These are programs that a) increase customer value while b) encouraging re-consumption of the company’s product.
There are several different kinds of effective strategies that you can use in order to encourage retention and prevent the drop off of customers. We’ll outline some of the more well known strategies and how to accomplish them.
This is a program that means teaching customers exactly how they use your product / service. Customers can get frustrated if they don’t know how to use the software.
For the company CostBrain we developed an onboarding strategy that helped users better understand how to use the analytical software. That included software material to help customers understand the features as well as making sure support was in place to handle any concerns.
Customer Feedback Loop
This is your way of getting feedback to improve your acquisition program further. This is often done in the form of surveys and product reviews to gain further insight into things that can be improved. Recognizing these flaws will mean more customers as you fix the reasons why customers may be dropping off.
Customer Loyalty Program
Rewarding your customers is a great way to motivate them. Often times a loyalty program can even include gamification incentives such as buy 4 get 1 free. This both rewards a customer for their loyalty and incentivizes their loyalty. Keeping in mind that the top 10% of your customers often spend 3x more than the average user, its worth rewarding your most loyal customers.
Utilizing CRM Tools
CRM, also known as customer relationship management, provides the tools to manage your outbound messaging. It is highly important to make sure not to neglect the many helpful tools that exist. These not only automate the process, but make it easier to track your email campaigns. Tools we’ve used in the past include Customer.io, HubSpot, and Hootsuite.