Get your hands on this eBook to understand:
• The right way to maintain engagement and prevent customer churn.
• How to maximize retention through a great onboarding strategy.
• The role of cohort analysis in building customer retention strategy.
• What drives repeat purchase and loyalty
Today’s customers expect to be engaged across multiple platforms. Delivering a comprehensive experience from the start is the key to maintaining interest.
Buyers tend to stick with brands that offer a personalized onboarding experience. Judicious use of the customer information will allow you to engage with them the way that they expect.
Be mindful of doing the right thing at the right time. Examine what timed emails and push notifications receive the best response and from which segments of your audience.
Cohort analysis allows you to examine the types of products customers are engaging with or the patterns they display while using your mobile app. It helps in predicting future buyer behavior and churn, giving you room to be more strategic. Some of the important metrics to focus on while using a cohort analysis for customer retention include:
Cohort analysis can spot the exact juncture in the user journey where users are churning. The user journey can then be streamlined to make them stay longer.
Metrics like time intervals between two purchases help in properly planning the reactivation drip campaigns to keep customers in the loop.
Reward points are a proven strategy to retain customers. Cohorts are also used to create targeted offers, coupons, free shipping, and more that will help retain existing customers.
A customer engagement strategy aims at improving customer satisfaction. This includes providing a robust platform/product features, knowing how your customer success teams address the customer issues and the kind of initiatives the organization takes in building engagement over time.
Customer engagement involves building a connection with your customers and keeping them glued to your offerings so that they repeat purchase. Meanwhile, customer retention is an important metric to track to measure the ROI since it costs way more to acquire new customers than to retain the existing ones. Keeping your customers engaged is the key to retaining them
Brands can improve customer retention by providing a seamless onboarding experience. Taking regular feedback alo helps in understanding the customer’s likes and dislikes. Rewarding customers also goes a long way in retaining them.
Customer retention strategies are the initiatives that brands undertake to not only build a loyal customer base but also improve customer lifetime value. Successful customer retention strategies aim at providing a consistent and seamless experience to customers that keep them engaged throughout the customer lifecycle.
Customer retention directly impacts the profit or revenue of your business. Everlasting customer relationships are built on the foundation of effective communication, personalized experience, rewards and value added services.
Customer onboarding is the process of welcoming new customers on board, introducing them to your products or services, giving them the support they need to get hands-on and address any concerns they may have. First impressions matter and a great onboarding experience helps in setting the tone for the rest of your relationship with the customer.
It begins with analyzing customer behavior and identifying relevant patterns associated with churn and retention. A comparison of those engaged and those who churn, helps in figuring out at what stage and time are the customers likely to leave.
Cohort is a group of customers who perform a similar sequence of events within a specific time frame. Cohort of customers help brands in providing customized experience to each group of customers.
Cohort analysis plays an important role in studying retention analytics over a period of time. Brands can see how long users are active on their app from the first touch point by measuring the retention of the cohorts.
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