"The Startup's Guide to Customer Retention," Retention Science >> Jerry Jao [COMMERCISM 2014]
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The document discusses strategies for business growth, emphasizing that existing customers spend more and are vital for future profits. It highlights the importance of measuring customer lifetime value and optimizing marketing budgets for higher ROI. The author suggests using data for personalized customer interactions and recommends small-scale experiments to improve effectiveness.
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"The Startup's Guide to Customer Retention," Retention Science >> Jerry Jao [COMMERCISM 2014]
- 2. I <3 ecommerce @reten&onsci @jerryjao • 1st ecommerce at the age of 15 • 3 startups • Blogs: • forbes.com/sites/jerryjao • prac&calecommerce.com/author/jerry-‐jao
- 3. 2 ways to grow your business @reten&onsci @jerryjao
- 4. Exis&ng customers spend 33% more 80% of future profits come from just 20% of exis&ng customers* Acquis&on vs. Reten&on *Gartner Group @reten&onsci @jerryjao
- 5. Manage your marke&ng budget on things that will move the needle @reten&onsci @jerryjao
- 6. Focus on channels that drive high ROI @reten&onsci @jerryjao
- 7. Customer Life&me Value @reten&onsci @jerryjao hVp://www.cmo.com/content/cmo-‐com/home/ar&cles/ 2013/8/23/how_to_measure_clv_a.html
- 8. How to measure Customer Life&me Value
- 9. What are your success metrics? Customer life&me value Repeat purchase rate Customer re-‐engagement Cost of acquisi&on and its ROI @reten&onsci @jerryjao
- 10. Use data to drive mul&-‐channel campaign recommenda&ons & measure key metrics CRM Tools Web Sales data Demographic data Behavioral data Social data Personalize each customer interac&on
- 11. Create a 1-‐to-‐1 customer treatment for your customers @reten&onsci @jerryjao
- 12. How to be cost-‐effec&ve? Set up Google Analy&cs Lots of experiments (you won’t know un&l you try), but do it in small doses Only experiment one “variable” at a &me Take advantage of free services @reten&onsci @jerryjao
- 13. Thank you!