User retention strategies that work
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The document outlines effective user retention strategies, emphasizing the importance of engaging with and listening to customers to improve retention rates. It highlights that retaining existing customers is more cost-effective than acquiring new ones and can significantly boost profits. Strategies include regular communication, gathering feedback through surveys, and providing educational materials and support to enhance the user experience.
User retention strategies that work
- 1. User Retention Strategies That Work YesInsights Wilson Peng @yesinsights @wilsonpeng8 https://www.yesinsights.com
- 2. The problems - Most marketers and product managers only care about growth - Companies capture an email and stop there. - Focus too much on lead magnets and opt-ins - Companies aren’t speaking with their customers - Companies aren’t listening to their customers - Startups aren’t building a product that people love - Loyal customers don’t come overnight, it takes time and a lot of tweaking
- 3. Why User Retention? According to a research report by HBR, “increasing customer retention rates by 5% increases profits by 25% to 95%”. 1. It cost a lot more to acquire a new customer than it does to retain one. 2. A happy customer is more likely to stick around longer and that also means that they’re going to be spending more money with you. 3. A retained happy customer is more likely to refer you to their friends and co- workers, which lowers your cost of growth. 4. A good user retention rate will also mean that your customer life time value will be much higher as well.
- 4. Listening to your customers Listening to your customers is a requirement for building the ultimate product. Examples: - Lacey Baier’s food blog “A Sweet Pea Chef” - Neil Patel , Quicksprouts Two ways of surveying - Traditional survey - 1 click survey
- 6. Engaging with your users Chat with your users often It’s important to check in with your customers throughout their lifecycle. You want to see if they are experiencing any roadblocks or if they are running into any feature that they don’t know how to use.
- 7. Ask Questions Checking in like how Ryan is doing it works, but sometime you still won’t receive a response. To achieve the best results, you should add a combination of things and that includes asking questions. 3 goals: 1. Generate a conversation 2. Actionable feedbacks 3. Remind the user
- 8. Provide more educational materials
- 9. Announce new feature updates Users don’t notice when your product development slows down. However, if things go quiet for long enough, they’ll be easily distracted when a competitor releases a new feature, whether valuable or frivolous. - Blog - Email newsletter - Slack - Community outreach - Email outreach to existing customers to surprise them.
- 10. Offering discount/referral codes and giveaways $14,000 in extra revenue plus an upsell.
- 11. Make a killer first impression Explain how your app works or the story behind your idea. Provide them with resources on how to get started. Let them know that you’re here to help and that they can reach out anytime if they ever need help. Engage in an early conversion or send a warm greeting.
- 12. Thanks! - YesInsights YesInsights - simplest way to receive customer feedback across all platforms Starts at $20/month - One click surveys - NPS surveys - Survey web widget - Natively embeds on all platforms - Increase trial to paid conversions - Gain actionable feedback