Keeping Your Customers Is More Worthy Than Attracting Them

Did you know that it costs 5 times more to acquire new customers than it does to keep your existing ones? New customers can come and go, but it’s your existing ones who will always spend more money on what you have to offer and do it more often.

The secret to increasing your earnings lies in retaining your customers, and losing them means losing the most high-quality leads you have. That’s why it’s incredibly important to have them experience your core value as soon as possible and as often as possible. We’ve learned what it is that helps customers keep on using your service/product and created a retention strategy in accordance with that. There are three stages to this strategy, found below.

(One-week retention)

The name of this particular stage (“Day One”, “Month One”, or “Week One” retention) will depend a lot on your product/service and how much time the onboarding process will actually require. No matter what you call it, you need to keep in mind that this phase is almost like your users’ first experience with your brand and that it’s up to you to get them to experience your product’s core value as fast as possible.

Most people call this the “AHA moment” or the moment when your users experience the core value and realize that they are, in fact, interested in your service or product. Our goal is to get them to this point fast and without a hassle by segmenting these users, providing them with context, being personal, and making their user experience as fluid as it can be.

Mid-term Retention

Having your users experience your product’s core value is great, but this is not where your job ends. Just because they go through phase one (onboarding and week one retention) does not mean that they will keep on using your product for the foreseeable future. In order for this to happen, we need to encourage them to come back over and over again, until using your product becomes their second nature. In short, we need to build in that repetition and create habits.

If this sounds easy, trust us that it’s anything but. One of the hardest things you can try to do is change people and how they act, i.e. their behaviour, which is why this part of retention might be the hardest one. We will figure out how to re-wire your users, get under their skin (so to speak) and have them experience your product’s value repeatedly.

Long-term Retention

After onboarding your users and creating new habits for them, ask yourself the following question: how can I retain them for a long time? How do I get them to experience that core value as often as possible? Even if you do onboard them, guide them through week one, and then mid-term retention, you still need to find out how to keep your product’s core value in the back of their minds at all times. It’s important to place it in front of them over and over and over again, and keep reminding them why they need it.

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