Aashish Nanavati’s Post

Customer Retention: The REAL Growth Driver Most businesses focus heavily on customer acquisition, but the true gold lies in keeping the customers you already have. Over the years, working with brands like Amazon Prime Video and scaling fast-growing startups, I’ve seen firsthand how retention strategies can make or break growth. That’s why I’ve developed the E.P.I.C Retention Framework™, a simple yet powerful approach to keeping customers engaged and loyal. The E.P.I.C Retention Framework™: 1. Ease of Engagement: Make interacting with your brand as seamless as possible. Whether it’s through mobile apps, your website, or social media, ensure your touchpoints are intuitive and accessible. If customers find it easy to engage with you, they’ll keep coming back. 2. Personalized Experiences: Leverage data to truly understand your customers. Offer tailored recommendations and solutions that resonate. Personalization isn’t just about addressing them by name—it’s about making them feel valued and understood. 3. Inspire Loyalty: Go beyond typical rewards programs. Celebrate customer milestones, acknowledge their achievements, and show appreciation in meaningful ways. Emotional connections drive loyalty that lasts. 4. Consistent Delivery: Trust is built on reliability. Always deliver on your promises, whether it’s product quality, support, or timeliness. When customers know they can count on you, they’ll stick around. Real-World Success: Here’s how the E.P.I.C Retention Framework™ has driven impactful results: - Amazon Prime Video: By analyzing user behavior like completion rates (not just views), we increased retention by 40%. - Ed-Tech Platform: Personalized learning paths boosted student retention rates by 25%, enhancing satisfaction and engagement. - SaaS Client: Automated reminders during inactive periods cut churn by 35%, keeping customers engaged and reducing attrition. Why Focus on Retention? Here’s why retention matters more than acquisition: - It costs significantly less than acquiring new customers. - Loyal customers drive higher lifetime value and are likely to refer others. - Satisfied customers naturally become brand advocates. Let’s Collaborate: If retention hasn’t been a priority for you, it’s time to rethink your strategy. The E.P.I.C Retention Framework™ is designed to help you grow sustainably, boost profitability, and transform customers into advocates for your brand. Let’s explore how this framework can be tailored to your needs. Together, we can turn your retention challenges into opportunities for growth. #CustomerRetention #RetentionStrategy #CustomerExperience #EPICRetentionFramework #GrowthStrategy #BusinessGrowth #CustomerSuccess #BrandAdvocacy

According to Chargebee’s State of Subscriptions and Revenue Growth report, customer retention is now as important as acquisition! We provide you with the most interesting data and actionable insights of the report: 96% expect subscription revenue to grow in 2024. Nearly all subscription companies expect to grow in 2024. It's a great time to strengthen your position in the market and find new ways to generate revenue. Remember, keeping customers happy is key. In today's competitive market, giving them real value isn't just a bonus—it's a must. By focusing on keeping customers satisfied and always improving what you offer, you build loyalty and set yourself up for long-term success and growth. 86% agree customer retention is as important as, or more important than acquisition. To capitalize on customer retention, think about using strategies that provide value to the customer journey and keep subscribers engaged. Consider the flexibility of your plans, and explore upsell and cross-sell opportunities for additional products or services or loyalty programs. By focusing on retaining and satisfying your existing customer base, you establish the groundwork for steady, sustainable growth. Keeping up-to-date with technology, growth and profitability are top concerns. Make wise investments in technology that improves efficiency, implement focused strategies to maintain customer growth, and seek opportunities to boost profitability. Tackling these challenges directly will strengthen your subscription business's long-term success and resilience. 60% expect churn rates to increase. Minimize unwanted customer loss by engaging customers and users in more targeted, personalized ways, at key moments throughout the buyer's journey. Acting now to reduce the number of customers leaving will protect your current revenue and help your subscription model grow steadily and remain stable. Nearly three-quarters (73%) plan to increase prices in 2024 (an over 10 percentage point increase from 62% in 2023. Consider evolving your value proposition and unlocking new monetization opportunities by creatively testing pricing plans, packaging, and discounting. Doing so can help you mitigate churn, drive revenue growth, and foster customer understanding and satisfaction amidst pricing adjustments. Almost half (46%) are investing in AI technology to improve operational efficiency and automation (30%), for market analysis and expansion strategies (24%), and to enhance product features and the user experience (20%). Explore the possibility of integrating AI-powered solutions to simplify workflows and improve the user experience. This strategic move can improve daily operations giving your team more time to focus on your product resulting in a better customer experience. #rocket10 | #useracquisition | #retargeting | #mobilemarketing | #appmarketing

3 things you need to know about customer retention! Why do you think Mark Zuckerberg is paying content creators to keep you busy on his Apps? Why do you think he budgets such fund for spending ? Why do you think he spends such amount of money on monthly basis ? Do you think it’s because he loves content creators ? That’s far from it . That’s CUSTOMER RETENTION strategy . Everyone that visits these Apps , makes use of it either for business or pleasure are his customers. Whatever it takes to keep you coming , he will do it . Every big brand out there you know all understand the importance of customer retention. Now to you : You are in business either a product or service. You have customers who have patronized you once or maybe more than once . 👉What’s your customer retention strategy ? 👉How do you ensure people keep buying from you over and over again ? 👉How do you ensure your brand becomes a house hold name in the minds and life of the people?. It’s not magical , it’s practical . It’s workable . What should you do ? 1. Creat a Customer data base : Create a data base where you can capture the full information of your customers. This procedure helps you know your customers and be able to reach out to them . It’s quite absurd how some business owners don’t know their customers. Keep records of whoever buys from you. 2. Follow up on Customer feedback and complains : Feedback can come in different ways . When a customer buys from you and doesn’t come back again where as he is getting that product or service from somewhere else , it’s also a feedback. You need to find out why . When a customer gives complain please don’t shove it aside or treat it with kid gloves. Follow up on the complaint yourself . Dong delegate it to someone else. One thing you don’t want to have is disgruntled customer. 3. Create bonus and offers : This is important. From time to time create offers and give bonuses . Create irresistible offers that lure your customers to buy again and again. Create loyalty programs where you celebrate your ‘standing customers’ and ask for referrals . It could be discounts , free delivery, free servicing etc . Find out the one that best work for you and do it . Find it helpful ? I’m Comment below! #govisibleorgohome #chimaandtraffordnigeria

The Science of Customer Retention: Unlocking Long-Term Revenue Customer retention isn’t just a cost-saver—it’s the backbone of sustainable growth. Yet, too many brands stay laser-focused on acquisition, leaving a revolving door of customers and untapped potential in their wake. Here’s the truth: acquiring a new customer costs 5x more than keeping one. But 44% of businesses still prioritize acquisition. The result? Missed revenue, weaker relationships, and a failure to unlock the full potential of your most loyal customers. The good news? Retention is solvable—and it pays off big. Here’s how: 1. Build Loyalty Programs That Stick Loyalty is a two-way street. When you reward customers meaningfully, they’ll keep coming back. Examples that work: • Tiered Rewards: Like Sephora’s Beauty Insider program, where exclusive perks drive customers to shop more and level up. • Gamification: Starbucks turns loyalty into a game, letting members “play” their way to free drinks and bonus stars. Why it matters: Loyalty program members spend 12–18% more annually than non-members. 2. Personalize Post-Purchase Communication The sale isn’t the end—it’s the beginning of the journey. Personalization turns one-time buyers into loyal customers. What to do: • Send tailored follow-ups: A simple “How are you enjoying your purchase?” email can work wonders. Amazon does this brilliantly, with recommendations that generate 35% of its sales. • Automate thoughtfully: Tools like Klaviyo and HubSpot help scale personalization while keeping it human. The result: Customers who feel valued are 50% more likely to come back. 3. Measure What Matters: Customer Lifetime Value (CLV) Retention isn’t just about keeping customers—it’s about maximizing their lifetime value. Start here: • Track metrics like repeat purchase rates and average order value. Tools like Shopify or Salesforce make this easy. • Shift focus: Invest in deepening relationships with high-value customers instead of chasing low-value leads. Why it works: Brands that prioritize CLV see 25–30% higher retention rates over time. 4. Deliver Memorable Post-Purchase Experiences It’s not enough to deliver a product—you need to deliver delight. How to stand out: • Offer frictionless support: Zappos nails this with free returns and no-questions-asked policies, earning 75% of sales from repeat buyers. • Build community: Lululemon’s events and ambassador programs make customers feel like part of something bigger. Bottom Line: Retention is about more than just keeping customers around—it’s about unlocking their full potential. Focus on loyalty programs, personalization, and CLV-driven strategies to turn customers into your biggest growth engine. What are you doing to prioritize retention in your business? Let’s discuss! #CustomerRetention #GrowthStrategy #LoyaltyMatters

Customer retention is often underrated, yet it's a deal maker or breaker for SaaS businesses. Tracking retention metrics like churn rate and customer lifetime value should be non-negotiable. These metrics give clarity on how well customers engage with your product. Without them, you're navigating blind. Focusing solely on user acquisition wastes resources. You pull in a crowd, yet many don’t stick around. It’s a recipe for disaster. Instead, a laser focus on retention transforms your customer base into loyal advocates who contribute more in the long run. The downside? Prioritising retention can slow customer growth if not done right. When you’re hyper-focused on existing users, you might miss opportunities to acquire new ones. Here's where contrast comes in. Flip the script: consider a strategy centred on proactive engagement and seamless onboarding. This process not only reduces churn but also enhances user experience from the get-go. Engaged customers don’t just stick; they thrive. But the flip side to this approach? It requires constant tweaking and A/B testing. Not every effort will yield results immediately. A balanced approach takes the best from both sides. Monitor retention metrics while also investing in customer acquisition. Create a strategy for onboarding where new users feel the product's value quickly, leading to long-term loyalty. Start by measuring key metrics. Segment your audience based on their behaviour and tailor onboarding experiences to maximise retention. This dual focus can lead to sustainable growth.

How to Build Customer Retention Programs That Drive Growth Customer retention is often overlooked in favor of acquisition. Yet retaining an existing customer is far more cost-effective than acquiring a new one. Over my years in eCommerce, I’ve learned that a well-executed retention strategy can fuel sustainable growth. One key lesson? Retention isn’t a single tactic; it’s a system. Here’s a framework that works: 1. Understand Your Customer’s Journey Retention starts with understanding why customers choose your brand. Segment customers by behavior and lifecycle stage to personalize your approach. When I co-founded a company offering Paleo-friendly meals, we noticed new subscribers had the highest lifetime value. This insight shaped our focus on retention strategies like loyalty rewards and exclusive content. 2. Build a Loyalty Program with Tangible Value Customers love feeling appreciated. A loyalty program with simple, meaningful perks—like discounts or free shipping—keeps them coming back. For example, we tied rewards to best-selling items. It boosted repeat purchases and turned many customers into brand advocates. 3. Automate Personalized Engagement Retention doesn’t end with a purchase. Use automation tools for personalized touchpoints, like: • Post-purchase emails: Tips to maximize their product. • Win-back campaigns: Offers to re-engage inactive customers. • Birthday rewards: Celebrate beyond transactions. A simple thank-you email drove a 15% repeat order lift in one campaign I managed. 4. Collect Feedback and Iterate Retention strategies evolve. Regularly gather feedback via surveys or reviews, and act on it. Customers want to feel heard. Quarterly customer surveys helped us improve meal variety, which led to increased satisfaction and retention. 💪 Retention Is a Win-Win Retention builds deeper relationships with existing customers and drives sustainable growth. What’s your go-to retention strategy? #CustomerRetention #LoyaltyPrograms #MarketingTips #eCommerce

Boosting customer retention for brands requires a thoughtful approach focused on building strong relationships and delivering consistent value 📈🎯 Here are some key strategies ☺️👉🏻 ✅ Personalized Customer Experiences Tailor your communications and product recommendations based on individual customer behavior and preferences. Use data from previous purchases and interactions to create a more relevant and engaging experience. ✅ Implement Loyalty & Rewards Programs Encourage repeat purchases with a well-structured loyalty program. Offer points, discounts, or exclusive perks for returning customers, incentivizing them to choose your brand over competitors. ✅ Consistent & Engaging Communication Maintain regular communication through email newsletters, SMS, or app notifications. Share product updates, helpful tips, personalized offers, and reminders to keep your brand top-of-mind. ✅ Offer Exceptional Customer Support Fast and responsive customer service builds trust. Offering live chat, quick email response times, or a well-managed social media support channel can enhance the customer experience and resolve issues before they lead to churn. ✅ Surprise & Delight Occasionally reward loyal customers with unexpected discounts, special offers, or exclusive early access to new products. Surprise gifts or handwritten thank-you notes can also create a positive emotional connection with your brand. ✅ Collect & Act on Feedback Regularly ask for customer feedback through surveys, reviews, or follow-up emails. Use this information to improve products, services, or experiences, showing customers that their opinions matter. ✅ Offer Subscription Services Subscription models help retain customers by automating repeat purchases. Offering product subscriptions with added benefits like discounts, free shipping, or early access to new releases can keep customers engaged over time. ✅ Simplify the Reordering Process Make it easy for customers to repurchase with features like one-click ordering, saved preferences, or replenishment reminders. The smoother the experience, the more likely they’ll come back. ✅ Analyze Customer Data Track customer behavior to identify churn signals early. If a customer hasn’t returned in a while, reach out with a personalized win-back offer or check-in message to re-engage them before they leave for good. ✅ Deliver Quality & Consistency Ensure your products and services consistently meet or exceed customer expectations. If customers know they can trust the quality, they are more likely to remain loyal. By focusing on building relationships, delivering ongoing value, and staying engaged with customers, brands can significantly improve retention rates and turn one-time buyers into long-term advocates. OrderEye Eugene D. Niele Hewett Vishal Singh Shreesh Mishra Amrender Singh Akshay Tandon Araga Dominic Harsh Singh Vaibhav Panwar Shanmuga Boopathy Aman Kumar Alok Singh Ankit Sharma Mayank Narula Anurag Thakur

Still unsure how to measure product success? Measuring the success of a digital product revolves around its ability to retain customers and ensure recurring revenue, forming the backbone of a sustainable business. Customer Retention Customer retention is achieved when users integrate the product into their daily lives, making it a recurring tool for their tasks. This indicates they are retained customers. The standard metric for measuring retention is Day N retention, expressed as: (Users on Day N / Users on Day 0)×100 For instance, if the product starts with 1,200 users on day 0 and has 360 active users on day 7, the day 7 retention rate would be: CR = (360/1,200)×100=30% 🌟 Pro-Tip: The crucial part is defining “active users,” focusing on actual product use relevant to the customer’s goals. Avoid using app sessions or generic events to measure customer retention. Net Revenue Retention Net Revenue Retention (NRR) reflects the recurring revenue through the product’s monetization mechanisms. The formula is (Starting MRR+Expansion MRR−Churned MRR)/Starting MRR *MRR stands for Monthly Recurrent Revenue For example, if a subscription business has 600 customers, each paying $80/month (MRR) in January, and in February, 20 customers churn while 15 upgrade to a $100/month plan: NRR=(600×80+15×100−20×80)/(600×80) NRR=(48,000+1,500−1,600)/48,000 NRR=99.58% This tells us that, despite the churn, your business has maintained its revenue from the previous month. 🌟 Pro-Tip: Clearly define MRR (Monthly Recurring Revenue), which may include subscriptions, one-time payments, fees, or partnership revenues, depending on your business model. Which Metric Should Be Our North Star? To sustain a business, we need both customer retention and consistent recurring revenue. Depending on your product’s market stage, focus on the right metrics to achieve these: 1. Pre-Product Market Fit: Focus on activation and engagement, with a countermetric of customer willingness to pay. 2. Post-Product Market Fit: Create teams focused on specific metrics—activation, engagement, and monetization—aiming for high customer and net revenue retention. Conclusion Balancing customer retention and net revenue retention is key to a thriving digital product. By strategically focusing on the right metrics at the right stages, you pave the way for long-term success.

Still unsure how to measure product success? Measuring the success of a digital product revolves around its ability to retain customers and ensure recurring revenue, forming the backbone of a sustainable business. Customer Retention Customer retention is achieved when users integrate the product into their daily lives, making it a recurring tool for their tasks. This indicates they are retained customers. The standard metric for measuring retention is Day N retention, expressed as: (Users on Day N / Users on Day 0)×100 For instance, if the product starts with 1,200 users on day 0 and has 360 active users on day 7, the day 7 retention rate would be: CR = (360/1,200)×100=30% 🌟 Pro-Tip: The crucial part is defining “active users,” focusing on actual product use relevant to the customer’s goals. Avoid using app sessions or generic events to measure customer retention. -------- Net Revenue Retention Net Revenue Retention (NRR) reflects the recurring revenue through the product’s monetization mechanisms. The formula is (Starting MRR+Expansion MRR−Churned MRR)/Starting MRR *MRR stands for Monthly Recurrent Revenue For example, if a subscription business has 600 customers, each paying $80/month (MRR) in January, and in February, 20 customers churn while 15 upgrade to a $100/month plan: NRR=(600×80+15×100−20×80)/(600×80) NRR=(48,000+1,500−1,600)/48,000 NRR=99.58% This tells us that, despite the churn, your business has maintained its revenue from the previous month. 🌟 Pro-Tip: Clearly define MRR (Monthly Recurring Revenue), which may include subscriptions, one-time payments, fees, or partnership revenues, depending on your business model. Which Metric Should Be Our North Star? To sustain a business, we need both customer retention and consistent recurring revenue. Depending on your product’s market stage, focus on the right metrics to achieve these: 1. Pre-Product Market Fit: Focus on activation and engagement, with a counter metric of customer willingness to pay. 2. Post-Product Market Fit: Create teams focused on specific metrics—activation, engagement, and monetization—aiming for high customer and net revenue retention. Conclusion Balancing customer retention and net revenue retention is key to a thriving digital product. By strategically focusing on the right metrics at the right stages, you pave the way for long-term success. #innovation #technology #productmanagement

What is User Retention? Learn the significance of user retention in maintaining a loyal customer base and achieving sustainable growth. If you would like to read the full article see https://lnkd.in/gaqiv2D4