"The Startup's Guide to Customer Retention," Retention Science >> Jerry Jao [COMMERCISM 2014]
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Transcript of "The Startup's Guide to Customer Retention," Retention Science >> Jerry Jao [COMMERCISM 2014]
@reten&onsci @jerryjao
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
2 ways to grow your business
@reten&onsci @jerryjao
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
Manage your marke&ng budget on things that will move the needle
@reten&onsci @jerryjao
Focus on channels that drive high ROI
@reten&onsci @jerryjao
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
How to measure Customer Life&me Value
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
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
Create a 1-‐to-‐1 customer treatment for your customers
@reten&onsci @jerryjao
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
Thank you!