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News Update

Why Analytics Matters in Improving Customer Retention

by admin
written by admin

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With customers having more control over where to get products and services these days, customer retention has never been more important for businesses of all sizes. Customers with strong brand loyalty are incredibly important since they are a dependable source of revenue and are great ambassadors for your brand—they are a way to make your business known to their peers. Moreover, retaining customers is also considered more cost-effective than acquiring new customers.

Improving customer retention requireshaving the right sets of data and knowing what to do with them. Surprisingly, not all marketers gather and use enough relevant data for developing customer retention strategies. If you own a business and want to stay at the top of the competition, you can leverage analytics and use the latest appropriate software to better understand what makes your customers tick.You can then use that information to formulate more effective customer retention strategies.

What Your Customers Want: Keeping Your Finger on the Pulse

Using advanced tools for measuring customer retention, it’s possible to have a more accurate analysis of certain kinds of data thatcan help you better navigate the world of subscription-based economy. Some of these data include those that deal with demographics, usage statistics, payment-related information (e.g. payment transaction failures), and departures (e.g. cancellations, refunds, and opt-outs).

Some people may think that a lot of these information are too ambiguous to engender accurate analysis, but they can actually be structured in a way, which, when run through the right formulas, can give you valuable insights that can help you make better business decisions. For example, a single negative feedback may suggest a “warning” that a customer couldend up buying elsewhere if they’re not satisfied with the product or service on offer. While they haven’t necessarily made the switch, the data is still a good indication that something about the product or service might have to be improved upon. This becomes even more evident when similar negative feedbacks are seen in more customers and across different touchpoints.

Customer Retention and Customer Value

With the right analytics tools, it’s also possible for you to monitor customer value metrics like customer lifetime value (CLTV), average customer lifetime value (ACLV), average revenue per user (ARPU), average revenue per paying user (ARPPU), and monthly recurring revenue (MRR).Metrics such as thesehelp identify which customers can be considered “high priority customers” — the ones that stay the longest, buys the most over time, and requires the least resources to keep them engaged.

Concentrating on valuable customersis a different approach to the method that focuses more on acquiringnew customers, but both approaches can work hand-in-hand to increase both customer retention and customer volume at the same time.

Furthermore, by taking a closer look at information about churning customers, it will be easier to pinpoint the common reasons why people choose to switch to another brand. Your customer service department can then focus on addressing these issues and reminding customers the value of your product, making them less likely to leave.

Sometimes, customers leave even if they don’t want to. With limited payment options, customers who suddenly lose access to their current payment option might find it too troublesome to find a replacement card ASAP and just choose to drop their subscriptions. Analytics can easily show if your business is losing a significant amount of customers to payment issues and other factors that are beyond their control. By using billing solutions that feature secure backup payment methods and automated transaction retries, payment issues are minimized and customers have some breathing room to find new payment methods.

There’s no denying that accurate analytics is the key to better customer retention. By using the information to your advantage, your business will be more successful at keeping your customers happy and engaged in the long run.

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Education

‘No significant progress’ being made on improving retention rates at English universities

by Rajdeep
written by Rajdeep

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No progress is being made in reducing dropout rates among students at universities across England, according to new research.

Findings have shown retention rates have barely moved since the 2009/10 academic year, and that the rates for students from the most disadvantaged backgrounds are still relatively lower when compared with others.

Just over eight per cent of those from low participation areas were not continuing in higher education over the last year, as opposed to just over six per cent in other areas. The report also shows there is a group of 20 institutions where around one in ten students are not completing university after just one year.

The findings, from the Social Market Foundation (SMF) and supported by student recruitment consultancy, Hobsons, has, however, shown institutions which are making a success of their student experience – with more satisfied students – are likely to have higher rates of course completion.

 The report, Staying the Course, comes as the SMF said in April the Government was on course to miss its own “ambitious” targetsfor widening participation in higher education by 2020; the Government has been aiming to double the proportion of pupils from disadvantaged backgrounds going university, and also to increase the numbers of students from BME backgrounds by 20 per cent.

The report also shows that, while it’s typically assumed institutions that are doing more to widen participation are not likely to see higher completion rates as a result, there is a large group of universities that is making progress on both. Institutions including City, St Mary’s, Aston, Bishop Grosseteste, Lincoln, and Kingston have among the highest retention rates of all institutions for the most disadvantaged students, revealing no correlation between improving widening participation and worsening continuation rates.

Author of the findings, SMF director Emran Mian, described how every student who does not continue in higher education means “a loss of potential, a bad experience for that student, and poor value for the taxpayer,” as the investment in tuition costs is likely to have a low return.

Making reference to the Government’s white paper which states how “even the present position on retention represents thousands of life opportunities wasted, of young dreams unfulfilled,” Mian said the new research suggests a link between an institution’s student satisfaction and its dropout rates: “Institutions which prioritise student success are likely to see lower rates of non-continuation.

“Our research also suggests institutions cannot claim that making progress on widening participation has impaired their performance on increasing retention rates. Policymakers, students, and taxpayers expect institutions to make progress on both fronts. Government should encourage higher education institutions to focus on improving student success.”

Jeremy Cooper, managing director at Hobsons, a student recruitment consultancy, added how it was clear to see that, when students are happy and succeeding at university, they are more likely to complete their study. He continued: “Despite relatively low student dropout, there is a persistent minority that are falling through the gaps. As we continue to widen access, we have to focus on how we make progress supporting student success and give all students the targeted support they need.”

The research has come after it was revealed by MyVoucherCodes at the start of this year that 27 per cent of freshers saw in the new year by either dropping out of their course or admitted to contemplating making the bold move in the summer because of the expense, not liking the course they had chosen, or not liking the university they were at. Other reasons included that they had either found full-time employment or felt they were “disenchanted with further education.”

Meanwhile, London Metropolitan University and the University of Bolton emerged as having the highest expected student dropout rate, according to a league table on degree completion by the Complete University Guide. While London Met had an average dropout rate of 29 per cent, Bolton followed closely behind with 28.9 per cent of first-time undergraduates who were not expected to see out their studies this year.

Psychotherapist and researcher in psychological wellbeing at the University of Derby, Gareth Hughes, offered tips for students through MyVoucherCodes to help boost their university experience in order to ensure students made the right decision for them, including making as many new friends and getting involved in as many on and off-campus activities as possible.

He said: “No matter how many activities and events students cram into the first term, they will still benefit from trying new things and meeting new people. First-year students should try joining some new students’ union clubs and societies. If they are worried about making friends, they can contact their university’s student wellbeing service.”

[Source:- independent]

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Online Marketing

These Post-Purchase Marketing Strategies Encourage Loyalty And Retention

by Loknath Das
written by Loknath Das

Successfully marketing to today’s consumer requires online retailers to better understand their decision-making journey. All marketers want more sales streaming into their online channels, and your post-marketing strategy is essential to achieve this.

While traditional marketing methods will help digital marketers attract interest from consumers abroad, funnel acquisition is just one play in the marketing handbook. To make the most of the customer journey, take things a step further.

Here are several post-marketing strategies that are proven to deliver results:

The power of the newsletter is undeniable.

Newsletters are one of the most effective post-marketing tools. According to MailChimp (full disclosure: my company makes a CRM integration for MailChimp users), the average email newsletter has an open rate that varies from 16.75% to 27.23%, depending on the industry. A common strategy to encourage signups is to offer customers a perceived value. Most often, this involves giving them a one-time discount off a purchase — typically 10% off — to add them to your mailing list. Here are some other strategies that encourage conversions:

• Newsletters that underscore the customer journey of your products or services help drive new purchases and secure retention.

• Featured content in newsletters helps customers better understand the value of your products and services.

• Flash sales in your newsletters increase average conversion rates and attract new impulse purchases from interested customers.

Case studies attract new sales and improve loyalty.

Another proven method that should be in your post-marketing strategy playbook is a case study. Prospects in the research stage of the sales funnel want to know if your product or service can solve their problems. Including customer case studies on your website shows them the proven benefits of your product or service.

• Case studies highlight how your products and services can be used, and how beneficial they can be to the consumer.

• They provide value proof to the consumer by giving real-life examples.

• Customer spotlights validate and which further illustrate how your products and services are being successfully used.

Blogging is still a must-have post-marketing tool.

You’ve heard plenty about blogging. If you’re still behind on your strategy, there’s no time like the present to pick up the pace. While 99% of your digital marketing dollar doesn’t have to go solely toward content marketing, a blog should be viewed as one of the most important gears in your content marketing and outreach engine.

• Blogging as a content marketing tool can drive thousands of leads.

• The most effective blogs contain videos, infographics and fact-heavy listicles, with a how-to or problem-solution focus that enhances authority.

• Posts that contain powerful visual references such as charts and graphs are also more effective.

Video is the workhorse that content can’t ever be.

We’ve all heard the expression, “A picture is worth 1,000 words.” If that’s true, then in an online marketing world where content is king, a video is worth a million words.

Video is one of the most powerful post-marketing tools that you can incorporate into your retention and loyalty strategy because:

• 74% of consumers have made new purchases based on what they’ve watched in a video.

• 81% of consumers have been convinced to make a new purchase or increase their current purchase based on the contents of a video they’ve watched.

• Branded videos are shared by as many as 83% of viewerson social media, with informative and entertaining brand videos getting the highest share percentage.

It’s important to remember that post-marketing strategies are also about reaching new consumers. To do so successfully, you’ll need help from your existing site visitors. And video is a surefire reach-enhancement mechanism.

Resource-and-learn pages deliver authority content.

When visiting a website, you probably expect to see a product or service showcase, as is the status quo. But resource-and-learn pages are taking center stage as more efficient post-marketing strategies. They underscore the true value that the consumer is offered by delivering in-depth, authority content that is enhanced with animated GIFs, charts, graphs and (drum roll, please) videos. Good examples include:

• A walkthrough page just for your new website visitors to help them find what they’re looking for.

• A sole topic page dedicated to one product or service offering.

• A topic bible that covers every product and service you’re offering, complete with internal links to related pages.

Live webinars and meetups offer personalized interactions.

Two additional post-marketing strategies you’ll want to consider putting into place include live webinars and video meetups. Consumers react positively to personalized interactions such as these.

• A common strategy is to offer video meetups with coffee by using Postmates, where your company orders Starbucks for the attendees, and you host a video chat session over a fresh cup of coffee.

• Webinars are powerful remarketing tools that help you improve awareness and understanding about the value of the products and services your company is offering. They can be easily advertised on your webpages and social channels, as well as in your newsletters.

A top-to-bottom approach is key to thriving in today’s marketing jungle.

To make the most of your marketing efforts, it’s best to incorporate a top-to-bottom approach. Tried and true strategies that generate strong, organic traffic for your website are just one part of the equation.

What you do with this traffic after it converts is equally important. It can mean the difference between being in the red or in the black come the end of each quarter.

[“Source-gadgets.ndtv”]

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