1. (Part 1) Have The Right Retention Stack
In order to build a profitable retention marketing system, you should focus on:
-Calculating and understanding your LTV metric as fast as possible.
-Reducing your Lifetime Value (LTV) to Cost per Acquisition (CAC) ratio.
-Building super fans for your products and brand that buy and buy again... and again.
-Leveraging customer acquisition costs to acquire data and create a lifetime customer.
1. (Part 2) Have The Right Retention Stack
In order to achieve these key objectives listed above, you need to have the right tech stack working for you when you’re asleep.
Klaviyo - Email
Okendo - Reviews
Postscript/Recart - SMS
Just Uno - Lead Capture
Recharge - Subscriptions
Octane - Zero Party Data
Tapcart - Push notifications
Gorgias - Customer Service
Rebuy - Dynamic repurchases
Loyalty Lion - Loyalty program
Aftership - Shipping Notifications
2. Zero Party Data
This is the equivalent of oil in the digital world.
The best places to collect this information would be via interactive funnels including quizzes, surveys, calculators, and pop up forms.
A great tool to use would be Octane.
3. Community Building
Create closed communities using these two methods:
- Top of funnel - create a group of other like-minded people or existing customers using social media, for instance.
- Bottom of funnel, as a post-purchase strategy for product lovers to share and learn other customer tips and tricks.
This is an amazing way to create SUPER FANS!
4. Repurchase Rate
Understanding these numbers:
- Repurchase rate
- Customer returning rate
- Days between purchases
Will allow you to:
- Strategize intentional post-purchase strategies and cohorts
- Use these new ideas to test and analyze
5. Create a Feedback Loop System
Collect information through surveys in the post-purchase phase so you can deeply understand your customer’s needs and create iterations that encompass these aspects.
i.e. . Use Typeform + Klaviyo to collect, analyze, and optimize data.
6. Focus on Reducing CAC
There are so many unique ways to acquire a customer.
What if you gave away a complementary product as a referral incentive to acquire a new customer? Can create a dedicated rewards page to let customers pick the product they want.
Created an engaged community on social media that convinced new buyers by using social proof?
7. Reward Loyal Customers But Quit Making Them Jump Through Hoops
Reduce friction and make it easy for customers to become super fans, especially when incorporating things such as loyalty programs.
A lot of loyalty programs don't convert because the process is too complicated or the reward is not great enough. Reduce this friction and ACTUALLY reward super fans you are thankful for.
If you're looking to ramp up your retention rate and create some serious super fans, reach out to our team to set up an audit!