While acquiring customers is vital for business growth, retaining those customers is critical to long-term profitability. Customer retention refers to your ability to keep your customers and grow their lifetime value once you’ve acquired them. According to the Outbound Engine, retaining an existing customer costs 5X less than acquiring a new one, and increasing retention by just 5% can increase profits by up to 95%. So prioritizing customer retention—rather than acquisition—can make a massive difference to your business.
However, increasing your user retention rate (the percentage of repeat customers) and decreasing your churn rate (the percentage of customers that bounce) is directly linked to your ability to deliver a great user experience. With 86% of consumers’ purchasing decisions influenced by personalization, the ability to tailor your site to meet the needs of visitors can reduce bounce rates, significantly increasing user retention and profits.
As a cloud platform tailoring both content and the user experience in real-time depending on behavior and demographics, Twik supports five proven retention strategies designed to reduce bounce rates and increase engagement:
With unique capabilities for understanding your site structure and traffic, twik’s machine learning algorithms offer an accelerated path to personalization. With a one-minute installation, there’s no faster way to deliver engaging experience and increase customer retention! To find out what twik can do for your business, visit http://twik.io/, or send us a message.
Over the years, marketing has changed in a way that it has become almost necessary to have the help of some form of technology to keep up with the increase in customers. According to Emailmonday, 51% of companies have employed marketing automation services while 58% of B2B businesses are looking to do the same.
Chatbots have proven to be very effective at providing front-line customer service and requests for information. If done properly, they create engagement with visitors to your site, increase conversions, and improve the overall user experience.