- Magnetic Marketing
- The 3-Step Master Retention Strategy
The 3-Step Master Retention Strategy
Identify the biggest opportunities to improve customer retention for your business.
Welcome to the 42nd issue of Magnetic Marketing. The Mariano Rivera (#42) of newsletters: always closing... customers.
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🧲 Today's Marketing Breakdown:
2023 is going to be a big year for Beard Club.
To prepare for that, every department ran through the exercise of laying out its roadmap for the first 6 months of the year. I was in charge of leading this process for customer retention. It was an eye-opening experience.
Today, I'll walk you through the 3-step process of how I prioritized our customer retention opportunities for the first half of 2023.
The 3 steps:
Identify ALL potential goals
Identify ALL potential levers
Identify the biggest opportunities
🧲 Step 1: Identify ALL potential goals
There are 7 major buckets of goals that could impact our customer retention performance:
(1) Prospect Onboarding: how do we get order #1? (this mainly falls on the acquisition team, but it has a major impact on long-term retention and LTV).
(2) New Customer Onboarding: how do we get someone from order #1 to order #2?
(3) Repeat Customer Retention: how do we get someone to go from order #2 to orders #3, #4, #5, etc?
(4) Anti-Churn: what strategies and tactics should we use to prevent cancelations?
(5) Cross-Sell: how are we going to get existing customers to try other products?
(6) Upsell: how do we get our existing customers to buy more?
(7) Winback: how will we win back customers that have canceled and not ordered in a while?
🧲 Step 2: Identify ALL potential levers
Next, I identified all the possible levers I could pull that might help me achieve some of those business goals. I came up with 11 levers:
Cancel Save Flow
Onsite User Experience (UX)
🧲 Step 3: Identify the biggest opportunities
I took my 7 goals and 11 levers and created a 7x11 matrix in a google spreadsheet.
This created 77 unique cells that combine every Goal with every Lever. I filled in ideas and opportunities for every cell:
Some examples of Goal x Lever combinations and the questions I asked myself to fill in each cell:
Prospect Onboarding x Email
How will email help us acquire customers?
Prospect Onboarding x Onsite UX
How will the onsite UX impact the first order?
Prospect Onboarding x Customer Support
How can we use customer support to impact the first order?
Customer Onboarding x Email
How will email help us get customers from order 1 to order 2?
Customer Onboarding x Data Infrastructure
What data do we need to support our customer onboarding efforts?
Customer Onboarding x Unboxing Experience
What is the experience the customer will go through when they receive their first order and open it?
I spent a few hours per day filling out this spreadsheet. By the end, I felt confident I had thought of every possible opportunity.
The only thing left was to go through the spreadsheet and pick out the most impactful ones (the big opportunities should jump off the page).
After this exercise, I feel confident that 2023 will be the best customer retention year that Beard Club has ever had.
🧲 Take 2 seconds to provide some feedback?
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That's all from me this week!
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