Marketing And Churn And Instagram And Facebook
You may be able to attract eyeballs and turn visitors onto buyers, but are you able to keep people around for months, or even years? Or do they switch to a competitor after one transaction?You won’t know the answer if you don’t have a method for calculating your customer retention rate.For those unfamiliar with the term, the customer retention rate (CRR) refers to the percentage of a company’s existing customers that stay put or loyal during a measured period.In other words, it shows how well your company is performing when it comes to retaining its customers. For most businesses, it’s easy to focus on customer acquisition and set aggressive goals.
Download yu gi oh for pc free. But if you keep losing customers as fast as you’re acquiring them, then your business isn’t growing. It’s like a hamster on a hamster wheel.Growth isn’t just about tracking how good of a job your sales and marketing departments are doing with and prospects. When you measure customer retention, you know when you’ll need to switch gears or ramp up your efforts to keep current customers around to meet your growth objectives.Here are a few more reasons why you should measure customer retention:. Predict revenue: Your existing customers (aka the lifeblood of your business) are to buy a new product. Also, they typically spend on average than a newly acquired customer.
Marketing And Churn And Instagram And Facebook Profile
As a result, measuring customer retention is a good predictor of whether your business will enjoy a higher or lower revenue in the upcoming quarter. Analyze customer service: Tracking the% of customers you retain monthly, annually, or for other durations such as every two weeks (or even weekly if you want a quick overview) is one of the most useful ways to determine if your customer service department is thriving or performing subpar. A low retention rate could indicate a customer service situation that's making your customers unhappy, giving you time to act or re-strategize before disaster hits in the form of reputation damage or profit loss. Re-strategize loyalty programs: Your loyalty programs will have a significant impact on your customer retention rate.
If your CRR takes a dip, it could be that your loyalty programs. You might want to make appropriate changes to your tier-based/reward partnership/gift card loyalty program to encourage loyalty and repeat purchases. Besides, measuring CRR will indicate how long you’ll be able to retain your customers if you continue with your existing loyalty programs.So. It makes sense to take the time now to measure your CRR. To calculate your CRR, specify the period in for which you measure customer retention. Is it a month? A quarter?Once you determine the period, add up the number of retained customers at the beginning of that period, the number of customers retained at the end of that period, and the number of new customers your company gained during that period.
Then, use the formula below to find your customer retention rate:x existing customers at the end of the period ( – ) x newly acquired customers during that period ( / ) x existing customers at the beginning of the period (. ) 100For example, if you started the month with 50 customers, gained 30 new customers during that month but lost 10 customers by the month’s end, you’d finish the month with 70 customers. Your customer retention rate would be:70 - 30 / 50. 100 = 80%Tip: It's a best practice to express CRR as a percentage.What’s a good customer retention rate?The ideal% is 100; this would imply that you managed to retain all your existing customers. Obviously, this isn’t a figure you should expect to achieve.To understand whether your CRR is good or bad, you need to set customer retention benchmarks.There are two ways to go about benchmarking: against yourself, and against other companies.Measuring against your own CRR month after month and year after year reveals trends.
For example, if CRR is trending up, you should try to determine the loyalty campaigns, cohort behaviors, and customer service that may have led to this trend (and capitalize on those implementations).To compare CRR against other businesses, you need competitors’ CRR figures which generally are not available publicly. The next-best resources are industry benchmark studies like Windsor Circle’s that anonymize data from several unique companies to reveal CRR trends. Rise above expectations as a standard, not an exception.The first step toward improving your customer retention rate is to deliver more than your customers expect, which means going beyond the call of duty to please existing customers.This can be as easy as a feedback request after a satisfactory experience, or as complex as developing a series of educational webinars for one of your offerings. Either action on your part can take your customers’ experience to the next level.Depending on the size of your business and your industry, the tactic you use will vary, but here is a basic rule of thumb: what else can you do to let people know that you value them as a customer beyond the purchase?There’s plenty you can do with a whole world of choice at your disposal: try something different.For example, Nest, the company that came up with the self-learning digital thermostat, went out of its way to delight one of its customers. One of the company’s thermostats and faced an issue: the vents were only blowing cold air even though he adjusted the settings to give off heat.He called Nest’s customer support number on a Sunday at 9 pm and incredibly was able to talk with a real service rep.
The specialist was knowledgeable and friendly, but the company went a step further to improve Scott’s experience.While diagnosing Scott’s problem, the support discovered that his house had abnormal wiring that needed a technician to organize. This is where Scott’s experience could have taken a nosedive, but instead, Nest reimbursed him for the cost of hiring a skilled technician and also apologized for the trouble. The takeaway? If you can afford it, go above and beyond to exceed people’s expectations, whether they get in touch with you via email, phone, or by walking into your brick-and-mortar store. Set up a customer loyalty program.Loyalty programs are an effective way to increase CRR. People understand that by signing up for a loyalty program, they can get more value every time they shop. In fact, join loyalty programs in search of automatic discounts, while 55% participate for discounts of any nature.The numbers make it clear that customer satisfaction hinges on the value a company can offer through its loyalty program.While there are multiple ways to start a loyalty program, offering reward points for buying a product or signing up for a service can provide an immediate incentive that helps highlight your program’s value.Allow customers to redeem these points for an actual reward, which could be anything from a free night at a hotel to 50% off on their next purchase.
Reward points also accelerate a shopper’s path to the reward, motivating them to take further action to re-cherish that point-earning experience.Dunkin’ Donut’s DD Perks program is an excellent example of this tactic at work. Members get five points for every dollar spent on eligible purchases at Dunkin’ Donut’s locations when they pay using an enrolled DD card, either through the Dunkin’ Mobile app or a credit card. Members also get a one-off bonus of 200 points when they enroll. As for the actual reward, Dunkin’ Donuts offers a single-serve beverage of any size for every 200 DD Perks Point earned. When the value is this clear, customers will quickly enroll and start earning right away. You can't buy love, but this is pretty close.
Collect customer information.Customer experience is slated to overtake product selection and price as a reason to pick one business over another. Personalizing the customer experience, therefore, is a viable way to increase customer retention through more relevant experiences with the company.
One way to do this is by collecting customer information.Gather details of the actions your visitors take such as the content they read, the products they add in the checkout cart, and the things they share, and then use that information to deliver a personalized experience. For instance, you can use “customer accounts” to aid retention by giving visitors instant access to previously bought items, suggested upgrades, and pre-filled billing information. However, customer accounts can sometimes be viewed as too much of a commitment.So how do you set up customer accounts and encourage buyers to opt in without disrupting their experience?
Opinions expressed by Entrepreneur contributors are their own.Facebook and Instagram are two out of the. Facebook has 1.1 billion estimated monthly visitors, while Instagram has 500 million. These two platforms have similarities and differences. So or with Facebook might pan out differently.Here’s a look at ways in which these two platforms can impact your business, so you can make a more informed choice.Related: Quantifying consumer reach.Facebook has been around much longer than Instagram and therefore has a larger user database than Instagram. Facebook is also more popular amongst the older folks whilst Instagram is more popular among the younger generation.Related:However, this is not to say Instagram isn’t on its way to having a larger database, as it is rapidly growing.
Statistics below show the comparison between both platforms.1.13 billion daily active users500 million monthly active users1.03 billion mobile daily active users300 million daily active users1.71 billion monthly active users4.2 billion likes daily1.57 billion mobile monthly active usersOver 95 million photos/videos per dayAs stated clearly in the table above, Facebook has higher numbers. But Instagram has better statistics in engagement and content sharing. All in all, Facebook has more total users but Instagram also has a very strong following.This may mean that they would work differently for different kinds of businesses. For instance, businesses that depend on a lot of visuals to advertise may find Instagram a bit more beneficial than Facebook. Targeting consumers.Consumer targeting is necessary for every business in order to avoid loss of information or wrong communication. You need to know where your target audience is based, their gender, interests, age, etc.you to send the right message to a specific audience, as it has options to target by location, language, age, gender and other demographics, and by psychographic behavior.Related:However, these targeting options are also available on Instagram.
This is probably because it is now owned by Mark Zuckerberg who also owns Facebook.So if your business is trying to reach a younger demographic,. But with Facebook’s older generation users, businesses that use this platform have access to consumers who have higher income and higher spending power. And this is a major plus, depending on what you are selling. Engaging consumers.have shown that engagement with businesses on Instagram is 10 times higher than Facebook. And the average engagement per post has grown by 416 percent, compared to two years ago.For instance, a particular post from Adidas was put on both its Facebook and Instagram account. Adidas’ Facebook account has 24 million likes while its Instagram account has 9.7 million followers.The Instagram post had over 130,000 views versus Facebook’s 78,000 views. The post also has 154 comments on Instagram while Facebook was able to garner only 67 comments.
This just shows that despite having a wider reach on Facebook, Instagram has the higher engagement.Related: Assessing platform strengths.In comparing and contrasting the two social media platforms, importance must be placed on the major features that makes each distinctive.Instagram is about sharing photos and videos. The short videos were formerly 15 seconds long but are now up to a minute. With customers and with building a solid brand loyalty base.
This can be achieved through the sharing of daily work routine which would create a personal feel for your business, and engage consumers.Facebook, on the other hand, is multi-optional, with lots of variety. You can choose and use whatever feature (groups, events, shops, photos, videos, text, etc.) suits your business needs each time you post content. Things like business hours, events, addresses, and response rates can be found on most business pages. You can also create groups, events, product pages and shops.Instagram is pretty clean without much clutter. And it’s easy to navigate, unlike Facebook which has a lot of things going on, all at the same time. So your business may be accessible to a smaller audience than on Facebook, but it will be more visible to that audience, which invariably means greater engagement.
Advertising to customers.Facebook and Instagram are easy to use when it involves running advertising and marketing campaigns. You can determine your audience, and track your campaigns, and find out how many people have been reached and conversions have occurred.Although Instagram doesn’t allow clickable links in posts, you can put a direct website link in a sponsored ad. Facebook and Instagram to create campaigns and monitor reach, engagement, and user conversions.In conclusion, both platforms are viable tools to boost your business. So, which one is better for you? The nature of your business will inform that decision.