Customer retention and upselling

Customer retention and upselling

Customer retention

Getting new business from satisfied existing customers is easier than hunting for totally new customers. How can data help you in looking at #customerretention and preventing the churn?

There are many aspects of the customer experience that decide whether the customer is a happy customer and the one who would return. Data helps you measure how each aspect is working, which aspects are important and which aspects need to be focused.

In order to do this, the business should decide what are the success criteria for customer retention. For a retail site, it could be amount time the customer spends on the pages, or number of times the customer returns to the site in a given time period along with the money he spends.

Then these behavior patterns can be co related with the actual revenue earned. To decide what are the areas that should be focused on.

Some of the measurements that can be used – and these will differ if your business is not online but store based, or whether the business is selling products or services.

But some common ones could be
1. Top 10% customer and bottom 10% customer behavior trends
2. Customer churn rate
3. Customer service ratings vs Customer retention
4. Loyalty program statistics

Which other KPIs are you using?

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