HOW TO INCREASE THE CUSTOMER RETENTION RATE?
Read advice about how to Increase the Customer Retention Rate, learn with B2Metric blogs
Table of Content
- What is the Retention Rate?
- Why is Retention Rate Significant for the Mobile App?
- Boost Your Retention Rate
- Effective and efficient ways to develop Retention Rates
- How can Increase Your Retention Rate With B2Metric?
What is the Retention Rate?
Retention rate is the percentage of users who come back to your app so as to perform a specific action, for example making a purchase or creating an account. It helps you understand how well your mobile app is performing over a specific period of time. A higher retention rate is more important for marketing executives because the meaning of that is that your users stay active for longer, provide more engagement, and greater return on investment.
Why is Retention Rate Significant for the Mobile App?
A low retention rate is a rising problem for every mobile app owner in the growing competition. Within the first 3 days after the installation, the average app loses 77% of its DAUs so trying to increase your retention rate is a must for them. Therefore, they must follow up when your users churn or return to your app
Retaining users rather than acquiring new ones is easier and more cost-effective and brings companies a ton of ROI. A 5% rise in customer retention rate can enhance company revenue by 25-95 %. A
There are a couple of reasons why customer retention is critical for your business growth and success:
Affordability: Retaining an existing customer is 6 to 7 times less expensive rather than acquiring a new customer.
Return on Investment: 5% increase in customer retention could help increasing company’s revenue by 25-95%
Loyalty: Maintained customers buy and spend more frequently than new customers. They have noticed and learned the product or service's value and returned back repeatedly.
Referrals: Making customers feel satisfied and creating loyalty are important due to giving advice and referring their relatives, friends and families
Thus, retaining customers is significant to drive higher revenue and ROI for your app and your business.
Boost Your Retention Rate
If your users do not return to your app for a long period of time, filling the top of the funnel is not meaningful, and retention has the potential to affect all of your significant metrics such as lifetime value, payback period, or engagement.
For marketing teams and executives, the retention rate is more critical in the digital world because they should know when they lose the users/customers via mobile applications.
Effective and efficient ways to develop Retention Rates
- Develop customer experience
- Listen and collect your customer feedbacks and reviews
- Create loyalty programs
- Offer discounts
How can Increase Your Retention Rate With B2Metric?
B2Metric IQ Customer Journey Analytics solution provides deep insights to improve customer experience and loyalty and raise conversion rates. By using the B2M IQ Customer Journey Analytics solution, you can reach important key performance indicators such as profit, orders, number of sessions, advertisement costs, and so on that can help you analyze your marketing tactics and strategies. And also, you can easily create Ad campaigns via Facebook and Google with the list of users exported from the B2M IQ Audience Tracker AI-based user segmentation solution.
Personalized marketing actions improve the customer experience and allow you to reach the targeted audience more effectively and efficiently.
The retention rate is a more important part of B2Metric IQ’s comprehensive cohort analysis. The result gives you a strict opinion of your user activity on your mobile application and allows you to check and compare recent user activity and long-term improvement. Whatever you use, some tools such as Mailchimp, Zoho, Firebase, Slack, One Signal, Klaviyo, B2Metric IQ Customer Journey solution connect all of these data sources into its system and on the dashboard. After that you can send a message to your users from the funnel screen of B2M IQ.
Send personalized push Notifications, SMS and Email!
With the B2M IQ Notification Management tool, you can reach your users that do not currently visit your app by delivering personalized messages that attract your user’s attention and let them return to your app.
Remind your app to new users
Nudge users to complete registration or purchasing process.
Create attractive messages
Highlight users what they’re missing out by not using your app.
Set an alarm when you want to send a message
Reach out to users when they are awake or interested in your app.
Re-engage with inactive users
Convince inactive users to engage with your app using discount messages.
Therefore, with B2Metric IQ you can gain insights such as listed below:
- Measure User Retention and Churn,
- Send Personalized Push Notifications across Mobile, Web and In-App
- Estimate an App User’s Life Time Value (LTV),
- Gain a Deeper Understanding of Users Behavior,
- Build Effective and Efficient Marketing Campaigns and Strategies.
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