Retaining an existing user (or reducing Churn) is key to achieving profitability and ROI in your startup. The famous statistic is that it costs 5 times as much to acquire a new customer as it does to retain one.
We aren’t going to explore the psychology or theory of why that is true. Just accept that it is, and if you’ve solved Acquisition and Activation in your startup, you now need to focus on Retention.
This post is a list of customer retention hacks that you can implement right now into your startup that are proven to work.
Customer Retention Hacks
19. Daily and Weekly Digest Emails
If you have a user-generated content network like Twitter or Quora, doing a weekly digest of activity makes loads of sense. Even if users don’t click any links in the emails, they may just be enjoying the email content within their inbox.
Following on from this, could you send out a weekly (or monthly) digest of key metrics from their dashboard? Discussion highlights from projects? How many tasks were completed this week? Who were the biggest contributors in their team?
The key with these emails is that they must be personalised, they must be relevant, and they must be valuable. We’re not trying to get the user to take any other action other than just being informed – and maybe clicking to log back into the product.
But our no.1 goal with digest emails is to stay top of their mind. Don’t let them forget about you.