Multichannel Retention Strategies: A Steady Diet of Low Hanging Fruit
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Multichannel Retention Strategies: A Steady Diet of Low Hanging Fruit
- 3. Acquisition Current Customers Farmer Retention Farmer Acquisition $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
- 4. What is Customer Churn? Simply stated: It’s the act of losing your customers due to competitive pressure, unhealthy relationships, financial constraints, etc. How do most of us deal with customer churn? REACTIVE! $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
- 7. Advertising Target Marketing Technology Modeling/Profiling Incentives Customer Acquisition $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
- 15. Are all Customers created equal? Customer A Customer B $ $
- 16. First…Who do you WANT to keep? Formula for CLV Present Value = Future Value/(1+i) n (1+i) = Interests N = No of Years $ $
- 25. Multi-Channel Campaign Control Campaign Results (Direct Mail Sent to Every Customer)
- 26. Multi-Channel Campaign Multi-Channel Customer Retention Strategy
- 28. Multi-Channel Campaign Propensity to churn Over-utilization Contract expiration Old equipment Low usage Filter out Payment issues 2.225 m customers to be targeted Certain geographies Do not contact 2.25M customers to be targeted
- 29. Multi-Channel Campaign Filter Do not text Non- responders Old equip/ No text capability 225k removed Personalized Text 2.0M Offer Based on BI Model Offer Based on plan type Phone exclusive offer Inbound Call Keep customer away from retail outlet 160K Calls @ 8% RR E-Verification E-Contract Offer Based on BI Model
- 30. Multi-Channel Campaign Filter Do Not Mail Non- Responsive to Mail ROI Filter: Usage/ Profitability 461K Removed Personalized Mail Piece 1.38M Personalized Offer Based On BI Model Offer Based On Plan Type Geography Demographic Psychographic Drivers Phone Exclusive Offer Inbound Call Keep customer away from retail outlet 55K Calls @ 4% RR E-Verification E-Contract ROI Filter: Usage/ Profitability Offer Based On BI Model Demographic Psychographic Drivers
- 31. Multi-Channel Campaign Filter Do Not Call Non- Responsive to Phone Respondents to Text or Direct Mail Billing Cycle More Stringent ROI Filters 649K Removed Outbound Call 675K Offer Based On BI Model Offer Based On Plan Type Phone Exclusive Offer 405K Contacts Made Inbound Call Keep customer away from retail outlet 74K Calls E-Verification E-Contract More Stringent ROI Filters Offer Based On BI Model
- 33. Multi-Channel Campaign Multi-Channel Campaign Results
- 34. Multi-Channel Campaign Multi-Channel Campaign Summary