I have written several times on how crucial retention is to customer lifetime value and thus the survival of your business. I recently came across an article by Mike Bal in Entrepreneur magazine that does a great job of showing some tactics to improve retention through higher loyalty:
- Feature fans in your content. By putting your users in the game or on your fan page, they will become champions of your product. Take good content that they have shared and highlight it, let them know you appreciate their efforts.
- Give fans something they do not know they want. With your very engaged VIPs or fans, go to their Facebook page or Twitter account, see what they are interested in and give them a gift. For example, if they love guitar, give them a gift card for guitar accessories.
- Credit customers for feedback you use. Given that we are all constantly improving our products, when one of these improvements is based on customer feedback let the customers know. This could be from survey results, posts on your social media channel or direct communications with the customers.
Continue reading “Lifetime Value Part 12: 10 ways to increase retention and loyalty”
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