Marketer Crew - Do This to Drive More Revenue... 💰

Hey 👋🏼 Chris here…

Happy Friday to the thousands of motivated marketing practitioners, startup founders, and business owners who are a part of this community.

In today's newsletter, we discuss best practices for retention marketing. Don't skip it! As a matter of fact, I intentionally left the word "retention" out of the subject line because most of us (marketers) just think acquisition is everything. But the tactics in this issue can increase ROI by up to 25x!

Today’s newsletter takes around 2 minutes to read. Enjoy!

The Holy Grail of Growth...

So what is “retention marketing”?

In short - retention marketing is simply activities that create engaged customers who return to your product or store to shop again. The goal is about increasing Lifetime Value (LTV)… Not new customer acquisition.

Why is this important for marketers? Ultimately, our job is to increase revenue for the business. Primarily, we do this through acquisition marketing but acquiring a new customer is on average 5x more expensive than keeping an existing one!

So what are some ways to accomplish this? Let’s look at three tactics we can use to improve retention in our business…


✅ Create Content for Your Existing Customer

Creating content for your active users / previous customers is one of the best ways to keep your brand top of mind and generate loyalty.

Establish engagement as the primary goal of your retention marketing content. You could do this via email marketing newsletters, podcasts, or videos. Keep in mind that this is not about selling your product or service. It's about providing value and keeping the brand in the forefront of people's minds. Invite your customers into the conversation via comments and direct messages by creating content that they will actually care about.

Bonus — If you’re already creating this content for ToF you can segment your current customers in your CRM and include them in all of the audiences you distribute to!


✅ Create a Community for Your Customer Base

Community is a serious buzzword in the marketing space right now. But in the age of “dark social” the power of online community is something we cannot ignore.

The big question is, “How do we create a community that is active and engaging?” Some best practices include creating a member profile, celebrating new members, having a cadence of content to promote… etc.

The key is drawing your users/customers into a space that makes them feel like they belong. Measure engagement and content consumption within the community… This is how you know you’re winning.


✅ Combat Churn - Both “Regrettable” and “Non-Regrettable”

Is there a difference between "regrettable" and "non-regrettable" churn? Put simply, regrettable churn occurs due to company-controlled reasons. There may be a lack of product features, a high price, an unpleasant customer experience, or inconsistent product messaging.

To combat regrettable churn we need to deploy customer feedback loops, monitor net-promoter-score (NPS), and have an excellent customer onboarding or Customer Success strategy. 

For Non-Regrettable churn the answer is a little less straightforward… However, there are a couple of baseline activities we need to execute:

• Capture any failed payments.
• Use legitimate payment processor.
• Track your unit revenue using payment intelligence
  

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SaaS companies are increasingly focusing on retention marketing. As a result of churn, companies lose over a trillion dollars annually. In order to drive revenue for our business, we must serve our customers through their entire customer lifecycle.

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