When Retention is Everything
Maintaining a relationship where your customers pay you a
recurring fee or must recommit on a regular basis creates a dilemma - reward
them for pulling out their wallet, and merely focuses on the cost; building a
richer set of benefits creates sustainable value and differentiation.. Loyalty
Lab focuses on enabling programs that reward the activities and behaviors that
lead to long-term retention, as well as incorporating the promotions needed to
reengergize customers on the brink of churn.
The Consumer Services Challenge
Marketers in the consumer services industries –
telecommunications, subscriptions, continuity programs, fitness – must keep a
keen eye on churn. Acquisition costs continue to rise in the face of
competition and tightening consumer spending. Profitability swings on small
impacts to retention rates.
While no doubt much of success in the Consumer
Services world is tied to customer experience, retention programs can have
a big impact, especially during key moments in the customer
lifecycle. Ongoing engagement must walk a fine line between adding value
and avoiding cancellation.
Loyalty Lab's Approach
We’ve dived deeply into retention-focused business and have built
a repeatable model for success. By understanding and recognizing the “hooks”
that expand the perceived value of a service, marketers gain tools for
deepening their consumer relationships. By focusing on key moments in the
customer lifecycle, marketers can strategically invest their dollars. By
recognizing at risk consumers, marketers increase the relevance of their
messaging.
Features
It's not enough to know when your customers leave. You have
to respond before they know they want to leave. Triggered messaging, targeted
offers, and other behavior-sensitive efforts can be the difference between
retention and churn. Recognition of interactions beyond transactions rewards a
broader set of actions and increases marketer insights.
- Dynamic profiles model the factors predicting churn
- Generic events capture behaviors aligned to a satisfaction and retention
- Triggered messaging and offers automate timely and relevant communications
- Reward program options empower explicit customer loyalty efforts
Benefits
Just a few tenths of a percent difference in churn can have
a huge financial impact. We'll put the tools in your marketers' hands to recognize a broader set of interactions, model attrition risk, and respond accordingly.
- Measurable increase in retention rates
- More effective use of funds on at-risk customers
- Reduced work associated with set up and maintenance of automated marketing
- Increased value generated from complementary goods and services
- Reduced reliance upon discounts by leveraging an alternative promotional currency