Techbiz Webinar_Retention Optimization.pdf

Techbiz Webinar delivered by Omotade Faweye

1. CUSTOMER LOYALTY: STRATEGIES TO
TURN AVERAGE INTO ADVOCATES
Omotade Faweya
Product manager, Remote

2. WHAT IS CUSTOMER RETENTION?
Customer retention is maintaining customer
relationships to ensure they continue to
purchase and engage with your business and
prevent them from switching to a competitor.

3. WHY CUSTOMER RETENTION?
01Cost effectiveness
02Increased Profitability
04Loyal Customers
Marketing to and serving loyal customers often
requires less resources
Repeat customers are more likely to make
additional purchases and spend more over time,
increasing their lifetime value.
Satisfied customers are likelier to
recommend the brand to others,
providing valuable word-of-mouth
marketing.
03Competitive Advantage
Strong customer retention can differentiate a
company from its competitors by building a loyal
customer base that is less likely to switch to
alternative brands.

4. 01
02
03
04
05
Intentional Interactions
HOW TO KEEP THEM COMING BACK?
Data-driven customizations
Exceptional Customer Service
Loyalty Programs
Feedback and improvements

5. 01
02
03
DATA-DRIVEN CUSTOMIZATION
PERSONALIZE THE CUSTOMER EXPERIENCE TO MEET INDIVIDUAL NEEDS AND
PREFERENCES.
Use customer data
Collect and analyze data to understand
customer behavior and preferences.
Tailored Recommendations
Provide personalized product recommendations
based on past purchases.
Segmented Marketing Campaigns
Identify and Ccreate targeted campaigns
for different customer segments.

6. 01
02
03
EXCEPTIONAL CUSTOMER SERVICE
DELIVER EXCEPTIONAL CUSTOMER SERVICE TO BUILD TRUST AND
LOYALTY.
Proactive Communication
Reach out to customers with updates,
follow-ups, and proactive support.
Quick Resolution
Resolve customer issues and complaints
promptly and efficiently.
Friendly and Knowledgeable Staff
Train customer service representatives to be
empathetic, friendly, and well-informed
about the products and services.

7. 01
02
03
VIP Programs
LOYALTY PROGRAMS
IMPLEMENT LOYALTY PROGRAMS TO REWARD AND RETAIN CUSTOMERS
Exclusive Offers
Provide special discounts, early access
to sales, and exclusive offers to loyalty
program members.
Referral Programs
Encourage customers to refer friends and
family by offering rewards for successful
referrals.
Create tiered loyalty programs with
increasing benefits for higher-spending
customers.

8. 01 03
02
INTENTIONAL INTERACTIONS
KEEP CUSTOMERS ENGAGED WITH VALUABLE AND RELEVANT CONTENT.
Blog Posts and Articles
Regularly publish content that educates,
entertains, and informs customers about
your products and industry.
Social Media Engagement
Actively engage with customers on
social media platforms through
posts, comments, and messages.
Videos and Webinars
Create informative and engaging videos
and host webinars on topics of interest
to your customers.

9. FEEDBACK AND IMPROVEMENTS
ACTIVELY SEEK AND IMPLEMENT CUSTOMER FEEDBACK TO IMPROVE PRODUCTS AND
SERVICES.
01
Customer Reviews and Testimonials
Encourage customers to leave reviews
and share their experiences.
02
Analyze Feedback
Use customer feedback to identify areas for improvement
and implement necessary changes.
03
Customer Inclusion
Keep customers informed about how
their feedback has been used to make
improvements and the impact they have
made

10. 04
02
03
01
MEASURING RETENTION
Customer Retention Rate
Customer Lifetime Value
Repeat Purchase Rate
Net Promoter Score (NPS)

11. NET PROMOTER SCORE (NPS)
Formula
NPS=% Promoters−% Detractors
Measures customer loyalty and satisfaction by asking
customers how likely they are to recommend your
business to others on a scale of 0-10
Scale
0-10
Promoters: 9-10
Passives: 7-8
Detractors: 0-6)
A higher NPS indicates greater customer satisfaction and
loyalty

12. CUSTOMER LIFETIME VALUE (CLV)
Formula
CLV: Average Purchase Value × Purchase Frequency ×
Customer Lifespan
This predicts the total revenue a customer will generate
over their relationship with your business.
A higher NPS indicates greater customer satisfaction and
loyalty

13. REPEAT PURCHASE RATE
Formula
Repeat Purchase Rate=(Repeat customers/ Total
customers​)×100
This indicates the percentage of customers who make
repeat purchases.
A higher rate suggests strong customer loyalty.

14. CUSTOMER RETENTION RATE (CRR)
Formula
CRR=((End Customers - New Customers)(Start Customers))×100
This measures the percentage of customers retained over
a specific period.
A higher Customer retention rate indicates better retention.

15. CONCLUSION
You don't earn loyalty in a day. You earn loyalty day-by-day.
- Jeffrey Gitomer

16. THANK YOU
PM, Remote
Omotade Faweya