To calculate your current monthly retention rate, take the number of customers you have at the end of the month, subtract the number you’ve acquired during the month and divide that by the number of customers you had at the start of the month.This calculation will give you the percentage of customers you’ve retained for the month.Baremetrics also automates a follow-up email to cancelled accounts.Notice they don’t try to win customers back or make excuses. Your sales team went home, and all you had left was your current group of customers.
We’ve broken down the best customer retention ideas to 6 sections.The way to discover this is through cohort analysis.A cohort is a group of customers who have similar characteristics.Imagine signing up a customer 10 years ago and still being relevant and valuable to them today.The If you’ve been tasked with increasing customer retention, boosting customer engagement or lowering churn, this post should provide inspiration on how to get started.Implement your choice of strategies below to get a peek into your customer’s brains. If you let them go silently into the night, you’re missing out on a big opportunity for clear, unfiltered feedback.Customers who have already left don’t have any reason to hold back – they will tell you exactly what went wrong. By keeping it open-ended they got specific, actionable feedback that they didn’t expect.Many tactics are backed up with research and studies that you can take to your boss if they need convincing.I recommend saving your top ideas to a Trello board or project management software so that you can track progress on them.It’s like trying to fill a bucket with holes in the bottom.Sure, you might be able to fill it, but it would sure be a lot easier if you didn’t lose so much water out the bottom!