7 Proven Strategies for Improving Customer Retention and Boosting Revenue

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Why Retention Matters

• Retention is a key factor in determining the profitability of a business
• Increasing customer retention can lead to a significant increase in revenue and profit
• Having a high churn rate can lead to a decrease in revenue and profit

The 7 Strategies for Improving Retention

1. Onboarding: Implement a structured onboarding process to set expectations, reconfirm the buying decision, and provide a roadmap for what to expect.
2. Unlockables: Create incentives for customers to stay by offering rewards or benefits at specific milestones.
3. Exit Interviews: Conduct exit interviews with customers who are leaving to gather feedback and identify areas for improvement.
4. Reach Outs: Facilitate relationships with customers through regular check-ins and personalized messages.
5. Attendance Tracking: Track customer attendance and engagement to identify trends and opportunities for improvement.
6. Events: Host events or webinars for customers to provide value and create a sense of community.
7. Handwritten Cards: Send handwritten cards to customers with personalized messages to create a sense of personal touch.

Order for Implementing Strategies

1. Onboarding
2. Unlockables
3. Exit Interviews
4. Attendance Tracking
5. Reach Outs
6. Events
7. Handwritten Cards

Why These Strategies Work

• Each strategy addresses a specific pain point or opportunity for improvement
• The strategies can be implemented in a specific order to maximize effectiveness
• By implementing these strategies, businesses can increase customer retention, revenue, and profit.

Source: 7 Ways To Get People To Buy More Times, Alex Hormozi