Your customers should always be the most important thing on your mind.
The marketing field is putting more focus on customer engagement and retention than ever before. But the thing about retention (and therefore preventing churn) is that it’s still treated as one single topic. Customers are either churned or not. And, once they’re segmented into either group, they’re usually blasted uniformly with a single message, promotion, and product recommendation.
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This shouldn’t be the case. That’s why we held another successful PostFunnel Workshop titled “How to Re-Think Customer Churn.”
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Led by the CRM experts of Optimove, the workshop took place on Wednesday, March 4th, in Chicago, over an intimate, relaxed breakfast at the beautiful Hoxton Chicago Hotel. Then, on full stomachs and adequately caffeinated, an interactive workshop followed, mainly focusing on a unique way to approach customer churn. Or, as Optimove calls it – the Customer Rhythm.
In the following couple of hours, along with 58 slides, the audience of CRM leaders was engaged throughout, bringing up multiple follow-up questions (that we will turn into more professional content for you in the future).
It started by laying the ground foundation, with examining terms such as “frequency” (how much time elapses, on average, between two consecutive activities of a single customer – and how to calculate it), and Optimove’s proprietary Churn Factor.
Then, after showing how to approach questions such as “When to engage?” and “Which offers should I use?” – the class really started to get nerdy.
“While purchasing patterns are crucial in identifying churn, there are additional data elements that can supplement the churn risk prediction,” slide 30 said, such as site visits, email (and other channels) engagement, and service tickets. All of which help to find each customers’ rhythm.
The final part saw Optimove’s Yoni Barzilay, Director of Strategic Services, and Adi Markus, Customer Success Team Lead, discussing how to build simple models that describe the different types of customers (so you could treat each type better.)
“I feel like I gained a wealth of information and best practices on how to strategize, measure, and execute communications to retaining customers, to improve the overall health and lifecycle of our business,” said Brad Roslyn, Head of Growth at Foxtrot, who attended the workshop.
“I learned a lot about various growth and retention tactics, including how to read our data better and set it up to understand the customers better,” he added. “I now feel that we have a solid fundamental playbook.”
Takeaways
We wanted to educate our fellow CRM marketers with different ways of approaching churn, segmentation, and customer communication. Three sample applications of the customer rhythm were introduced and described in greater detail – churn factor, customer tier (RFM), and product replenishment.
For those who couldn’t make it out – stay tuned for future upcoming events that we plan to host on other trending CRM topics.
If you want to learn more about customer rhythm, contact yoav_s@optimove.com.