Imagine being able to buy users for a small amount of money. It sounds like a dream for a growth marketer. Imagine a scenario with the worst retention rate possible, and it would be a nightmare.
Retention is a key metric for Fortune 500 companies, as well as for construction companies and software companies.
Retention isn't solved by growth marketing, but there are some tactics that can be used to improve it.
Let's get started.
Growth and product teams should fit within a company. I saw firsthand how well-oiled a machine could be to tackle customer conversion and retention. We used to have weekly meetings to discuss conversion rate trends.
Growth and product should be foci.
I have seen many headaches caused by the lack of measurement capability in startup. Accurate measurement of conversion volume is important for all companies. Efforts become inefficient if they aren't done otherwise.
Measurement is not a set-it-and-forget type of task. As channels and the privacy landscape are constantly evolving, measurement should be seen as a constant work in progress.
It’s imperative to constantly analyze the sources driving growth at a detailed and bottom-of-funnel level.
The product team can help you personalize initiatives, measure them accurately and increase the chances of success. It would be great to have a specific funnel for visitors who are new to the area. Is it possible to have different landing pages for different people. The growth and product teams should be doing a lot of these tests.
The growth team should be the first to get their hands on a new product or promotion. Ensuring there is understanding between the paid acquisition teams and the lifecycle teams is important.
There will be huge leaps in retention if the growth and product teams work in lockstep.
At Postmates, we used a simple methodology to measure channel effectiveness on an LTV and retention basis. How long did our drivers stay on the platform if they were acquired by another company?
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