Webinar - Retention is the new growth. Neil Patel on growing your business in 2020 and beyond.
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Neil Patel discussed growing a business through retention in addition to acquisition. He explained that retention is important because customer acquisition costs are rising, so businesses need to increase customer lifetime value faster. Some strategies for improving retention that he recommended included creating an "addictive brand", understanding why customers leave, investing in customer success over just customer service, personalizing the customer experience, fixing unintentional churn, and making it easy for customers to do business. He also suggested some tools that can help with retention efforts, such as Churnbuster, Subscribers, Promoter.io, Appcues, and Hello Bar.
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Webinar - Retention is the new growth. Neil Patel on growing your business in 2020 and beyond.
- 1. #wpewebinar Neil Patel, Neil Patel Digital Retention is the new growth Neil Patel on growing your business in 2020 and beyond #wpewebinar
- 2. #wpewebinar In this session, we’ll cover... ● Neil’s journey, starting with SEO as the primary growth tactic ● How to grow more holistically by adding a focus on retention ● Strategies and tactics for retention ● Some recommended retention tools
- 3. #wpewebinar Ask questions as we go. We’ll answer as many questions as we can after the presentation Slides and recording will be made available shortly after the webinar Use the “Questions” pane throughout the webinar
- 4. #wpewebinar CEO Stratabeat @TomShapiro INTRODUCING TODAY’S EXPERT • I started my first company at 16 • Recognized as top 100 entrepreneur under 30 by Obama • I’ve driven over 800,000,000 “wallet-out”, “ready-to-buy” visitors to my clients’ websites • Have grown revenue for likes of Amazon, NBC, & Uber • Recently became a father and am loving (almost) every minute of it Co-Founder Neil Patel Digital @NeilPatel Neil Patel
- 5. #wpewebinar Neil’s journey, starting with SEO as the primary growth tactic
- 6. #wpewebinar I Believe In SEO Now as much as ever • It’s where I started • It’s where I still spend much of my time: Ubersuggest, NPD, Speaking, Writing • 93% of online experiences start with search • If 30% of people click on sponsored links then organic is worth over $1.4 TRILLION
- 7. #wpewebinar And, SEO Is Critical For Many Reasons It goes beyond just traffic • Increase traffic • ROI • Brand Awareness • Build Trust • The Competition Is Doing It
- 8. #wpewebinar But, I Have Come To Realize Acquisition-Centric Approach = Limited Growth -- Balanced Approach (Acquisition + Retention + Monetization) = Big Growth
- 9. #wpewebinar
- 10. #wpewebinar If you want to GROW, you have to add focus on retention, in addition to acquisition
- 11. #wpewebinar The Most Basic Equation in Business Is one too few companies understand LTV (Life Time Value) > CAC (Customer Acquisition Cost) https://neilpatel.com/blog/customer-acquisition-cost/
- 12. #wpewebinar But, Your CAC Is Getting More Expensive
- 13. #wpewebinar So, Your LTV Has To Grow Even Faster
- 14. #wpewebinar And That’s Why “Retention Is The New Growth” 5X+ More expensive to acquire a new customer than to maintain an existing one -Harvard Business Review 75% Increase in profits by increasing your customer retention by just 5% -Bain & Company
- 15. #wpewebinar But, how do you increase retention?
- 16. #wpewebinar Create An “Addictive Brand” Figure out your customers’ common motivation and use that as a rallying cry for your brand’s mission and values
- 17. #wpewebinar Understand Why Your Customers Leave It’s probably not why you think
- 18. #wpewebinar Invest In Customer Success Customer Success = Proactive Customer Service = Reactive
- 19. #wpewebinar Personalize When Possible Don’t treat every customer the same
- 20. #wpewebinar Fix Unintentional Churn Implement a dunning process to be sure you aren’t losing people just because of incorrect or expired credit cards
- 21. #wpewebinar Make It Easy For Your Customers To Do Business With You Be easy to reach Take away friction points Make it simple to pay and buy more
- 22. #wpewebinar “The number one most important factor in loyalty is customer effort” -Harvard Business Review
- 23. #wpewebinar Offer Customers Reasons To Stay • Build trust • Offer a loyalty program • Give them special access • Get to know your customers & show you listen • Be authentic and truly care
- 24. #wpewebinar Some Tools To Help With Retention
- 26. #wpewebinar Subscribers Web push notifications to keep Customers coming back
- 28. #wpewebinar Appcues Help your customers easily understand your product
- 29. #wpewebinar Hello Bar Capture leads and emails so you can build relationships
- 30. #wpewebinar Hand Written Notes Show your customers you care
- 32. #wpewebinar Inquiring minds want to know. Questions and Answers. * Slides, recording and resources will be made available within the next several days
- 33. #wpewebinar Hello Bar Ubersuggest Crazy Egg Subscribers Neil’s Blog Neil Patel Digital Resources. Velocitize
- 35. #wpewebinar Help us get better. How helpful? How to improve? Future topics?