The “Magic Number” with Retention Marketing
March 17, 2015
Yes, many industry standards for metrics of engagements and retention are different. At the end of the day you have have to look and see what keeps your clients.
Twitters magic number is 30. Users who followed 30 others were much more likely to remain engaged and use the service. Facebook was 10. Users who added 10 friends were likely to stay active on Facebook. Slack had a number of 2000. 2000 messages being sent/used would keep people using the service and eventually purchasing.
The number of engagement or retention determines who is really using your product and can even show you how to retain them.
What does conversion and retention mean for your business? This will be different with each industry.
Hotels, this may be getting a guest to visit twice and sign up for a rewards program in the process. Leveraging a easy to use point system. Thats what Southwest Airlines did, offering a free flight after 10 plan ticket purchases. This was a blown off concept but was the secret of Southwest speedy growth.
Salons, getting your client to rebook and visit a stylist every 6-8 weeks in a 3 month period. This could be with product discounts for “Members” who can only gain a card after 3 visits.
Lawyers, this could be a bit more difficult. Giving clients free consults whenever they have a problem may be a way to offer a “freemium” model. Get them to relay on you with small conversations, eventually getting them to come back for document review, preparation ,etc. This number could be as little as one or two conversations during a negotiation.
Finding your Magic Number for engagement and retention can be critical and may take time to figure it but when you do – you will know the steps you need to take to retain your customer/client base.