Customer retention analytics programs that measure reach and impact can go a long way in helping business owners improve marketing campaigns as well as products and services overall.
They can also help make it easier to cross- and upsell existing customers, and to keep them over the long haul. (As we know, it's far less expensive to retain a customer than to recruit a new one.)
Top Customer Retention Analytics Tools
Fortunately, technology innovation over the last several years has enhanced the cadre of available tools that target customer retention.
Learning about customer retention analytics can help you stretch your marketing dollars and keep your most valuable business.
#1. Optimizely
An A/B test is a customer retention technique that prompts customers to choose what they prefer most about your product, service, website or marketing campaign.
Using a tool like Optimizely, you can rapidly test an A/B hypothesis for every aspect of your offering, allowing you to refine it based on what customers find most appealing or helpful.
Optimizely's features contribute to both the customer retention rate metric and the repeat purchase probability metric, which I describe in more detail below. It offers a variety of pricing arrangements ranging from a few thousand dollars a year for the basic offering to $200K a year for the enterprise plan.
#2. Google Analytics
Many business owners already use Google Analytics for customer retention statistics on their websites, such as traffic numbers and most frequently visited pages. However, a closer look also reveals your most and least popular website pages by time of day, and which customers visit repeatedly.
Google Analytics' basic features are available in the free version, but much larger businesses can take advantage of Google Analytics 360, which costs $150K annually and provides advanced machine learning features that derive sophisticated insights from customer data.
For more where this came from, check out the full piece on the AMEX Business website.
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