What is your company doing to retain its members? Did your retention rates rise or fall in 2019?
If you’re less than pleased with your member retention rates, it’s time to optimize your platform.
Members may leave for a variety of reasons. Per MGI’s 2019 report, the top four reasons that prompted members to leave were: (1) lack of engagement, (2) couldn’t justify costs, (3) left the field/industry, and (4) lack of value.
You can’t control or predict your members’ career moves - but you are in direct control of member engagement, pricing, and value proposition. Here are nine ways to retain and grow your membership.
Simplify your onboarding process
The slightest speed bump or hiccup during a prospect’s onboarding process could drive them away. Lengthy applications, ambiguous instructions, faulty pages, you name it. Your onboarding process should be straightforward, easy-to-follow, and concise.
Provide immediate value
As we’ve mentioned, one of the biggest drivers of member retention is perceived value. If a member doesn’t think the ROI is high enough, they’re likely to renege. That’s why it’s important to demonstrate your platform’s worthiness right off the bat. Communicate the benefits of being a member early and often.
Streamline your site’s roadmap
If a prospect or member is confused by your site’s formatting and organization, they’re likely to be dissuaded from renewing. Minimize the number of clicks required to navigate your site. Ensure content and resources are easy to identify and locate. Having a “Start Here” page that overviews your site can be beneficial.
Survey your existing members
Who better to answer your member retention questions than your own members? Surveying your existing membership can help you identify your strengths, expose issues, and highlight potential opportunities. By being direct with your members and asking why they’re inclined to stay, you demonstrate your commitment to providing value.
Offer multiple membership options
Membership plans do not have to be “one size fits all.” Try offering multiple plans with incremental pricing, levels of access, and optionality. This segments and empowers your membership. One member may be cost-conscious and prefer the cheaper plan, while another member may want more access regardless of price.
Preview upcoming events and content
Members appreciate transparency. Providing your membership with a calendar of upcoming events or content schedule creates anticipation and sets an expectation. By granting your members this level of insight, you demonstrate the benefits and value of being a member.
Promote an active community
One of the best ways to increase engagement is to maintain an active community. Try adding a forum to your site or allow members to contribute success stories. This creates an interconnectedness between your members, increasing engagement and the likelihood of retention.
Utilize member testimonials
According to a consumer survey, over 90% of respondents attested that reviews impacted their purchase decision. Displaying member testimonials on your site allows you to leverage the influence of social proof. People trust other people. If prospects or members can see the value you provide your members, they’ll be more inclined to sign up or stay with you.
Provide exit surveys to departing members
Some member attrition is inevitable, but you can make the most of the situation by getting feedback. It’s important to figure out what drove them to opt-out and if you could have done anything to change their mind. You never know - reaching out to a non-renewing member and expressing concern may just persuade them to stay.
What does your company do to compete for a person’s limited attention?
On any given day, the typical consumer deals with sensory overload, sifting through noise and consuming pertinent information. This reduces the window of opportunity for businesses to vie for their valuable attention.
One of the primary catalysts of this overwhelming environment is the smartphone.
Smartphones have changed the way people seek information and interact with companies. At any second, you can whip out your phone and have virtually unlimited access to information on anything and everything. Our cellular devices are invaluable tools that have reshaped our daily lives – including buying experiences.
The customer journey can now be stretched across points-in-time and locations (physical and digital). It’s evolved into a series of critical “micro-moments” that determine the actions people take.
A term first coined by Google, micro-moments are “intent-driven moments of decision-making and preference-shaping that occur throughout the entire consumer journey.” In other words, they’re the moments when consumers decide to seek more information or to take action. They can occur at any point, like on commutes to work or during Sunday brunch.
Micro-moments are separated across four categories of distinct desires:
- I-want-to-know moments: the times when a consumer is looking for more information, whether that’s wanting more detail behind a product or comparing two separate services. For example, wanting to find the most cost-effective hotel for a trip or figuring out the most affordable car insurance.
- I-want-to-go moments: these moments represent a consumer’s desire to go to a specific location with the intention to browse for a product or service – which might lead to a purchase.
- I-want-to-do moments: when someone wants to learn a new skill, try something new, or needs help completing a task. This generally entails a quick “how to” search in moments of need – like how to fix a leaky faucet or how to change a tire.
- I-want-to-buy moments: when a consumer is ready to make a purchase – but might need assistance. The most common instance occurs when consumers need help deciding between two products, whether that’s in-store or online.
But, how exactly are you going to secure your target consumers finite attention? Here are three possibilities.
Identify similarities and differences between your goals and your customers’ goals.
Before you can take advantage of critical micro-moments, it’s important to understand your company’s goals, as your marketing efforts and messages to consumers should be delivered with these goals in mind.
That being said, it’s also important to recognize that your customers may have entirely different goals over the course of their buying experience. Identifying where your goals and your customers’ goals overlap helps you position your brand and maximize communication.
Determine each touchpoint.
Consumers can use several devices to search for information and interact with companies. Determine each possible touchpoint along the purchase timeline where a customer may interact with your company.
Do people use mobile devices to interact with your company most of the time? Or are most of your conversions via desktop?
You can use this information to devise a strategy, so your company is prepared for these micro-moments.
Deliver relevant content.
Relevant, insightful content increases your odds of capturing customers in these micro-moments. Content can be the difference-maker that aids customers from the initial “I-want-know” moments all the way to the final purchase.
Consider a car insurance company’s approach to this. Positioning an accessible, easy-to-use estimate calculator on their homepage is an effective tool for providing answers to those “I-want-to-know” moments.
With the importance of micro-moments in mind, your company’s content strategy may need to be repurposed accordingly. If you need help with your strategy in 2020, please reach out to us. We’re here to help!
Popular doesn’t always mean better. We all know that digital channels are popular, and in most cases less expensive than paper, but printed periodicals have actually seen a rise in the past few years. Direct mail has also been overtaking email when it comes to successful marketing tactics.
It’s true, there has been a decline in direct mail volumes over the years. But what that means is that anything that does land in your customer’s mailbox, or on their desk gets attention, especially if it is done well. Direct mail is proactive and tactile — almost insisting that the recipient do something with it. Email rarely ever makes me feel that way, but it does make me want to hit “delete” a lot.
Email’s role in marketing has been changing. Aside from the obvious oversaturation in our inboxes, hijacking by scammers and spammers has contributed to this shift. The 2017 DMA Email Benchmarking Report says that marketing emails are being read some of the time, but as consumers become more cautious, the actual click-through rate has been steadily declining since 2015, when it ranked at 1.8%. The click-through rate lowered even more in 2016 to 1.6%.
This is more proof that marketers should be thinking of an Integrated digital + print marketing strategy if they don’t already do so. There are really good correlations out there between consumers receiving physical mail that was produced with multiple areas of personalization and targeted messaging. This leads to a call to action or being influenced to buy online after receiving the direct mail piece.
Including direct mail in your mix, and having an omnichannel approach will help maximize your ROI from a marketing campaign. For example, a follow-up email can act as a reminder if it is timed right with another printed communication vehicle such as a catalog, or personalized content that your customer requested in the mail. ROI increases when you connect content and messaging that is tailored to your customer as an individual.
According to DM News, 90% of people ages 25-34 find direct mail reliable and 87% like receiving it in the mail. Read: Millennials like the tactile feel of mail. I can talk your ear off about direct mail and how it can help your business. Contact us to learn more.
How does your company appeal to its customers?
The best way to connect with your customers and prove your company values them is to employ personalized marketing strategies. That translates to tailored messages, promotions, and experiences that make customers feel appreciated, leading to retention and additional spending.
However, personalized marketing introduces a delicate balancing act. On one side is convenience and relevance. The other? Invasiveness.
Here are four components of personalization to keep in mind as your company attempts to strike this balance.
Relevant retargeting and recommendations
Tracking the actions and habits of your customers can be very beneficial to your business. It allows you to provide more suitable and personalized recommendations.
A common personalized marketing tactic is retargeting – an advertising process in which you reconnect a customer with an item or service they were previously interacting with. The purpose is to remind a customer of their interest and entice them to seal the deal.
Although this can be a powerful revenue-generating tool, it’s frequently misused and applied without direction.
Excessive impressions can be counterproductive and annoy customers – pushing them away.
Irrelevant retargeting or off base recommendations can have a similar effect. For example, retargeting an ad for an out-of-stock product or sending a customer a list of winter coat recommendations in the middle of the summer.
These missteps are ineffective and come off as thoughtless.
Timely outreach and follow ups
Determining when to reach out to a customer or follow up on previous interactions is equally important when it comes to personalized marketing.
This requires in-depth analysis of habits and patterns to determine your customers’ ideal purchasing times – such as when a customer’s inventory of your product is low or empty. Beyond just a simple reminder, it’s important to reconnect with your customers and make them feel valued.
Another situation where this timeliness is imperative is after a customer attempts to buy an out-of-stock product. Following up once that product is back in-stock and making it convenient for them to continue their buying process will significantly increase the likelihood of a sale.
Seamless offline and online experience
Customers expect your company’s message and experience to be fluid across online and offline channels. Although coordinating this effort is difficult in practice, it proves to customers that you value them.
For example, Nike effectively aligns its offline and online experience by empowering shoppers with the ability to communicate with sales associates via video and/or chat to get personalized opinions and recommendations.
Starbucks also emphasizes this principle. When customers place mobile orders through the Starbucks app, they’ll receive a prompt with a recommendation to wait a little while before ordering if they’re over an hour from the store – so that their coffee doesn’t get cold.
Loyalty programs incentivize customers to, well, be loyal. These programs can also be great sources of information that you can leverage to improve customer retention and personalize each customer’s experience. How? By tailored promotions and discounts to customers based on their buying habits and preferences.
The Starbucks rewards program is built into its app for simplicity and convenience. The program not only gamifies its rewards with a star system, it also frames its promotions and bonus star challenges to match each customer’s preferences.
As eCommerce grows, so too does digital marketing and advertising. It shouldn’t be a surprise then that digital ad spending is anticipated to surpass traditional ad spending in the United States this year.
In the digital age, marketers have scrambled to establish brand preference with and gain the loyalty of the most digitally inclined generations – Millennials and Gen Zers. Per a study by Hitachi Consulting, 74% of retailers have angled their services towards younger consumers who still have a lifetime of purchases to make. But, with the average life expectancy in the U.S. trending towards 80 years, it would be shortsighted to alienate older consumers.
Baby boomers are roughly 75 million strong and control most of the country’s disposable income (estimated at 70% in 2015).
You might be thinking, “sure, that’s significant – but does digital marketing really appeal to older generations?”
It’s easy to associate tech savviness with youth. Millennials (for the most part) and Gen Zers have grown up in a world that’s adapted to the Internet – and they’re connected across various platforms like smartphones, laptops, tablets, and smartwatches.
Conversely (for perspective), boomers experienced the first black-and-white and color televisions. Can you imagine telling a young Gen Zer that the screens they’ve grown so accustomed to didn’t always exist?
But baby boomers aren’t as digitally inept as you’d think.
According to eMarketer, the majority of boomers (59%) make at least one digital (e.g. via computer, phone, or tablet) purchase each year. Although far less than Millennials (84.8%) and Gen X (77.5%), this still demonstrates digital marketing efforts can engage older consumers.
Considering the sheer size of this cohort and its buying power, retailers should continue to market to baby boomers via traditional and digital channels. That being said, it’s important to recognize how baby boomers are shopping online.
Baby boomers aren’t as mobile-friendly as Millennials and Gen Zers. Per an eMarketer survey, only 46% of participants between the ages of 55 and 65 used a mobile retail app to research potential purchases – and only 39% actually made a purchase on a mobile retail app.
The marketing shift to increase mobile efforts is understandable as smartphones and apps have reshaped our day-to-day lives. Especially considering people spend over three hours a day on their phone. However, studies have shown that the vast majority of baby boomers’ screen time is spent on the computer. Further, according to GfK’s 2018 FutureBuy report, almost 80% of boomers had shopped on a computer in the previous six months, but only 33% said they’d done so via their phone.
Older consumers prefer to browse, research, and consume content elsewhere. Blogs and online articles are a valuable source of information for baby boomers. From a social media standpoint, most baby boomers’ activity can be found on Facebook. According to a DMN3 study, over 80% of baby boomers are on Facebook. Further, over 50% of boomers will continue browsing products – whether on a company website or via search engine – after encountering an ad, testimonial, or review on social media.
Another key difference between older and younger generations is time spent browsing/researching purchases. Millennials are known for impulse purchases – but baby boomers are far less likely to make such swift decisions. Marketing that relies on impulse tactics is less suitable. Older individuals are more calculated and patient with respect to shopping around and assessing options – and they prefer to do it on the computer.
So, if older demographics are within your target customer base – make sure you’re keeping their preferences in mind. We can help you create a digital + print marketing strategy to engage with your audience. Reach out to us to learn more.
Since the early 2000s many marketers have placed all of their eggs in one basket – the digital one – leaving print out of the mix. And you would think that reaching Millennials in digital channels is the best strategy, but what if you could successfully use paper to drive them to those channels first? You can, and we know it works.
Millennial consumers have digital experiences that are dominated by a constant rotation of devices and screen time filled with commercial and editorial content, instant messages, alerts, pop-ups, and so on.
To cut through the noise, consider using direct mail to point Millennials to your social media channels, or send them compelling offers. In other words, use print to market around the digital fatigue.
The proof really is in the pudding. Customers are always shocked when we share this statistic from Summit Research: 82% of Millennials sort their mail to see what to keep – including advertising mail, coupons, and flyers – as opposed to only 76% of non-Millennials. Those are high numbers, proving that direct mail an important way to reach them.
With a tangible marketing piece, your engagement will go up because people pay more attention to offers in the mail versus digital pop-up ads that flash on the screen. Digital ads can be viewed as intrusive, but direct mail is not.
Millennials are often on a tight budget, so it makes sense that they are emerging as heavy coupon users. It’s important to get in front of them early in the research phase to make sure your brand is in the running. So don’t skip print in your quest to reach your audience. And, just because your customer placed an order with his or her mobile device, don’t assume that mobile communications drove the action!
For starters, a great way to go is to appeal to the values of Millennials and incorporate multimedia, like bar codes or link directly to an interactive experience. Being authentic is very important since Millennials find traditional advertising untrustworthy. Also, keep in mind that every customer is different, so give them multiple ways to respond to your offer for the best ROI.
If you understand this generation, then you know Millennials are compassionate and want to improve the world by helping to make an impact. Campaigns that donate a percentage of profits to a cause they can get behind, or that show corporate responsibility will leave a lasting impression on your target Millennial.
No doubt we have come full circle, and it is time to once again engage people in an environment mostly free of distractions and noise – at least the digital kind. If you need pointers crafting your next direct mail or omnichannel campaign, we are here to help!
There are many different reasons why consumers choose one brand over another, but the more you can do to appeal to them on an emotional level, the better your chances of gaining loyal customers.
Here are four tips to help you positively impact a customer’s buying journey as they travel through the funnel.
1. Personalize Your Message – I can’t encourage that enough. No matter if your audience is in-store or online, the expectations of a personalized experience is becoming higher and higher with every touchpoint.
People love to see their own name in print or on a product. Coca-Cola does a great job of creating an emotional connection by personalizing – depending on what part of country you are from – their soda bottles and cans with your name or even your favorite sports team. Consumers like to feel as if something was made especially for them, and this example hits it out of park.
2. Provide Excellent Customer Service – 83% of consumers prefer dealing with a living, breathing human being when it comes to customer service issues, even on digital channels, says research from Accenture. Never forget that your customer support team is the front line of your company, and they have a large role in driving customer loyalty. More than half of the people surveyed say they have switched to a competitive brand due to a poor customer experience.
3. Help Protect the Environment – Taking a stand on environmental issues can not only help the planet, but also in getting a leg up on the competition. Consumers have been taking notice when companies engage in corporate responsibility that results in better business practices. In fact, consumers admittedly pay more for products and services delivered by brands that are committed to positive change in our environment. It’s a win-win for all.
Operating under the RR Donnelly umbrella, Mount Vernon has the support of making wise business choices to help sustain our environment. Just like our parent company, we strive to continuously improve global Environmental Health and Safety (EH&S) performance. Our shared policies include protecting employees and the environment, whether it be reducing the quantity of emissions, developing opportunities for recycling and pollution prevention, or using paper and other resources more efficiently. Every day, we reduce, reuse and recycle in our printing facility.
4. Loyalty Programs are a Must – There is no doubt that loyalty programs affect shopping habits, no matter what you sell. If you want to ensure customers keep coming back, a well-designed loyalty program is one of the best ways to do that. The most successful programs include a point system, like airline miles or hotel points, where customers earn and redeem points in a repetitive manner.
Also, 93% of consumers agree that they are happy with loyalty programs when communications are relevant. Collect good data through sign-up forms that allow you to get to know your customer. Use this data to reach out during life events – a wedding, a new baby, or a birthday – with targeted direct mail campaigns.