GrowthHackers Experiments is a complete platform to track ideas, hypotheses and results.
Our guest today is Miray Alanlar, former Mobile Product Marketing Manager at Mozilla. Miray has a wealth of experience in mobile over many years – and something she has particular expertise in is onboarding experiences and improving retention through the first 30 days of a user’s journey, so much of which I’m thrilled about diving into with her today.
Customer Lifetime Value or CLV is commonly used in two areas in business – customer acquisition and customer relationship management. Its goal is to aid in understanding how much it will cost you to acquire valuable customers and retain them, so you’ll know if you’re making positive or negative revenue per client. Through measuring CLV, a business can: -Identify and control how much to spend on acquiring or retaining a customer. -Calculate the cost per channel used in acquiring customers. -Maximize the lifetime value of a customer. -Identify which promotion to offer which client or customer segment to make the most profit. -Help a business develop the best strategies to acquire and retain valuable customers.
<p>Churn refers to the loss of customers who are subscribed to or use a service. Churn rate is an important component of growth because it is tied to the retention of users of a service. When more users churn, retention rates are lower. When churn rate is high, it is harder to grow a product or service because more new users are required to offset the users who churned from the service. Churn is particularly important in SaaS businesses and other businesses where users pay a recurring subscription fee. These businesses creaet profit from long customer retention spans and a high customer lifetime value. When churn is high, businesses can't capture the full expected lifetime value. These are the best articles on how to reduce churn and improve customer lifetime value. From how to reduce churn, how to generate negative churn, how to use customer success to lower churn rates and hacks to reduce churn, you'll find tactics to improve retention and growth for your business.</p>