One secret to have a customer base which always grows YOY and attracts funding!
#Skillshare, the online learning platform, attracted $28 million in series C In 2018.
100% revenue growth due to a user base which was growing & contributing despite being in an extremely competitive industry played a vital role in series C.
I believe, the formula to have a healthy customer base = A + B + C
A =Getting New Customers
B = Retaining existing customers
C = Winning back “about to be churned customers”
In my consulting experience, I have observed that several businesses do the mistake of assuming “retention “and “win-back” to be one!
And hence implement a customer win-back strategy long after when a customer has already discontinued buying.
This is WRONG!
Instead, a customer win-back strategy should be implemented as soon as the servicing team identifies the signs of churn.
If you look around, the best win-back strategies are proactive and one step ahead of the customer intentions.
For example, Skillshare offers a special discount to re-buy the premium version to customer who are about to leave.
“Win-back” and “Retention” strategies need to be treated as two separate animals.
#WinBackStrategy #CustomerRetention #CustomerJourney #b2c #b2b