Larry looked away from his screen and rubbed his face with his hands. He had a two word phrase stuck in his head. He tried to shake it loose by shaking his head. The phrase was like a lyric from a song. He kept hearing it again and again, “attention retention, retention attention, attention, retention.” Nope, the shaking didn’t help. The two words just kept circling around and around.
Retention was down. Larry had spent the last week with is full attention on how to increase retention. Maybe, since it was now stuck in is head, he had gone too deep and gotten a little obsessed. But he wasn’t going to stop until he made progress.
He sat down with a piece of paper and asked himself, “Where are we? Let’s start from the beginning.”
“First,” he thought, “What gets measured gets managed.” How do I measure the things that drive retention?”
Larry knew that if he only looked at traffic and conversion he would see half the picture. It was happened after people joined that had his attention this week. He wondered if he was investing time and resources into efforts that would have a real impact on how long people stuck around.
“There are many reasons that a customer may want to part ways with me,” Larry reflected. He was right, it’s not always a mystery. “With the right data I can track them and predict churn events. There may be product-related issues, or other reasons.”
What were those reasons? What could Larry do about it? He would keep his full attention on retention. It was the only way to solve the problem. And to get that damn phrase out of his mind for good.
Questions for discussion?
- How do you track retention?
- What do you measure? What form is the data in? How do you analyze it?
- Is this data actionable?
- Are you able to keep them around month after month?
- Or are they leaving after one experience or one transaction?
- Do you know why they are leaving? (DST cancellations reasons)