While Black Friday is all about the best deals, loyalty and retention are in it for the long haul. As Alex Hillman points out in his still-timely post from 2012, How do you know if your community is leaking? (http://dangerouslyawesome.com/2012/12...
It’s easy to focus on increasing the headcount, meanwhile forgetting about the critical factor that can put a strangle-hold on all of your growth projections: retention.
In commerce, it is financially irresponsible not to as the cost for customer acquisition is so high in comparison. In fact, according to Bain & Company and Harvard Business Review, boosting customer retention by 5% increases profits by 25% to 95%.*
Whether or not your community is made up of customers, retention is still important for you in order to reduce the overwhelming feeling that your hard work is not paying off and ultimately to know the lifetime value of each member.
To quote Hillman once more, "Retention is the community metric that describes how long a member is actively participating. And like everything in communities, the value of retention is in noticing patterns to predict the health of your community." Also, who wants to keep making friends, and investing in those relationships, just to have them walk away?
Take a break from the Black Friday madness to join us for this week's #CMGRHangout panel on Friday, November 28th at 2pm EST and discuss ideas on how to increase retention in your community!
+Jonathan Brewer, +Dom Garrett and +Sherrie Rohde will be hosting the Hangout with +Bessie King, +Abhishek Rai and +Aaron Silvers as panelists. +Emma Cunningham will be moderating the Twitter chat using #CMGRHangout .
1. What percentage of your time is focused on acquisition vs retention?
2. How do you measure average membership lifetime in your community?
3. What tips have you found to help onboard a new member so they return?
4. How can you help a community member feel more connected?
5. How do you assess whether or not you're providing needed value?
6. How do you reactivate an absent but more established community member?
RSVP & Watch the Hangout
RSVP here to let us know you’re going to watch. This will add the event to your calendar and remind you to attend! If you want to be on air, please let us know in advance by commenting here.
Let’s discuss ways you can attend:
Watch: You do NOT need to join the hangout. Just stay on the Google+ Event and you’ll see the video on YouTube. (Don’t worry, it will be there and start playing as soon as the broadcast begins.)
Talk and Be Seen: If you decide you want to talk, not just watch, click to join the hangout when we post the link here or when you see the notification. (We will only invite a few people for this event, so let us know why you would like to attend.) Do NOT click the link to join the hangout if you are just here to watch.
Chat: You can watch here and/or follow the conversation on Twitter using .
Any questions? Just let us know in advance. Please don’t wait until 2pm EST to ask questions.
If you join us on the hangout, a wired internet connection is preferred and if you have a headset with mic or earbuds, that works best for the audio. You will also need a working webcam.