Neil Patel discussed growing a business through retention in addition to acquisition. He explained that retention is important because customer acquisition costs are rising, so businesses need to increase customer lifetime value faster. Some strategies for improving retention that he recommended included creating an "addictive brand", understanding why customers leave, investing in customer success over just customer service, personalizing the customer experience, fixing unintentional churn, and making it easy for customers to do business. He also suggested some tools that can help with retention efforts, such as Churnbuster, Subscribers, Promoter.io, Appcues, and Hello Bar.

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Neil Patel, Neil Patel Digital
Retention is the new growth
Neil Patel on growing your business in 2020 and beyond
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In this session, we’ll cover...
● Neil’s journey, starting with SEO as the primary growth tactic
● How to grow more holistically by adding a focus on retention
● Strategies and tactics for retention
● Some recommended retention tools

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Ask questions as we go.
We’ll answer as many questions as we can after
the presentation
Slides and recording will be
made available shortly after
the webinar
Use the “Questions” pane
throughout the webinar

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CEO
Stratabeat
@TomShapiro
INTRODUCING TODAY’S EXPERT
• I started my first company at 16
• Recognized as top 100 entrepreneur under 30 by Obama
• I’ve driven over 800,000,000 “wallet-out”, “ready-to-buy”
visitors to my clients’ websites
• Have grown revenue for likes of Amazon, NBC, & Uber
• Recently became a father and am loving (almost) every
minute of it
Co-Founder
Neil Patel Digital
@NeilPatel
Neil Patel

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Neil’s journey, starting
with SEO as the primary
growth tactic

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I Believe In SEO
Now as much as ever
• It’s where I started
• It’s where I still spend much of my time: Ubersuggest, NPD, Speaking, Writing
• 93% of online experiences start with search
• If 30% of people click on sponsored links then organic is worth over $1.4 TRILLION

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And, SEO Is Critical For Many Reasons
It goes beyond just traffic
• Increase traffic
• ROI
• Brand Awareness
• Build Trust
• The Competition Is Doing It

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But, I Have Come To Realize
Acquisition-Centric Approach = Limited Growth
--
Balanced Approach (Acquisition +
Retention + Monetization) = Big Growth

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If you want to GROW, you
have to add focus on
retention, in addition to
acquisition

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The Most Basic Equation in Business
Is one too few companies understand
LTV
(Life Time Value)
> CAC
(Customer Acquisition Cost)
https://neilpatel.com/blog/customer-acquisition-cost/

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But, Your CAC Is
Getting More
Expensive

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So, Your LTV Has To
Grow Even Faster

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And That’s Why “Retention Is The New Growth”
5X+
More expensive to acquire a
new customer than to
maintain an existing one
-Harvard Business Review
75%
Increase in profits by increasing
your customer retention by just
5%
-Bain & Company

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But, how do you increase
retention?

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Create An
“Addictive Brand”
Figure out your customers’ common
motivation and use that as a rallying cry
for your brand’s mission and values

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Understand Why Your Customers Leave
It’s probably not why you think

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Invest In Customer
Success
Customer Success = Proactive
Customer Service = Reactive

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Personalize When Possible
Don’t treat every customer the same

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Fix Unintentional
Churn
Implement a dunning process to be sure
you aren’t losing people just because of
incorrect or expired credit cards

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Make It Easy For Your
Customers To Do
Business With You
Be easy to reach
Take away friction points
Make it simple to pay and buy more

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“The number one most
important factor in loyalty
is customer effort”
-Harvard Business Review

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Offer Customers Reasons To Stay
• Build trust
• Offer a loyalty program
• Give them special access
• Get to know your customers & show you listen
• Be authentic and truly care

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Some Tools To Help With
Retention

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Churnbuster
Reduce Unintentional Churn

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Subscribers
Web push notifications to keep
Customers coming back

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Promoter.io
Track Customer Satisfaction

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Appcues
Help your customers easily
understand your product

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Hello Bar
Capture leads and emails so you
can build relationships

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Hand Written
Notes
Show your customers you care

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Q & A

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Inquiring minds want to know.
Questions and Answers.
* Slides, recording and resources will be made available
within the next several days

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Hello Bar
Ubersuggest
Crazy Egg
Subscribers
Neil’s Blog
Neil Patel Digital
Resources.
Velocitize

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Register Now!
https://wpeng.in/summit2020us/

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Help us get better.
How helpful?
How to improve?
Future topics?

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Thank You.