Retention + LTV
The background: Goorin Bros. went through a rapid growth of a street-style product (animal-themed trucker hats) that ruffled the feathers of their tried-and-true fedora and flatcap wearers.
The goal: Increase retention. As important as it was to make repeat customers out of new customers, it was just as important to retain those that help build the brand.
The solution: Retention is a company-wide initiative. It takes alignment between operations, product, customer support, ecomm, and CRM to drive real loyalty. Here are some of my intiatives during my time at Goorin:
The results: Through these efforts, as a CRM program retention increased, engagement increased, conversion increased, opt-outs decreased, and marketing spend decreased. CRM is not just channel revenue. It is a passion for the customer experience and long-term loyalty. This ultimately contributed to higher retention and an increase in average customer lifetime value.
- Retention up 17%
- Customer lifetime value up 10% (a $3.5M increase)
See my other portfolio examples of specific efforts! It's worth noting that retention is a cross-functional team initiative. I've seen the best results professionally when all teams align on a single goal: make the customer experience unforgettable.
Retention = [Customers who purchased 365+ days ago AND within the last 6 months] / [Customers who purchased 365+ days ago]