All about Engagement and Retention
What is customer engagement?
Customer engagement is the technique by which a company builds a relationship with clients that helps with brand awareness, product adoption, and general loyalty. Customer engagement is achieved through channels and techniques like campaigns, activities, content, email advertisements, loyalty programs, and in-person interactions. Fully engaged customers constitute a 23% premium in terms of wallet share, profitability, revenue, and relationship increase over average customers.
Engaging customers throughout the journey can construct and enhance the personal connection, working beyond transactional relationships and the traditional CRM approach.
Every interaction your company with a customer has the capacity to build trust and enhance consumer experience. Each time you have an interaction, you could improve up the emotional connection and make the customer feel closer your brand, building better customer loyalty. These concepts may be applied to any agency, irrespective of how small or large it is.
Why and how does consumer engagement help retention?
Customer engagement and retention work together. The more satisfied customers are with your products or services, the longer they’ll stay and the higher consumer success rates are. Without the right approach to engagement, retention is, in reality, impossible to acquire.
A properly engaged patron is likely to stay with your services or products for a long time, enhancing your retention rate. The motives for their staying are:
- Knowing that your product or services are useful.
- Feeling that the business cares about their tastes and success.
- Feeling that the product is the best option for them in the market.
When it comes to building your enterprise, quality wins over quantity. Connection and loyalty are fundamental to the success of your company. Customer engagement encompasses interest, loyalty, and dedication. All these elements are paramount to enterprise growth.
In short, an engaged buyer is a glad and loyal consumer who's in all likelihood to stay on board and recommnend your product to their friends and family, on social media, and other word-of-mouth channels. This helps you attain more customers and build your commercial enterprise.
Tools that can help you measure customer engagement and retention
User Analytics Tools: Google Analytics
Google Analytics is one of the best tools for customer engagement if used in the proper manner. It’s an incredibly comprehensive and accurate analytics tool that gathers data about all the websites that humans use on Google. With Google Analytics, you may easily find out a lot about your customers, such as how they react to your website, to make powerful modifications and improve ROI.
Customer Feedback and Survey Tools: Browsee
To interact with your customers, you first need to understand them. Want to recognize how your customers engage with your site? Want to understand what they want, who they are, or where they’re from to form a solid purchaser engagement approach? Then Browsee's Notifications is your friend.
It is one of the most flexible online client comments and engagement equipment that helps in collecting contextual feedback through the use of its unobtrusive survey popup.
Design focused in-context surveys on your customers to collect insights into their desires, prefrences, and pain points. Qualaroo also comes packed with a number of the most superior functions, with which you could always ask the right questions at the right time based on their behaviors and actions.
In addition, you get to see session replays of your visitors and use heatmaps to analyse your web pages.
In-app Communication Platforms and Tools: Proprofs Chat
ProProfs Chat is a customer service chat and an exceptional client engagement software program that enables groups to connect and engage with their users in real time. With ProProfs Chat, you can interact with multiple users at the same time and cater to all the different users with the assistance of a chatbot and canned responses.
There are also self-assist articles and live chat widgets available for users to interact with and get solutions to their queries right away.
Push Notification Tools: Twilio
Another one of many such engagement equipment for customers is Twilio, a famous conversation API tool that offers a collection of tools for different purposes.
This online engagement device comes with a Notify feature that lets you send multi-channel notifications like SMS and push notifications for mobile and internet. It offers other tools like serverless equipment, Twilio Flex, IVR (Interactive Voice Response Systems), bots, and more.
Email Marketing Tools: Mailchimp
Mailchimp is a splendid virtual customer engagement device for email advertising and marketing with AI-powered functionalities to optimize electronic mail advertising. It helps you automate emails and create powerful advertising campaigns. It enables you to stay engaged with customers by helping you remind shoppers about abandoned carts, reengage with lost clients, or maybe assist you in cross-selling your merchandise.
How to measure Customer Retention Rate using Google Analytics
What is the Customer Retention Rate (CRR)?
The Customer Retention Rate (CRR) depicts the share of clients your commercial enterprise has retained over time. The retention rate is the opposite of the churn rate, which shows the proportion of clients your commercial enterprise has lost over time. The importance of retention rates as one of the vital metrics differs based on industry; for instance, businesses supplying services or selling applications. Customer retention is pivotal, and it influences the bottom line of any enterprise.
The formula for calculating the customer retention rate (CRR) is:
CRR = ((number of customers at the end of a given time-number of new clients at some stage in a given time)/number of customers at the start of a given time) * 100
Measuring Customer Retention Rate with Google Analytics
The CRR metric is not just for show. It represents a crucial part of your enterprise's overall performance, with an important contribution to your bottom line. If you don’t improve your CRR, then maybe you’re not trying to improve your business. With that factor in mind, let’s see how CRR is measured.
Login to Google Analytics
Open any of your internet browsers and log on to the Google Analytics website at analytics.google.com. Log in with your Google Analytics account info (username and password) allocated to the administrator user or organization.
Track your sites
Click on the name of the website you want to evaluate in case you are using two or more websites using Google Analytics. If not, click on the ‘Home’ link. The Analytics’ My Dashboard page will show in your browser’s window. Click on the ‘Standard Reporting’ link located at the top of the ‘My Dashboard’ web page.
Monitor audience behavior
Click on the ‘Audience’ link positioned on the left pane of the Analytic Dashboard web page. Choose any of the period buttons positioned at the top. The ‘Visitors Overview report’ pops up for your web browser and shows the total number of visits to your internet site for the month, the combination of unique site visitors, normal page views,bounce rate, page views per visit, and new site visitors.
That circle graph on the document web page indicates the range in addition to the proportion of aggregate unique visitors, new ones as well as returning ones. You have the option to click on specific intervals by clicking any of the buttons placed at the top-right corner of the Overview page for Visitors. The period options include Hourly, Daily, weekly, and monthly.
Estimate the total number of new site visitors
Estimate the total number of new site visitors to your web page manually by using the real number of visitors who checked in for that given duration (New Visitors/Total Unique Visitors).
This number offers you a percentage of the mixture range of new visitors who checked in on your internet site within the present month or a given duration.
Meanwhile, the circle graph located on the report web page indicates the percentage of new people. You may need to manually estimate the percentage if you are using an older browser or have a disabled photo display in your web browser.
Divide the estimate by the total visitors
Divide the total quantity of returning traffic by using the overall quantity of visitors at the website for that given length (Returning visitors/Total visitors). This quantity shows the share of visitors who checked into your internet site overtime time in a given reporting period.
Understand the visitor’s behavior
Click on the ‘Behavior’ link located in the left navigation pane. This record suggests the total number of check-ins, pages viewed, bounce rate, and the percentage of recent visitors. Also, the report indicates the time each guest spent at the website.
To recognize the range of visitors who visited your internet site more than one time for the duration of that period, minus the percentage range of ‘New Visitors’ from 100. The difference between the percentages of visitors who checked in is the percentage of visitors who checked into your internet site more than once.
Check the rate of returning users
Click on the ‘Frequency and Recency’ link placed on the navigation pane. You will obtain a new report for your web browser that suggests the Count of Visits sections per each visitor for your website.
Higher chances or numbers mean you have an exquisite customer retention rate for your website. Significant figures in the ‘1 visit’ category show that many visitors don’t come again after visiting.
Conclusion
Customer engagement, most times, is the foundation upon which the successes of businesses are created. If you often track and measure that engagement, you will usually serve the clients better and get a value in return.
You can use tools like Browsee to track user behavior, heat maps, and ProProfs Chat to optimize internal communication. Similarly, Mailchimp is a terrific preference for developing successful advertising campaigns; Google Analytics for consumer engagement monitoring; and Qualaroo to accumulate in-content feedback. So, begin measuring your engagement these days and reach the extent to where you may serve customers better through the accomplished statistics.