Knowing how to improve user retention is important for any company or business, as it is more profitable to keep customers or users than to have to be constantly looking for new ones. However, it is not so easy to retain users: do you know how to do it and thus improve the economic performance of your audiovisual content service?
From JUMP Data-Driven Video, a business data management platform designed specifically for video service players, we want to show you 5 concrete ways to discover how to improve user retention. Read on and discover each of these techniques that will be very useful for you to continue advancing in your business.
How do you measure user retention?
To calculate the user or customer retention rate (CRR), it is necessary to apply a formula, which requires the following values: number of customers available at the beginning of a period (S), number of customers at the end of the same period (E) and number of new customers added during the period analyzed (N).
Thus, to calculate the retention rate or CRR you should apply the formula E-N / S x 100. For example: if at the beginning of the month you have 130 clients, you lose 9 and gain 23 new ones, you will end the month with 144 clients. The CRR formula would be: 144 (E) – 23 (N) / 130 (S) x 100. The result in this case would be a 93% retention rate.
It is advised that the user retention rate should not fall below 85%.
5 ways to improve your user retention rate
Optimize user onboarding
Try to properly inform users about the features of the service at the time of onboarding. This will avoid problems later, which could lead to an exodus of users.
Design a roadmap
Establish a realistic roadmap in terms of guidelines for the treatment of users and clients, in which all the actors involved are involved: customer service, managers, salespeople, etc. This will facilitate the work and make it easier to meet the demands of users.
Analyze user feedback
If you analyze users’ comments and messages in depth, you will be able to discover very important keys to the services, finding aspects to improve and verifying others that work correctly and meet users’ expectations.
Understand your users
By studying users’ experiences, you will be able to better understand their needs and what they are looking for in the services they contract. This, at the same time, will allow you to establish improvements aimed at increasing satisfaction and, consequently, the user retention rate.
Provide personalized support on social networks
Finally, do not overlook the importance of social networks nowadays. Personalized support will provide you with a direct relationship with users and the possibility of quickly resolving any problems that may arise.
You already have several interesting points at your disposal to discover how to improve user retention. Put them into practice and remember that in JUMP Data-Driven, you can find an ally to continue growing your audiovisual business.