Friday Sep 02, 2022
Ep 22 - Retention Experts: Keep Your Customers Coming Back with Equinox, Casper, Opendoor, Lyft, and Parsley Health
Learn top retention strategies from the minds that implemented these for Parsley Health, Harry’s, Vivino, Equinox, Casper, Opendoor, Lyft, and more.
In this episode, our retention pros discuss tactics to increase retention, which win-back strategies work and don’t work, how to predict churn and top companies like Equinox and Opendoor have provided value to their customers during COVID. All this and more!
Here’s What We Discussed:
- [02:18] Our experts share the tactics and strategies that have helped them increase retention
- [08:52] Frequency vs. Average Order Value – Refining your RFM depends on what you’re selling
- [13:35] How Equinox and OpenDoor are providing value to their customers during COVID
- [21:32] Win back strategies for “Dead Customers” – Discounting, SMS, RFM
- [29:52] Joey speaks on volume play in mix of remarketing vs. new customer acquisition
- [33:29] Where the line stops between retention and product
- [37:39] Our Panel discusses which criteria have been the most successful in predicting churn – Check-ins, speed of engagement with the product, mixing surveys with nurture flow
About Our Speakers
Katie Donham, Parsley Health, Harry’s – Katie has a 7+ year, proven track record building effective and innovative marketing ecosystems, specifically with CRM, retention, lifecycle, acquisition, and referral. She has worked in-house and consulted for both DTC and legacy brands in the beauty, luxury, CPG, health, and wellness spaces.
Brant Cebulla, Vivino – Brant Cebulla is an alum of Vivino, the world’s best wine app and largest marketplace, he helped the company scale from 5 to 25 million users, 600 thousand to 1.5 million monthly email clicks. In 2019, Brant left to co-Found Scalero, an enterprise platform making email creation workflows easy and scalable.
Jenna Klebanoff, Equinox, Casper – Jenna has a track record of building successful, data-driven marketing infrastructures from the ground up across the full marketing organization, with particular expertise in retention, lifecycle, loyalty, referral, email, and CRM. She has a passion for learning about how customer-first organizations differentiate themselves and grow through effective marketing programs. She is always looking to learn something new, create something more efficient, and challenge herself and her team more than others thought possible — all while having fun.
Outside of work, Jenna’s most passionate about fitness, health and wellness, travel, and making a positive impact on the world around her.
Joey Soriano, Opendoor, Lyft – Joey creates marketing from the strategic planning phase through program implementation. He has 15+ years of domestic and international marketing experience on both the agency and client side, at Fortune 500 companies as well as high-growth start-ups.
He is skilled at transforming customer insight into actionable campaigns, creating dialogue between the business and its consumer, and reducing marketing expenses with rigorous optimization.
Joey is a hands-on MBA executive with the enthusiasm of a fresh college graduate and the intangible experience of a seasoned veteran, always looking to do the best work of his career.
About Our Moderator
Anish Shah is the CEO & Founder of executive search agency Bring Ruckus. Anish has worked in-house in Growth roles at Snapfish and Getable. He started Bring Ruckus as a Growth consultancy 11 years ago working with 40+ clients, then re-focused his firm on executive recruiting for Growth leaders.
“We used our data and we used what our members were engaging with to send them comms only about the parts of the business that they showed interest in. And that's really moved the needle in terms of driving engagement and decreasing email unsubscribes early on, so we can actually keep in touch with these members.” – Jenna Klebanoff
“I've generally veered on the side of focusing on frequency of purchases over AOV. And I actually feel like AOV is one of the worst metrics to gauge success on. Just because someone isn't buying the most expensive product doesn't mean they're not the best customer or you didn't just basically create a very successful experience for them and they're not gonna keep coming back more and more.” – Anish Shah
“For Vivino, oftentimes the case was good merchandise would beat out good couponing. If you're selling an average wine and you discounted it 20% to win back a customer, that wasn't quite as effective as selling a really rare wine at list price. Having good merchandise would always beat out couponing at Vivino.” – Brant Cebulla
“We have to work super closely with product because that's the best way to get people to come back. If they didn't like your product, doesn't matter how great your emails, or push notifications are. So I've always seen that you have to work super closely with both digital product and another type of product if your product isn't only digital.” – Katie Donham
“Being in retention for a company. I can't take a job unless I believe in the product and unless our customer experience is good otherwise they're not coming back. My job is impossible if it's a bad product or a bad experience.” – Jenna Klebanoff
“So if the product [team] has the transactional emails, you are doing the marketing emails, and those aren't in sync, each customer is getting two different campaigns and they don't really see that they're the same company. So with product, you have to get in there and say, ‘Hey, let's look at this, let me give you a template or guidelines so we are looking in step.’” – Joey Soriano
We are growth leaders who recruit your game changers. Visit https://bringruckus.com and connect on LinkedIn. Subscribe and listen to more episodes on Apple Podcasts, Spotify Google Podcasts, Audible, or wherever you get your podcasts!
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