Retention Plans: Why Offering Rewards to Stay Can Drive Customers Away
Episode Description
On the surface, customer retention plans seem to make perfect sense. But according to new Wharton research, it’s a lot more complicated -- and sometimes, the result is exactly the opposite of what firms intend. More: http://knlg.net/1Ee3el3 📂 Marketing 🏷️ Research
Brief Summary
Retention campaigns can backfire if not targeted; a case study reveals higher churn rates with mass marketing.
Key points
- Retention Campaigns: Do They Work?. A study reveals that mass retention campaigns may not be effective, highlighting the need for targeted approaches.
- The Power of Data Analytics. Companies must analyze customer behavior data to customize retention campaigns effectively.
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Episode highlights
- Retention Campaigns: Do They Work?A study reveals that mass retention campaigns may not be effective, highlighting the need for targeted approaches.“What we found was a more nuanced finding: they work but only if you're targeted.”0:55May 26, 2015
- The Power of Data AnalyticsCompanies must analyze customer behavior data to customize retention campaigns effectively.“Analyzing it and interpreting the results correctly is way more important.”5:58May 26, 2015
Episode quotes
Tension
45/ 100Some tension
