Are you a mobile app builder wondering about retention metrics?
With some many apps in the various app stores and the number of different ways a app company can get customers, the metrics to success may be a bit overwhelming. In this Youtube video, Jason Calacanis, entrepreneur and angel, walks through his thoughts on how you can see if your app is doing well (or not).
Get some of that big CMO spend!
Not surprising as the subscription economy gets bigger, but most CMOs are going to move budget dollars from customer acquisition to customer retention and advocacy. In fact, the general trend, according to the CMO Club, is to push budget “further down” the customer journey.
Did you know? EPP = ECAC / ACV x 12
Customer Lifetime Value (LTV) is a measure most companies want to calculate, but it can feel like a total guess for early startups without a history of their retention rates. Tomasz Tunguz, a Redpoint Ventures partner, goes over his formula to try to get to an EXPECTED LTV. Grab a pencil and click on!
Customer Success more than a subscription problem…
Most customer success stories revolve around subscription businesses, but really, any business that rely on repeat buyers and referral business may need a customer success team. If this describes your business, this is a good primer on how to think about its impact on your business.
Don’t talk to your parents about this if you are in customer success…
This author simplifies upselling and cross-selling. Upselling is like selling fries with your burger and cross-selling is adding a Filet-o-Fish to the burger (mmmmm… surf and turf). And selling fries should be the exclusive purview of the customer success team. Certainly, there are many models of how to handle these types of sells so you may disagree with the premise. My question: who handles Super-sizing?