Engaging customers by offering a product and service that they value is important – but just how important is it? We’ve been able to attribute a definitive value to engagement by using the results across our various programs.
In multiple tests, customers that have opted into MeterGenius-built programs have had a 30% higher annual retention rate than customers in control groups
That’s right – just by getting customers to opt into the program, you can increase their likelihood to renew by over 30%. And we’ve found that the customers that opt into these programs would have been more likely to leave than the average control group customer had it not been for the program. Customers that opted into these programs had a $200 greater lifetime value than customers in the control groups.
Customers that logged in at least 3 times a month had a 55% higher retention rate
By providing enough value that customers are willing to check in with you on a regular basis, you will see huge improvements in customer retention. The more reasons you can give a customer to login to your website, download your mobile app, or open your emails, the more likely they are to stay your customer. Customers that log in at least 3 times a month are worth $475 more than control group customers.
Customers that participated in weekly competitions had a 48% higher retention rate
One way to get customers to engage more with you is through gamification. By appealing to your customers’ competitive side, you can generate unprecedented interest in your brand. For more information on best practices and effective gamification strategies, see some of our other posts. By participating in a weekly competition, the customer was worth $350 more.
Customers that received daily usage updates had a 50% higher retention rate
Approximately 33% of customers choose to receive additional notifications from us regarding their energy usage. One of those notifications comes daily and tells the customer how much energy they used yesterday. This is only applicable to customers with smart meters, but it is a very effective way of having daily communication with your customers. As you can see, we’ve increased retention rates by 50% just by sending a simple, yet informative message to customers every day. Customers that received daily usage alerts are worth $434 more than customers that opted into the program but did not sign up for any type of notification.