Table of Contents
- Meet Edison Group
- Our Approach
- Product Development
- Funding & Crowd Funding
- Content Development
- Client Retention
- 5 Ways to Improve Customer Retention
Meet Edison Group
Your idea is the next big thing, and we have the engineers, industrial designers and product development specialists to get it there.
Edison has partnered with the biggest and best agencies that will take your product from a sketch on a napkin to selling in mainstream markets.
We deliver accountability throughout the entire process from a simple product to a more complicated connected device.
We stay up to date with consumer trends providing you with the ability to forecast and test in any market.
As a result, your product will resonate with consumers and will generate solid sales for years to come.
Funding & Crowdfunding
Edison includes a growing network of high worth investors who have invested directly into our fund or are ready to invest directly into your project.
Edison can bring your products to market via Kickstarter, Indiegogo and other popular platforms.
Our network includes very successful crowdfunding agencies that are responsible for over 1/3 of all $1M+ Kickstarter success stories.
Once your project has been successfully vetted, we help you prepare all the necessary legal documents, marketing materials and introductions to get the deal successfully funded.
CONSTRUCTION, ACTION SPORTS, RVING, CAMPING, DO-IT-YOURSELF, GARDENING, HUNTING, ORGANIZATION, BACKPACKING, ADVENTURE, MOVING, HAULING, GARAGE, … INFINITE USES!
Results-Driven Marketing strategies to fuel your business.
Many marketing agencies, the conversations revolve around never-ending mentions of landing pages, SEO and Facebook Ads. No doubt these tactics are the essential building blocks of any successful marketing, but they are only the inner workings to get you to your ultimate marketing goal, results.
When you entrust your precious marketing budget with Flixx, you can say goodbye to all the confusing talk and unnecessary metrics that muddy the waters of what truly matters – Return On Investment.
We enjoy the process of guiding and helping our clients reach their marketing outcomes. The end goal is the most important part of your marketing but the process can be fun and rewarding as well. Learn More
Clarify Your Message So More Customers Engage.
Even if you have the best product on the planet, you will lose to a competitor’s inferior product if they communicate more clearly.
It’s a fact — businesses that clarify their message and build a sales funnel thrive in the marketplace.
Your marketing message is most effective when it follows the framework of a story. If your message doesn’t possess the critical elements of a good story (character, problem, guide, plan, success and failure), your audience may be missing vital information about why they should do business with you. To sum it up, a clever marketing message means nothing if it isn’t clear.
Better Content. It’s What We Can Do For You.
Whether you’re expanding your vision or tackling everyday goals, we know quality content can make a difference.
Two years in the making, Flixx is a multi-pillar communications hub which allows free members to watch, listen, learn, shop, and socialize.
Flixx delivers a powerful free suite of features including distribution on OTT services such at Roku, Amazon Fire, LGTV, Samsung and Satellite.
In addition, we provide a communication hub, lead generation system, and transactional platform encompassed around entertainment.
Watch Flixx & YouSat ContentOn HUAWEI Video!
Learn How to Use Customer Retention through Edison’s Loyalty Platform
Customer engagements are the collective experiences based on every interaction the consumer has with your company or brand.
Your best customers don’t just buy your product or service just once. They come back again and again for more. Customer retention boosts your revenues and builds your customers’ lifetime value.
While it builds more sale it has a second benefit, building an amazing relationships with your customers.
You aren’t just another company or product, you are someone they trust and will spend their money with. Learn About Edison’s Loyalty Program
5 Simple Strategies for Improving Customer Retention
It takes a lot to earn a customer’s loyalty. And once you bring someone into your company’s ecosystem, the last thing you want to do is lose them. That’s why customer retention is an important key performance indicator (KPI) for all businesses to measure and improve.
In this article, we’ll break down the definition of customer retention, how to find your customer retention rate, the significance of customer retention, and provide 4 ways to help retain your customers long-term.
What is customer retention?
Customer retention is the ability of a company to keep customers coming back over a period of time. Retaining a customer’s business indicates that a company’s product, service, or brand is pleasing to the existing customer enough for them to stay with the company rather than switching over to a competitor.
What’s your customer retention rate?
Before you can focus on improving customer retention, you must benchmark how you’re currently doing in this department. You might have a feeling about how you’re doing, but you need an objective measurement that takes the emotions out of it. And one of the best ways to do this is by measuring your customer retention rate.
While there are different formulas for calculating retention, the standard equation looks something like this:
Retention Rate = ((CE-CN)/CS)) X 100
If that looks a little complicated, don’t worry. Once explained, you’ll find it very simple and intuitive.
Here’s what those variables stand for:
CE = The total # of customers when the period ends
CN = The total # of new customers that you acquired during the period
CS = The total # of customers at the beginning of a period
Let’s use an illustration to see how this equation can be used in the real world. In this scenario, you start the year/month/quarter with 1,000 customers. You lose 200 along the way, but you also gain 300. So at the end of the period, you have 1,100 customers.
The math would look like this:
1,100-300 = 800 → 800/1,000 = .8 → .8 X 100 = 80 percent.
Now, you’re probably asking: Is 80 percent a good retention rate? And the answer is, it depends!
In some industries, 80 percent would be incredible. In other industries, it would indicate that something is seriously wrong. At this point, you have to bring context into the matter and evaluate how you’re doing and what your goals are.
But regardless of whether your retention rate is 10 percent or 95 percent, there’s always room for improvement. And anything you do to improve your customer retention will significantly enhance your business.
Why customer retention matters.
Nobody wants to lose a customer, but just how important is having a high customer retention rate?
According to data curated by Harvard Business Review, onboarding a new customer is somewhere between 5x and 25x more expensive than retaining a customer you already have. And with a simple five percent increase in retention rates, you can grow profits by 25 to 95 percent.
When you think about it, these data points make a whole lot of sense. When you retain customers at a high rate, you don’t have to expend nearly as many resources on marketing, sales, customer training (depending on the industry), and all of the other onboarding costs. Plus, customers who stick around tend to be happy, which makes them walking billboards for referrals.
At the end of the day, healthy customer retention makes every aspect of running your business cost-effective and efficient – it’s a game-changer.
5 Ways to Improve Customer Retention
First impressions are everything. After the initial excitement of getting the new product or acquiring the new service, most customers will default back to the first experience they had with your brand. If it was positive, they’re much more likely to stick around.
A good onboarding process can set you up for success for years to come. It should be personalized (as much as possible), hands-on, and focus on removing as much friction as possible.
One of the biggest keys to retaining customers is to know how they feel. When you understand customer sentiment and what they like/dislike, you can refine your approach and better meet their needs.
There are plenty of customer survey templates to use when gathering feedback, but the most popular brand-loyalty metric is known as Net Promoter Score.
The beauty of the NPS methodology is that it’s extremely simple to implement, and consists of one simple question: “How likely are you to recommend [your brand name] to a friend?” on a 0-10 rating scale. After providing a score, the customer can then use their own words in an open-ended feedback question to give an in-depth explanation for their rating.
It’s important to note – not only is gathering feedback beneficial to your retention strategies, but closing the loop with your customers is just as crucial. Consider customizing a Thank you message on your survey and responding directly to customer feedback to show them that you’re listening and using their feedback to improve.
For more tips and tricks on closing the customer loop, check out our Help Center’s Closing the Loop guide.
When you use Delighted, you can send out NPS surveys and close the loop with customers via email, link, in-app, or kiosk. This allows you to constantly collect data wherever your customer interacts with your brand – so you can feel confident that you’re “in the know.”
You can’t stop marketing to someone just because they’re a customer. In today’s marketplace where competition is high and loyalty is low, you must stay top of mind.
You can do this via any number of techniques and strategies. Good options include weekly email newsletters, running contests on social media, and producing high-value content (like videos, podcasts, or downloadable PDF resources).
If a customer doesn’t feel appreciated, all it takes is one mistake or a “better opportunity” with a competitor for them to jump ship. It’s important that you don’t take your loyal customers for granted. Reward them for sticking around.
Rewarding loyalty may look like grandfathering-in prices when rates increase or sending bonuses and surprises when a customer places their tenth or twentieth order. If you gauge loyalty in terms of how long a customer has been with you, you might consider sending bonus gifts at important intervals, such as six months and a year. Setting up a loyalty program is also always an option.
Or, say thank you and encourage promoters to refer their friends by incorporating rewards directly within your survey feedback. Delighted + Friend buy integration allows you to embed referral links and reward info directly into your customized survey without you having to lift a finger.
Create customer experiences that are physical, digital, and most importantly, personal.
The Edison Loyalty Program of solutions and services helps create world-class retail, product, and restaurant loyalty programs that build 1:1 relationships and rewards guests with personalized experiences and offers that drive lifetime value and increased sales.
Learn More About Edison’s White Label Loyalty Program Solution