It costs 5x more to win a new customer than to retain an existing one. Therefore, a data-led retention strategy is essential to boost profitability through loyalty.
Retention is a challenge often experienced and addressed from multiple angles: customer and product marketing, pricing and promotion, customer service and experience.
It can represent the foundation for continued growth, or indeed a threat to the long-term existence of a brand. But retention also comes at a cost, and directing that investment effectively requires an in-depth understanding of customer behaviour and value.
A successful retention strategy relies on focus and anticipation: knowing who and when it is relevant and profitable to concentrate efforts on, whether it is galvanising loyalty or preventing churn.
The Solution
Customer Understanding – We look far and wide to get the best possible understanding of what drives loyalty, value and churn. A retention strategy often combines customer segmentation, customer lifetime value and sentiment analysis to understand your customers and service them more effectively.
Prediction – We believe prediction is at the core of effective execution: understanding the right time and place to act for the right customers. We complement data science techniques such as machine learning with a focus on commercial drivers and positive outcomes for customers.
Execution – Executing a retention strategy can be technically challenging, with interactions spanning platforms and channels. We often see data strategy being a critical enabler for retention. Our data engineering team has the practical experience to join the vital dots using off-the-shelf or bespoke solutions to enable those critical data flows.
Why Lynchpin?
As an independent consultancy focused on analytics, we have no preconceptions around where the levers for improving retention might sit in the business.
Our heritage in digital analytics, data science and machine learning means we are ideally placed to incorporate the vital early warnings that behavioural data can provide to predicting and preventing churn.
Our senior team has broad experience working in customer analytics roles targeted on retention across a variety of industry sectors.
For business to business (B2B) clients, we address the unique challenges around mapping the interactions, values and influence of individual stakeholders within an entity in our models.
Client Testimonials
Lynchpin help us unlock the millions of data points we have and turn them into valuable insight, which we use on a daily basis to improve our traffic, customer journey and sales performance. Their data scientists don’t just support our internal data and analytics team, they are genuinely commercial and committed to understanding our business, which means the outputs are always in line with our company strategy!
They have worked alongside us for nearly three years to support us through our data maturity and had a major impact in turning us from a company with data, to a data driven decision making company. We value our relationship with Lynchpin and fully expect our partnership to be a longstanding one.John Donnellan, Ecommerce Director, Canon
For over eight years, Lynchpin have provided expert support across the web analytics’ piece for John Lewis Finance. Whether it’s building actionable dashboards, advanced reporting and visualisation, deep dive analytics, data engineering and tagging specs, or designing complex attribution models, Lynchpin prove themselves again and again as highly experienced and competent. They have led and driven our analytics strategy and played an essential role in our business growth. Highly personable, their consultants are well known within the office and I would recommend them as a trusted 3rd party business partner.Adam Taylor, Partner & Web Manager, John Lewis Financial Services
The PRISM model guides organisations and marketers to move towards not just identifying and satisfying customer requirements, but using data and analysis to anticipate and predict their needs.Michelle Goodall, Social Media and Digital Transformation Consultant, Econsultancy
We have partnered with Lynchpin for several years now and they have played a key role not just in delivery of day-to-day and project-based initiatives but also in development of our solution design and data collection architecture. Lynchpin’s depth and breadth of expertise and experience as well as their non-partisan ethos – not being tied to specific solution providers – has enabled us to understand both the benefits and the potential pitfalls of different solutions and designs. As a result we have very solid data quality and that’s reflected in the quality of the insight we are able to serve to the business. The team at Lynchpin are flexible, supportive and great colleagues to have. They are a highly valuable part of the extended LexisNexis team.Michele David, Lead Product Owner, LexisNexis Risk Solutions
Over the past 5 years, I have worked almost continuously with Lynchpin on various data engineering and analytics projects. They are adept at navigating complex business requirements and helping you to really ‘look under the bonnet’ and understand the power of your data.
We have a great partnership with the team at Lynchpin, they are a valuable support to our business strategy with their extensive experience and knowledge of data engineering.
Throughout a complex website re-platforming project which combined a standard and subscription customer proposition, Lynchpin helped us build an analytics infrastructure which not only met the brief it also went that extra mile to future-proof us.Michelle Corp, Head of eCommerce, Lily’s Kitchen
We have enjoyed working with Lynchpin for a number of years now and they very much feel a part of the team. Their in-depth analytics expertise and experience, alongside the ability to fit in with our ways of working have proved invaluable to us.Adnan Chaudhry, Head of Marketing Analytics, Emirates
Case studies
As an independent, full-service analytics consultancy, our team are flexible – equipped with a range of practical experience, skill, and commercial awareness.
Analytical insights drive higher customer value which leads to a better and more profitable business. To understand what drives loyalty, the indicators behind churn and the pathway to higher retention, we recommend talking to one of our experts today.
