Retention

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.

The Challenge


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


We recognise retention as being a challenge that needs to be mapped in terms of potential cause and effect across different areas of an organisation before diving into the data. Our strategic consulting team has helped build out retention strategies for complex multichannel businesses.

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.

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.

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.

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.

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