[Building for Growth] Churn Down for What?
I would like to share about customer retention as the main driver for customer growth and how we have done it at Viki and where we would like to improve. This will be in a group discussion/participation setting. I’d like to share the different types of retention we should be tracking. As an example for Viki, we monetize both by advertising and by subscription products. Because of that, we have to think about retention in many layers, including weekly active users, watch time retention and subscriber retention. I would like to inspire conversation on the different leading indicators that product teams should and could look at for different industries. Furthermore, I would like to broach the conversation about re-activating and re-onboarding churning customers. What product can offer after marketing has worked hard at bringing back churned customers? How is it going to be different from onboarding a brand new customer?
- Prioritizing retention on certain cohorts,
- different points in the customer journey to focus on (e.g., critical activities for Viki is to start watching at least 10 mins for new users ),
- churned users are not forever lost