Improve Customer Retention with Behavioral Science

How can you retain customers without offering incentives, which only postpone the inevitable and end up costing you money? Ogilvy changed a single kick-off question that agents asked and saw a major uplift in retention at Adobe call centers in India.

You’ll learn:

– How a subtle shift in the conversation had significant impacts on retention;

– What question you should NOT ask and what to ask instead;

– Why it’s important to involve agents in creating their own talking points;

– How the environment can impact whether people stick to change.

People can get quite emotional sometimes. And as we’ve established, this often leads to irrational decisions. Fear and uncertainty (financial or otherwise) don’t gel well with making thoughtful decisions.

But you can use this emotional tension to your advantage and persuade them to stay.

You’ll learn:

– How to work with customers’ emotions in order to persuade them

– What the worst feeling is that your customer can have when deciding about your service

– Why creating a feeling of safety is crucial for customer retention

How do you retain your customers even after they’ve already decided that your product or service is something they could live without?

You’ll learn:

– How social media planner Kontentino cut customer churn in half in the spring of 2020,

– How not to talk about reasons for leaving, but remind the customers all the benefits they’ll lose,

– Why listening first and persuading second helps change people’s minds,

– How to shift the selection from a “yes or no” option to one where customers have two options to compare.

At a time when customers are faced with a looming cash crunch, canceling their premium monthly subscription services is often their first, no-brainer response. But as a service provider, how can you convince your customers to “hit pause” on such an impulsive decision? According to Behavioral Economist Matej Sucha, Asana might have some answers.

You’ll learn:

– What Asana — the project management software — does to make customers reconsider their decision to cancel their subscription.

– How Asana can use the Commitment and Consistency principle more effectively by making users subconsciously commit to their reasons to stay.

– How Asana uses the reciprocity principle to make their customer’s decision to stay stick.

– How they can make their process more effective by personalizing their offers and messaging.