TRP have some of the industry’s top analysts and consultants to help their customers gain visibility of the retention problem. We work with our clients to run controlled trials and conduct R&D into procedures designed to improve service and retention, these range from culture change programs to cutting edge technology innovations.
The process below provides an insight into our approach click here to book a free telephone consultation with one of our consultants.
Developing and managing a retention strategy
The Products/Services that we use to achieve this are:
1. Data Analysis and Retention Audit
Your TRP Consultant has access to our expert statisticians to conduct in-depth analysis looking at all types of factors which TRP and you believe impact on your retention. For example the graph below shows the ‘retention rate’ (or ‘dropout’ rate) of members grouped by age (for more information of measuring retention in this way see this article).
By looking at the Lifetime Value measure we can clearly see that recruiting 45+ year old members yields on average £344 more income per member than recruiting 18-24 year olds (assumes £40/mth dues)
- What decisions can we make from this analysis that can be used to increase retention? Invest in marketing to older age groups through campaigns, imagery, etc.
- Offer a discount to older members, e.g. you can spend £300+ more attracting an older member and still be better off than selling to a 18-24 year old.
- Adjust membership sales targets and commissions accordingly, i.e. offer a higher commission to a sales person if they sell to an older member and reduce commissions for younger members.
TRP have certified partners who we work with to implement decisions agreed in conjunction with our customers using the analysis.
This is just one example of the consultancy approach used by TRP.
2. Controlled Trials of interventions
TRP Consultants work with you to plan and design a customer experience journey. During this process, ‘ideas’ for procedures, communication and interventions are often put forward. Until proven, TRP see all new ‘ideas’ as ‘hypotheses’, which need to be trialled in order to define their exact value to the business – it’s part of our Proof Not Promises ethos. Your TRP Consultant will design and implement controlled trials of any new intervention in the customer experience journey. They have access to TRP’s powerful integrator software, which pulls live feed from any existing membership database, and the full range of TRP software, (including process management and intelligent email and SMS tools), so trials can be conducted without large capital investments being required. After the agreed trial duration, TRP will then analyze the findings and the learning will be fed back into the design of the customer journey.
3. Implementation
Your TRP Consultant has access to all TRP software, training and culture change programs and resource. So once the customer journey has been defined and proven, implementing it is a smooth transition managed by your Consultant as a turnkey operation.
Click here to book a free consultation to discuss your requirements.
