Discover how identifying early customer behaviors can predict long-term retention and increase revenue for your business
Facebook found that those who added 7 friends in their first 10 days were much more likely to stay engaged for the long term. Starbucks observed customers who loaded money into their app during the first month turned into loyal repeat buyers. And Airbnb found that hosts who secured a booking in their first week kept using the platform. Every one of these companies identified a ‘silver bullet’, a behavior that predicted long-term success.
How can your business find your own silver bullets? Here’s a three-step framework I follow to aid you in identifying early signals of long-term customer engagement.
Long-term success usually means customer loyalty, high engagement or high value customers for a business. These are the desirable outcomes that you want to predict with the measurable factors or behaviors within the first week or month of the customer’s experience and provide actionable insights early on.
For long-term retention, the goal is to predict whether a new customer will stay active with…