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Today’s tip comes the article Churn Buster Retention Bites: January 2020 – this is an article written by Kristen LaFrance, and I want to highlight tip #2 which is the Tale of Two Beauty Brands.
She poses the question – is it worth using a serious discount to pull in new customers? She goes on to say that Brand A gives a 33% discount on the first purchase and Brand B does a 10% discount on the first purchase.
According to her data, “Brand B is retaining two times as many customers as Brand A.”
It’s the whole concept around perceived value v. true value, and I really like what she has to say here.
Original Medium: Churn Buster Retention: January 2020 (Article)