Retention and Referral – Panel Write up

Team AlControl (Henry Olson, Carl Petrillo, Ryan Delacruz, Damian Moreno)

Panel Write up – Referral and Retention (Leigh, Steve, and Brant)

This panel was a pleasure to oversee. The three speakers had a great connection that carried the discussion with very little help from the panelists. While there were many fantastic points made, we would like to focus on three ideas that were brought up regarding retention and referral.

Retention – The best way to retain your customers is by continually astounding them with new content. As a company, you want them to be thinking about how lucky they are to have found your service or product. Retention strategies based on making it difficult for them to leave your service will work but only for a short time. When another service comes along that lets them do without you, they will leave.

Referral – Referral strategies boil down to making a great product and politely giving the client the opportunity to spread the word about you. Referral is much more effective when you simply ask if there is anyone they know who might want this product. You should not bog down the customer with survey requests on your performance as this will seem tedious and they will then be less likely to refer you to their network.

Referral – Offering a reward for referring a new client can be a great way to get people to bring in new customers for you but you must always make the reward match the target group. Brant mentioned a shirt designing company that sold $300 dollar shirts but offered a $20 referral reward. While $20 is nice for a student, if you are buying $300 shirts, it is almost meaningless. In this case, the referral reward wound up being small enough that Brant was unwilling to refer his friend as it would seem odd when his friend found out that he had gotten $20 for it.

These are just a few of the stories and ideas we walked away with. The three speakers seamed very knowledgeable and would have been easy to talk to for hours rather than just the 45 min we had.

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