Customer Acquisition and Retention
Lessons:
Watch this video about how to build customer loyalty and ways to acquire and retain customers.
How to Communicate with Customers: Crash Course Entrepreneurship #11
Project Description:
Customer Loyalty Scavenger Hunt. This activity encourages you to think creatively and explore real-world examples of customer loyalty-building and customer acquisition/retention strategies, helping you develop new ideas for your own start-up.
Instructions:
- Read this article: Boost Customer Retention
- Create a list of customer loyalty-building and customer acquisition/retention strategies from the article (e.g., “Offer a loyalty program,” “Run a referral campaign,” “Engage with customers on social media,” etc.).
- Go on a “scavenger hunt” online to find examples of companies or brands that have successfully implemented each of these strategies.
- For each strategy, write down the name of the company/brand and a brief description of how they used the strategy to build customer loyalty or acquire/retain customers.
- Reflect on the effectiveness of each strategy and how it could be applied to your mock-up start-up.
- Optional: Share your findings with a friend or family member and discuss which strategies you think would work best for your start-up.