LiveChat allows sales teams to talk to potential customers right away when they are browsing a website. The company has been around since 2002 and they have had a great deal of growth since the beginning. But they felt that they could do a better job of converting new customers and retaining existing customers.
LiveChat turned to KISSmetrics to help them boost their new customer conversion rates and decrease their churn.
Through the use of KISSmetrics, LiveChat determined the elements of their website that were decreasing their conversion rates. By modifying those elements and adjusting their signup flow, LiveChat raised their new customer signup rate by 18%.
LiveChat also increased their subscription rate by tracking the events that caused people to continually use and pay for the application. By comparing those patterns to the customers that decided to cancel their subscription, they were able to learn which key factors kept people engaged. This told LiveChat which changes would help the most with decreasing churn and increasing lifetime value.
Within 30 days, LiveChat saw an 18% increase in new customer signups, a 36% increase in subscription renewals, and an 8% increase in homepage signups.
KISSmetrics increased our new customer conversions by 18% and our subscription renewals by 36%. — Szymon Klimczak, CMO of LiveChat
KISSmetrics can help you increase customer rentention rates.
To help LiveChat improve their conversion rates and decrease their churn, KISSmetrics started by tracking each individual customer to help them better understand usage patterns. Then they used the KISSmetrics Power, Funnel and Cohort Reports to understand their customers, increase signups, and keep customers subscribing.
Technique #1: Track People
LiveChat was tracking pageviews and visitors with their existing analytics tool but they were not tracking individual customers. They needed to start tracking their customers to get an understanding of why customers used the application.
Through the People Report, LiveChat learned which factors drove engagement. They also understood the lifecycle of their customers, which marketing encouraged the purchase, and the flows their customers took before they converted into customers.
Technique #2: Improve conversion rates
With KISSmetrics, LiveChat tracked all of the paths users took before they purchased. They used this data to determine which pages people were most likely to drop off on. Then they ran A/B tests to help minimize the drop-off rate and increase conversions.
Conversion tracking didn't stop with their front-end website. LiveChat also used KISSmetrics to optimize their trial conversions. Since LiveChat offers a free 30-day trial that doesn't require a credit card, it was critical to optimize their back-end funnel and boost the number of paying customers.
Technique #3: Reduce churn through segmentation
With the KISSmetrics Power report, LiveChat segmented their existing customer base into multiple buckets. This allowed them to get a better understanding of what causes customers to renew their LiveChat subscription versus cancelling it. They then used this data to make adjustments to their product and marketing material in order to decrease churn and boost the lifetime value of their customer.
With the use of the Cohort Report, they learned which changes were causing a positive or negative effect on their long-term usage of LiveChat.
We turned to KISSmetrics because it's simply the magic of the data that is collected. We're extremely happy with the results they helped us achieve. — Szymon Klimczak, CMO of LiveChat
Make smarter business decisions with KISSmetrics Customer Analytics.
If you want to grow your business like LiveChat, you shouldn't just look for new ways to increase your total marketing spend. Instead you should look at optimizing what you already have. You'll acquire more customers without needing to increase your marketing budget.
Use these three KISSmetrics reports in order to maximize your revenue:
- Funnel Report — You can track both your front-end and back-end conversions. It will show you the flows people use that are causing them to convert as well as the flows that are decreasing your conversion rates. Then you'll know which paths to encourage people to take.
- Power Report — Not all customers are equal. Some may spend more money with you while others may dislike your product or service. The Power Report helps you segment your customers so you can get a better understanding of why some customers love what you do and others don't. You can then use these insights to turn unhappy customers into happy customers.
- People Report — LiveChat increased new signups by 18% and renewals by 36% from tracking individual behavior. Once they were able to see how individuals were using their application, they learned why some customers stayed and others didn't. The KISSmetrics People Report gives you a complete timeline of every action that a customer takes. There's no better way to figure out how to delight your customers.
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