š Background
Facing stagnation in customer retention and a need for increased value perception in a competitive market
š Approach
- Strategized and implemented a new pricing model aligning with the perceived value, encouraging longer-term commitments and better reflecting the benefits of our Learning Management System.
- Utilized win/loss interviews, customer journeys mapping, and behavior analytics to derive insights, shaping the new pricing model while employing A/B testing and agile product development principles for iterative enhancement and quick adaptation to market feedback.
š Results
Resulted in an 85% retention rate, a 12% uplift in customer lifetime value (LTV), and an 18% reduction in customer acquisition cost (CAC).