The CXL Agency began life 10 years ago. Founded by Peep Laja - the #1 most influential conversion rate optimization expert in the world and Viljo Vabrit. The agency has grown to become one of the world's leading CRO agencies. No small feat.
But as we have changed over the years, so too has the world around us. We now find ourselves entering a new era; The Retention Economy.
What is The Retention Economy
You’ll no doubt have witnessed the fallout. Unicorns that grow and go bust seemingly overnight. Ridiculous share prices that take a nosedive leaving investors wondering how they got their original valuations. The root cause is businesses focusing too heavily on the short term at a detriment to their long term value. Chasing revenue over lifetime value, community, and relationships with customers.
As a result, VC’s themselves now value businesses (traditional businesses too, not just SAAS) based on customer retention rather than multiples of revenue. Because customer retention is a better way of working out the true value and growth potential of a business.
So to thrive in this new reality, we need a shift in our thinking.
As of today, CXL Agency has changed its name to Speero. But it’s way more than just a name change. We think the sole focus on conversion rates is flawed.
Instead, we need to consider the full customer experience, the brand, and focus on down-funnel metrics like CLTV, retention, purchase frequency, MQL/SQL ratios, and pipeline dollars.
That's why we're now offering Customer Experience Optimization, CXO. Our new CX optimization program will include the CRO fundamentals (research+experimentation), but we’ve designed new methods and processes for what we do, to improve businesses not just in the short term, but longer-term too.
Five changes we’ve made to Speero
1. We create personas and map your customer journey using data and research
Customer experiences don’t start and end on the website. And customers don’t buy insurance because they fancy it, for example, they are motivated to achieve a certain outcome, in this case wanting security and safety. By understanding the broader customer experience and jobs to be done we create stronger hypotheses for experimentation.
2. Research sprints throughout our programs
While I don’t need to say it, the world is changing faster than ever. Meaning that the research you did last January is likely wildly out of date. Covid has presented this in the extreme but consumer needs and expectations change constantly. Our research sprints mean we’re on top of these changing needs.
3. We use data to measure and improve big business metrics
Data silos will be present in those businesses that won’t see it through the retention economy. If you can’t access valid data from your customer journey to measure customer lifetime value, and retention it means you’re focused on the metrics that lead you to take short-term actions. We help you get a holistic data-driven view of your business so we can focus on the metrics that really matter.
4. We help your business become more experimental and customer-focused
We run our experimentation maturity audit allowing us to make recommendations on what to improve across tools & data, people & skills, strategy & culture, and process & methodology. Helping you make the changes you need within your business.
5. Internal education
We work alongside our client teams to help upskill and share knowledge on what we do and why. As well as this we can run internal workshops and our CXO programs come with five free passes to CXL where your team can manage their own learning path on everything CXO.
We know the changes will make our client’s businesses better, for their customers as well as driving long-term growth. You can find out more about our customer optimization programs under our services.