How is 2MR, 3MR, 3MR Comp calculated?
2MR (2nd Month Retention), 3MR (3rd Month Retention), and 3MR Comp (3rd Month Retention Compensation) are all based on activations and if those activated customers continue to make payments and stay active. Boost calculates this by looking at a monthly group of activations and following them through the next few months. If they continue to make payments and keep their account active, they are registered into your 2MR, 3MR, and 3MR Comp.
What can you conclude from this metric?
This is a metric of how many of your new customers' activations are continuing to make bill payments. The lower amount of continued payments can imply possible lapses in customer communication, store goals/accountability, or customer qualification.
Where can you find your 2MR, 3MR, 3MR Comp?
How to improve 2MR, 3MR, 3MR Comp rates:
A good place to start is to improve communication with your customers. Adopting a consultative approach to your sales is a wonderful way to do this. Make sure you’re asking the right questions to qualify your customer for the right phone and plan. This is also a great way to demonstrate your knowledge of handsets, plans, and promotions - giving your customers even more reason to return to you for their phone needs. Additionally, tools like Elevate Marketing and Smile & Dial can help you keep in contact with your customers and offer them incentives to return to the store. Make sure you’re using these tools to your advantage by following up on new activations in your welcome call list and providing 2nd, 3rd, and loyalty list customers quality deals to visit the store.
How tracking 2MR, 3MR, 3MR Comp in Elevate GO can help you maximize sales:
If you can see trends in your bill payments, you can more easily address locations that are struggling or succeeding with customer relationships. This can be helpful in creating store goals and increasing accountability between all your locations.
What are other benefits of knowing your locations’ 2MR, 3MR, 3MR Comp?
Looking at your DLAR data, you can know when or how much payment revenue is coming in each month. You can also see when it would be best to send out follow up campaigns to activations that may need to pay soon! You can most effectively implement this strategy with the Smile & Dial tool in Elevate Marketing. Before your call, you will be able to see each customer's next bill date.