In this week’s episode of the SIMPLE brand podcast, I talk with Joey Coleman, author of Never Lose a Customer Again!
We’ve talked before about customer acquisition and customer retention. And it turns out that about 18% of companies focus more on customer retention than on customer acquisition. But over 40% of companies focus on the exact opposite. Over 40% of companies focus more on customer acquisition than customer retention.
And I get why. Those investments are pretty fun and exciting.
We put all this effort into brand building, marketing and sales to get these new customers in. And when they do come, when they do buy, when they do finally make that transaction it’s a big deal to us. So we celebrate.
But while we’re patting ourselves on the back and celebrating from acquiring these new customers, something pretty significant happens that most of us aren’t paying attention to.
A lot of those customers that we just put all that time, effort and investment into acquiring………………….are leaving.
In fact, Across all industries, up to 70% of newly acquired customers will stop doing business with a company within the first 100 days of being a new customer. That’s a pretty shocking stat. And one of the main reasons customers leave in that timeframe is because they feel neglected in those early stages of customer onboarding.
Thankfully, Joey Coleman can help you turn that around to not only keep your customers but also turn them into raving fans.
Joey is an award-winning speaker and a customer experience design expert. He’s worked with hundreds of companies to help them deliver remarkable customer experiences while dramatically improving their profits.
He’s the co-host of Experience This! podcast along with Dan Gingiss who’s a SIMPLE brand guest in episode 48.
And Joey’s the author of the Wall Street Journal bestseller – Never Lose a Customer Again!
Joey and I talk about his lessons that’ll help you turn one-time purchasers into lifelong customers and that’ll help you retain your best customers and turn them into raving fans. And the lessons are all from his First 100 Days® methodology.
SPOILER ALERT: customer loyalty isn’t about focusing on marketing efforts or simply closing the sale. Customer Loyalty is about focusing on the First 100 Days® AFTER the sale and focusing on ALL the interactions the customer experiences.
And just when you think our discussion is all around customer experience, we take a hard right turn into a discussion that I’ve NEVER heard anyone talk about before: the value of empathy……….with yourself. Think about it. By now, many of us understand the value of empathy, and we strive to empathize with others. But we rarely empathize with the one person who usually needs it the most, ourselves.
Want to know the other topics we discuss? They’re right here:
- How companies over emphasize the wrong things to contribute to the vibe of their brand
- The dangers of silos to your customer experience
- Why business leaders have a tendency to focus more on customer acquisition than customer retention (half of the reason is biological)
- Why the majority of customers leave a brand within the first 100 days after their purchase
- What brands can do in the first 100 days to retain customers
- The eight simple phases in the customer life journey
- Empathy is going to be the single most important skill for humans to have over the next 20-50 years
- The importance of having empathy for yourself
RESOURCES FROM THIS EPISODE
- Joey’s site
- Joey’s book – Never Lose a Customer Again: Turn Any Sale Into Lifelong Loyalty in 100 Days
- Joey’s podcast – Experience This!
ENJOY THIS EPISODE HERE
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