Early in my sales career I was told that it costs about 5-6 times more to acquire a new customer than to retain an existing one. I guess it stuck with me as I very rarely ever lost a customer in 23 years of B2B selling. I , like Joey Coleman (author of “Never Lose a Customer Again"), believe customer retention is crucial to your success in sales.
If you ask me why I was able to do this I would say the following:
“Never Lose a Customer Again" by Joey Coleman is a practical guidebook that provides insights and actionable tips to help businesses build strong and lasting relationships with their customers. Joey highlights the importance of creating a remarkable customer experience to retain customers. He outlines a process known as the "First 100 Days" (during which time customers are forming their opinions and deciding whether to stay loyal or move on to a competitor) that businesses can use to create an exceptional customer experience that will keep customers coming back. In this blog post, I will provide a summary of the book and discuss its key concepts.
According to Coleman, the first 100 days of a customer's interaction with a business are crucial in determining whether they will become a loyal customer or not. During this time, customers are evaluating the business, and every interaction they have will shape their perception of the company. If a business can create a positive experience during the first 100 days, they are more likely to retain the customer and turn them into a loyal customer.
The first impressions that customers have of a business are vital in shaping their perception of the company. And more often than not those first impressions come from you, the salesperson. Although, first impression can be created by everything from the way they answer the phone to the design of their website.
A great first impression sets the tone for the entire customer experience. Coleman suggests that businesses should send a personalised welcome message to new customers and make the onboarding process as seamless as possible. Another key aspect of making a good first impression is to be responsive. Customers want to feel heard and valued, and businesses that respond quickly to their inquiries and feedback can build trust and credibility.
Coleman emphasises the importance of customer journey mapping in creating a remarkable customer experience. He suggests that businesses should map out every touchpoint that a customer has with the company, from the initial contact to post-purchase follow-up. By doing this, businesses can identify areas where they can improve the customer experience and make adjustments accordingly.
Once a customer has purchased, the next step is onboarding. A process of getting the customer up to speed with the product or service they have bought. Coleman states, that businesses need to provide clear and concise onboarding materials to ensure that customers understand how to use the product or service and get the most value from it.
One way to improve the onboarding process is to create a welcome kit. This can include a personalised welcome letter, instructions on how to use the product or service, and any other relevant information. Providing customers with a clear roadmap of what to expect can help ease any anxiety or confusion they may have, increase their satisfaction with the purchase and minimise buyers remorse.
The book also highlights the importance of ongoing communication during the onboarding process. Businesses should check in with customers to see how they are doing and offer support and guidance. This can help build trust and confidence in the product or service and increase the likelihood that the customer will remain loyal.
Customers want to feel valued, and personalisation is one way to achieve this. Coleman believes that businesses should use data to personalise the customer experience, such as using the customer's name in communication and providing personalised product recommendations.
Finally, the book emphasises the importance of delivering an exceptional customer experience throughout the entire journey. This includes every interaction that the customer has with the business, from initial contact to post-purchase support.
One way to improve the customer experience is to focus on empathy. Businesses need to understand their customers' needs and perspectives and respond to them with compassion and understanding. This can involve listening to customer feedback, anticipating their needs, and going above and beyond to exceed their expectations.
Another key aspect of delivering an exceptional customer experience is to prioritise communication. Businesses need to be transparent and proactive in their communication with customers, keeping them informed about any changes or updates and responding to their inquiries in a timely and respectful manner.
The book also discusses the importance of ongoing engagement with customers. Businesses should seek out opportunities to connect with customers and build a relationship with them beyond the initial purchase. This can include personalised email marketing campaigns, loyalty programs, and social media engagement.
Given that delivering an Exceptional Customer Experience is recommended throughout the journey one may well ask “what is the journey?” ....
Feedback from customers is essential in improving the customer experience. Coleman suggests that businesses should actively seek feedback from customers and use this information to make improvements. He suggests that businesses should have a system in place for collecting feedback and should respond to all feedback promptly.
The ultimate goal of creating a remarkable customer experience is to turn customers into advocates for the business. Coleman suggests that businesses should make it easy for customers to refer their friends and family members to the company. He also suggests that businesses should provide incentives for customers who refer new customers.
In conclusion, "Never Lose a Customer Again" by Joey Coleman is an essential book for businesses looking to create a remarkable customer experience. The book emphasizes the importance of the first 100 days of a customer's interaction with a business and provides a process for creating an exceptional customer experience. By focusing on personalisation, customer journey mapping, customer feedback and onboarding you can create exceptional customer experience. By following these strategies, businesses can build strong and lasting relationships with their customers, increase customer loyalty and retention, and ultimately drive business success. Turning customers into advocates is the ultimate goal, and businesses that achieve this will be well-positioned for long-term success.
Overall, "Never Lose a Customer Again" is a must-read for anyone looking to improve customer retention and build a loyal customer base.