#47 - Retention & Churn: Unlocking the Secrets to Business Immortality

The Wealthy Consultant Talks Podcast

Welcome to a special episode of the TWC Talks podcast! Today, we bring you into a moment captured during a top-tier client event, where host Mike Walker discusses strategies for improving customer retention and reducing churn in order to achieve "business immortality". He emphasizes that the business environment is changing rapidly due to the internet and information access. The host advises thinking of business as "human to human" rather than "business to business" or "business to consumer". Building relationships and delivering ongoing value is critical.

The host explains that a sale is not finished until the customer achieves their desired outcome. With subscriptions, the relationship begins at purchase, not ends. Therefore, companies need to focus on keeping clients rather than just getting clients. He notes that retention is influenced by the customer's emotions and vision for the future, more than past value received. Creating loyal customers requires anticipating how they feel, communicating consistently, and developing a company-wide service culture. With limitless options, customers will stay loyal if they feel connected on a human level.

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OVERVIEW:

1. (01:12) Client services and retention.
2. (03:30) Customer focus and churn rates.
3. (07:11) H2H - Human to Human.
4. (12:42) Developing value for customer retention.
5. (14:31) The sale is not the finish line.
6. (19:36) Developing a retention culture.
7. (21:06) Join us in person!

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