#47 - Retention & Churn: Unlocking the Secrets to Business Immortality
Manage episode 384917679 series 3449055
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.
Enjoy the episode and check the links below for more info & resources.
Get an inside look at how to get involved with The Wealthy Consultant
https://wealthyconsultant.com/
Our Monthly Printed Memos - Free Trial
https://consultingmemo.com/optin-568134011666363883437
See our Portfolio of Brands
OVERVIEW:
- (01:12) Client services and retention.
- (03:30) Customer focus and churn rates.
- (07:11) H2H - Human to Human.
- (12:42) Developing value for customer retention.
- (14:31) The sale is not the finish line.
- (19:36) Developing a retention culture.
- (21:06) Join us in person!
Learn more about Fimi Collective:
91 एपिसोडस