Business Retention Quotes

You can’t have trust without fairness

Fairness isn’t about charity. It’s smart business.

Real leadership is treating your least favorite employee the same as your favorite

Two things happen when your objectives are too broad—you don’t achieve the right results and you lose a lot of your resources. You want to avoid both of those.

If your objectives are too broad, they can dilute your project.

Discovering a cure for a disease is one thing, but making that cure available to everyone so it can actually be used to eradicate the problem is another thing.

When you send out a feedback form to your customers and they share their opinions with you, don’t just ignore them. It’s time for you to make a decision based on what your customers have just shared with you.

If the research is done for brand awareness and the results don't show any rosy picture, then maybe you want to share those results with your marketing head who can include more brand awareness strategies in her marketing plan.

Information is a significant component of most organizations’ competitive strategy either by the direct collection, management, and interpretation of business information or the retention of information for day-to-day business processing. Some of the more obvious results of IS failures include reputational damage, placing the organization at a competitive disadvantage, and contractual noncompliance. These impacts should not be underestimated.

I often see teams that maniacally focus on their metrics around customer acquisition and retention. This usually works well for customer acquisition, but not so well for retention. Why? For many products, metrics often describe the customer acquisition goal in enough detail to provide sufficient management guidance. In contrast, the metrics for customer retention do not provide enough color to be a complete management tool. As a result, many young companies overemphasize retention metrics and do not spend enough time going deep enough on the actual user experience. This generally results in a frantic numbers chase that does not end in a great product.

It’s really simple. People what to be where they feel valued and where they have the full capacity to provide value. When people have that, they stay. When they don’t, they leave. Companies that provide this to employees experience retention. Companies that don’t, experience attrition.

Yeah. I failed R&R in school. I was too busy studying for my anal retention classes.

Human TOUCH: · T - treat people with love and respect · O - over-deliver and under promise · U -understand first, respond later · C - connect through open communication · H - humbly serve others

The world never slows down so that we can better grasp the story, so that we can form study groups and drill each other on the recent past until we have total retention. We have exactly one second to carve a memory of that second, to sort and file and prioritize in some attempt at preservation. But then the next second has arrived, the next breeze to distract us, the next plane slicing through the sky, the next funny skip from the next funny toddler, the next squirrel fracas, and the next falling leaf. Our imaginations are busy enough capturing now that it is easy to lose just then.

In a traditional business, the only consideration that really matters is the accumulation of profit. All else is subordinated to this goal. In a co-op, the dominant consideration is whatever the workforce wants it to be, for example the maintenance of steady employment, service to the community, or the accumulation of profit (to be allocated as the members decide). We’ll see below that, as a rule, workers prefer the continued employment of as much of the workforce as possible to the retention of high revenues, which in hard times means that they accept pay cuts in order to avoid layoffs.

Steamboat Willie put Walt Disney on the map as an animator. Business success was another story. Disney’s first studio went bankrupt. His films were monstrously expensive to produce, and financed at outrageous terms. By the mid-1930s Disney had produced more than 400 cartoons. Most of them were short, most of them were beloved by viewers, and most of them lost a fortune. Snow White and the Seven Dwarfs changed everything. The $8 million it earned in the first six months of 1938 was an order of magnitude higher than anything the company earned previously. It transformed Disney Studios. All company debts were paid off. Key employees got retention bonuses. The company purchased a new state-of-the-art studio in Burbank, where it remains today. An Oscar turned Walt from famous to full-blown celebrity. By 1938 he had produced several hundred hours of film. But in business terms, the 83 minutes of Snow White were all that mattered.

Adam Lashinsky explained how Amazon. com had gone on a “military hiring spree” because Jeff was impressed with veterans’ logistical know-how and bias for action.3 In fact, Amazon.com has a dedicated military recruiting website and a highly consistent hiring and retention record for ex-military personnel. This practice of hiring veterans isn’t about expressing gratitude for ex-soldiers’ service to our country. Veterans fit Jeff’s business model. As a result, Amazon.com has not bothered to launch a huge PR campaign about its military employment program. Jeff just realized it was good business.

It is true that the success of the individual in his every-day business, profession, trade or other occupation depends very materially upon the possession of a good memory. His value in any walk in life depends to a great extent upon the degree of memory he may have developed. His memory of faces, names, facts, events, circumstances and other things concerning his every-day work is the measure of his ability to accomplish his task. And in the social intercourse of men and women, the possession of a retentive memory, well stocked with available facts, renders its possessor a desirable member of society.

In 2000, for instance, two statisticians were hired by the YMCA—one of the nation’s largest nonprofit organizations—to use the powers of data-driven fortune-telling to make the world a healthier place. The YMCA has more than 2,600 branches in the United States, most of them gyms and community centers. About a decade ago, the organization’s leaders began worrying about how to stay competitive. They asked a social scientist and a mathematician—Bill Lazarus and Dean Abbott—for help. The two men gathered data from more than 150,000 YMCA member satisfaction surveys that had been collected over the years and started looking for patterns. At that point, the accepted wisdom among YMCA executives was that people wanted fancy exercise equipment and sparkling, modern facilities. The YMCA had spent millions of dollars building weight rooms and yoga studios. When the surveys were analyzed, however, it turned out that while a facility’s attractiveness and the availability of workout machines might have caused people to join in the first place, what got them to stay was something else. Retention, the data said, was driven by emotional factors, such as whether employees knew members’ names or said hello when they walked in. People, it turns out, often go to the gym looking for a human connection, not a treadmill. If a member made a friend at the YMCA, they were much more likely to show up for workout sessions. In other words, people who join the YMCA have certain social habits. If the YMCA satisfied them, members were happy. So if the YMCA wanted to encourage people to exercise, it needed to take advantage of patterns that already existed, and teach employees to remember visitors’ names.

As you can see from the above, virtually all the conditions on which the GFC was built were endogenous to the financial system and the credit cycle. The developments that constituted the foundation for the Crisis weren’t caused by a general economic boom or a widespread surge in corporate profits. The key events didn’t take place in the general business environment or the greater world beyond that. Rather, the GFC was a largely financial phenomenon that resulted entirely from the behavior of financial players. The main forces that created this cycle were the easy availability of capital; a lack of experience and prudence sufficient to temper the unbridled enthusiasm that pervaded the process; imaginative financial engineering; the separation of lending decisions from loan retention; and irresponsibility and downright greed.

Understanding your consumer makes it easier and cheaper to reach them in large volume with targeted marketing and advertising. It also makes it easier to create a product that better satisfies their needs, and is used in a manner that is convenient to them (important for product adoption and customer retention).

Understanding your consumer makes it easier and cheaper to reach them in large volume with targeted marketing and advertising. It also makes it easier to create a product that better satisfies their needs, and is used in a manner that is convenient to them (important for product adoption and customer retention). It also helps you better understand your market size, which enables you to make more accurate financial estimates.

The research found companies that give back to the community have higher employee retention, brand ambassadorship, and employee enthusiasm.12 Moreover, employees at organizations that give back are thirteen times more likely to look forward to coming to work.13 Again, even if I did not sincerely believe in the law of vibrational giving and had not reaped the rewards it brought, I would still instill a culture of giving in my companies, as it is proven to increase performance. Giving is, therefore, good business.

Leaders’ Tip As a Leader, you should be making a welcome phone call to every new distributor in your team, and encourage all others in the sponsorship line to do the same to each new person. There are so many benefits to this: – a different voice who they can create synergy and rapport with; – tips and advice; – helps the new person feel a sense of belonging and part of something special; – makes them realise there’s plenty of support and a totally different working environment to anything they’ve experienced before. I think this approach increases retention considerably and it is something I have used and taught regularly in my business and when speaking abroad.

Are you an employer of choice in the minds of your employees? How do they feel about your sustainability and ESG efforts? Have you ever asked? You may want to think about the upcoming battle for talent. And that battle is on a personal level.

It is much more expensive to acquire a new customer than to keep an old one. Yet many businesses will never recognize and change the things that cause them to lose their customers. They only focus on tactics to bring the new customer in the door to make enough profit for that month. I cannot stress enough the importance of focusing on retaining customers, which directly correlates to incredible growth and profits for the business. Providing exceptional customer service dramatically increases retention, which leads to increased referrals, which leads to dramatically increased profits and income.

Many business outcomes, however, are lagging indicators. They measure something after it has happened. It’s hard for lagging indicators to guide a team’s work because it puts them in react mode, rather than empowers them to proactively drive results. For Sonja’s team, 90-day retention was a lagging indicator of customer satisfaction with the service. By the time the team was able to measure the impact of their product changes, customers had already churned. Therefore, we want to identify leading indicators that predict the direction of the lagging indicator. Sonja’s team believed that increasing the perceived value of tailor-made dog food and increasing the number of dogs who liked the food were leading indicators of customer retention. Assigning a team a leading indicator is always better than assigning a lagging indicator.

By definition, a product outcome is within the product trio’s span of control. Business outcomes, on the other hand, often require coordination across many business functions. For example, suppose Sonja’s team discovered that, in addition to some customers not understanding the value of tailor-made dog food and some dogs not liking the food, poor customer-support response times and surprise price increases that occurred after their trial period ended also influenced their high churn rate. In this case, product, marketing, and customer support might need to coordinate their efforts to increase retention.

Here’s the trick to significantly improving your SaaS email marketing skills—you have to become a student of it. This means you should: Start collecting great email copy, CTAs, and designs. Understand the objective behind each and every email that businesses send. Try to understand the rationale behind copy, link, and design decisions. There are great websites like Really Good Emails11, Good Email Copy12, and Good Sales Emails.com13 that you can use for your research. These sites categorize email copy and designs by types. As well as this, you should sign up to receive emails from some of the leading SaaS brands. Those include, among others: Drift MailChimp Pipedrive Shopify SurveyMonkey Trello Wistia Zapier You should also sign up to competing products and mailing lists from companies in your sector. I personally signed up to thousands of products and newsletters. It’s great for benchmarking and research. At the time of writing, I’ve already passively collected more than 60,000 emails. Obviously, don’t sign up to your competitors’ products with a business email address! I have a special email address I use for this. This account allows me to get data, understand what other organizations are doing, and find good copy ideas. For example, here’s what a search for ‘Typeform’ gives me: Figure 18.1 – Inbox Inspiration It’s not uncommon for me to sign up several times to the same product or newsletter. This allows me to see what they have learned and to track the evolution of their email marketing program. At LANDR, we created a shared document to keep track of subject lines, offers, and copy we wanted to test. Our copywriter was even going through his junk mail folder to find ideas and inspiration. There are tests we ran that were inspired by copy found in his spam folder. Some of them turned out to be really successful too—so keep your eyes open for inspiration. You can use Evernote, Paper, or any other platform to collaborate on idea generation. Alternatively, you can subscribe to paid services like Mailcharts14 or Mailody15. These services will help you track and understand your competitors’ email programs. Build processes to find and access copy and design ideas. It will help you create better emails, faster. In the next chapter we’ll get started creating our first email sequences.

This is now my go-to strategy for member retention and acquisition. Create an on-boarding product that delivers a member transformation. Then market that new member on-boarding system as a bonus that increases sales conversions on the front end.

It's also important for tech product managers to have a broad understanding of the types of analytics that are important to your product. Many have too narrow of a view. Here is the core set for most tech products: User behavior analytics (click paths, engagement) Business analytics (active users, conversion rate, lifetime value, retention) Financial analytics (ASP, billings, time to close) Performance (load time, uptime) Operational costs (storage, hosting) Go‐to‐market costs (acquisition costs, cost of sales, programs) Sentiment (NPS, customer satisfaction, surveys)

features that you can connect directly to a goal the customer would like to accomplish right now. Retention attributes are features that aren’t as important when a customer is making an initial purchase decision, but are very important when it comes time to renew. These include how easy it is to do business with a company and the quality of customer support.

Bundling eventually stopped working for Microsoft. After the antitrust investigation, the company maintained its dominance on the PC operating systems market, but it lost control of many other markets. Eventually the industry jumped from PC to mobile. Microsoft tried to exactly replicate the network effects it had before—an ecosystem of hardware manufacturers who paid a licensing fee to run Windows Mobile, and app developers and consumers to match—but this time it didn’t work. Instead, Google gave away its Android mobile OS for free, driving adoption for phone makers. The massive reach of Android attracted app developers, and a new network effect was built, derived from a business model where the OS was free but the ecosystem was monetized using search and advertising revenue. Microsoft has also lost the browser market to Google Chrome, and is being challenged in its Office Suite by a litany of startup competitors large and small. It continued to use bundling as a strategy, adding workplace chat via Teams to its suite—but it hasn’t achieved a clear victory against Slack. If bundling hasn’t been a sure thing for Microsoft, it’s an even weaker strategy for others. The outcome seems even less assured when examining how Google bundled Google+ into many corners of its product, including Maps and Gmail, achieving hundreds of millions of active users without real retention. Uber bundled Uber Eats across many touchpoints within its rideshare app, but still fell behind in food delivery versus DoorDash. Bundling hasn’t been a silver bullet, as much as the giants in the industry hope it is.

Prioritizing Your Email Roadmap Chances are you’ll need a Hail Mary. And a Net Promoter Score survey email. And a newsletter. And… And… And… If you are getting started with your email program, the list of emails you’ll need will probably be very long. Do you need to do everything at once? Definitely not. In fact, it’s best to start your program by aligning with business priorities and getting results before thinking about expanding. What areas are most troublesome in your business right now? What metric are you expected to move with email? Is it: Engagement? Retention? Conversion? Revenue? Signups? If none of those stick out above the rest, start from the top. Welcome and onboarding emails set the tone for product usage. Better onboarding and value communication lead to reductions in churn and disengagement down the road. Welcome and onboarding emails are also sent to most, if not all, of your users, thus they have a greater potential to influence user behaviors. At Highlights, for example, we set up a welcome email, five onboarding emails, and an upsell email the week before we launched the product. The goal was to maximize the number of people in a position to convert. It also allowed us to start getting some data to optimize performance. In general, you’ll want to prioritize emails that: send a lot (large volume of sends); send consistently (every day, or every week at least); and have the potential to have a big impact on a key business goal. In the beginning especially, you want to make sure that you have a clear goal or metric to monitor with the aim of evaluating performance with user data. Start implementing a first sequence, test, gather data, and move on to the next sequence.

FOCUSING TOO MUCH ON THE NUMBERS In the second example, I managed the team to a set of numbers that did not fully capture what I wanted. I wanted a great product that customers would love with high quality and on time—in that order. Unfortunately, the metrics that I set did not capture those priorities. At a basic level, metrics are incentives. By measuring quality, features, and schedule and discussing them at every staff meeting, my people focused intensely on those metrics to the exclusion of other goals. The metrics did not describe the real goals and I distracted the team as a result. Interestingly, I see this same problem play out in many consumer Internet startups. I often see teams that maniacally focus on their metrics around customer acquisition and retention. This usually works well for customer acquisition, but not so well for retention. Why? For many products, metrics often describe the customer acquisition goal in enough detail to provide sufficient management guidance. In contrast, the metrics for customer retention do not provide enough color to be a complete management tool. As a result, many young companies overemphasize retention metrics and do not spend enough time going deep enough on the actual user experience. This generally results in a frantic numbers chase that does not end in a great product. It’s important to supplement a great product vision with a strong discipline around the metrics, but if you substitute metrics for product vision, you will not get what you want.

The YMCA had spent millions of dollars building weight rooms and yoga studios. When the surveys were analyzed, however, it turned out that while a facility’s attractiveness and the availability of workout machines might have caused people to join in the first place, what got them to stay was something else. Retention, the data said, was driven by emotional factors, such as whether employees knew members’ names or said hello when they walked in. People, it turns out, often go to the gym looking for a human connection, not a treadmill. If a member made a friend at the YMCA, they were much more likely to show up for workout sessions. In other words, people who join the YMCA have certain social habits. If the YMCA satisfied them, members were happy. So if the YMCA wanted to encourage people to exercise, it needed to take advantage of patterns that already existed, and teach employees to remember visitors’ names. It’s a variation of the lesson learned by Target and radio DJs: to sell a new habit—in this case exercise—wrap it in something that people already know and like, such as the instinct to go places where it’s easy to make friends. “We’re cracking the code on how to keep people at the gym,” Lazarus told me. “People want to visit places that satisfy their social needs. Getting people to exercise in groups makes it more likely they’ll stick with a workout. You can change the health of the nation this way.

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Groupon is a study of the hazards of pursuing scale and valuation at all costs. In 2010, Forbes called it the “fastest growing company ever” after its founders raised $135 million in funding, giving Groupon a valuation of more than $1 billion after just 17 months.5 The company turned down a $6 billion acquisition offer from Google and went public in 2011 with one of the biggest IPOs since Google’s in 2004.6 It was one of the original unicorns. However, the business model had serious problems. Groupon sometimes sold so many Daily Deals that participating businesses were overwhelmed . . . even crippled. Other businesses accused Groupon of strong-arming them to sign up for Daily Deals. Customers started to view the group discount (the company’s bread and butter) as a sign that a participating business was desperate. Businesses stopped signing up. Journalists suggested that Groupon was prioritizing customer acquisition over retention — growth over value — and that it had gone public before it had a solid, proven business model.7 Groupon is still a player, with just over $3 billion in annual revenue in 2015. But its stock has fallen from $26 a share to about $4 today, and it has withdrawn from many international markets. Also revealing is that the company is suing IBM for patent infringement, something that will not create customer value.8 Many promising startups have paid the price for rushing to scale. We can see clues to potential future failures in the recent “down rounds” (stock purchases priced at a lower valuation than those of previous investors) hitting companies like Foursquare, Gilt Group, Jet, Jawbone, and Technorati. In their rush to build scale, executives and founders search for shortcuts to sustainable, long-term revenue growth.

IT is the business’s competitive differentiator to customer acquisition and retention.

Interestingly, I see this same problem play out in many consumer Internet startups. I often see teams that maniacally focus on their metrics around customer acquisition and retention. This usually works well for customer acquisition, but not so well for retention. Why? For many products, metrics often describe the customer acquisition goal in enough detail to provide sufficient management guidance. In contrast, the metrics for customer retention do not provide enough color to be a complete management tool. As a result, many young companies overemphasize retention metrics and do not spend enough time going deep enough on the actual user experience. This generally results in a frantic numbers chase that does not end in a great product. It’s important to supplement a great product vision with a strong discipline around the metrics, but if you substitute metrics for product vision, you will not get what you want.

We recommend evaluating business systems and your approach to data security and how data is managed across your organisation.  We consider data access and IT policy with regards to data storage devices fixed and external.  We also give consideration to data backups and data retention within your organisation, and any external 3rd party services that store data from your organisation.  In detailing all these vital topics, we relate to the individual Articles and Recitals of the GDPR Regulation.

I regularly see good people who excel at many aspects of selling (relationship management, customer service, problem solving, or client retention) dramatically underperform when it comes to acquiring net new business.

its focus needs to be on improving customer retention. This goes against the standard intuition in that if a company lacks growth, it should invest more in sales and marketing.

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CRM (Customer Relationship Management) is a marketing strategy that focuses on managing interactions and relationships with customers. CRM enables businesses to improve customer satisfaction, loyalty, and retention by providing personalized experiences that meet their needs. CRM is an essential aspect of modern marketing as it enables businesses to understand their customers' behavior, preferences, and needs and develop targeted marketing campaigns that resonate with them. In Go High Level, CRM (Customer Relationship Management) is a core component of the platform. The CRM functionality in Go High Level enables businesses to manage their customer interactions and relationships more effectively, improving customer satisfaction, loyalty, and retention. The CRM functionality in Go High Level includes a range of features and tools designed to help businesses automate and streamline their customer-facing processes, as well as provide them with insights into their customers' behavior, preferences, and needs. In essence, CRM is a set of practices, technologies, and strategies that businesses use to manage their customer interactions and relationships. The goal of CRM is to build stronger, more meaningful relationships with customers by providing them with personalized experiences and tailored solutions. CRM in marketing can be divided into three main categories: operational CRM, analytical CRM, and collaborative CRM. Operational CRM focuses on automating and streamlining customer-facing processes, such as sales, marketing, and customer service. This type of CRM is designed to improve efficiency and productivity by automating repetitive tasks and providing a centralized database of customer information. Operational CRM includes features such as sales pipeline management, lead nurturing, and customer service management. Analytical CRM focuses on analyzing customer data to gain insights into their behavior, preferences, and needs. This type of CRM enables businesses to make data-driven decisions by providing them with a better understanding of their customers' needs and preferences. Analytical CRM includes features such as customer segmentation, data mining, and predictive analytics. Collaborative CRM focuses on enabling businesses to collaborate and share customer information across different departments and functions. This type of CRM helps to break down silos within organizations and improve communication and collaboration between different teams. Collaborative CRM includes features such as customer feedback management, social media monitoring, and knowledge management. CRM is important for marketing because it enables businesses to build stronger, more meaningful relationships with customers. By understanding their customers' behavior, preferences, and needs, businesses can develop targeted marketing campaigns that resonate with them. This results in higher customer satisfaction, loyalty, and retention. CRM can also help businesses to improve their sales and marketing processes by providing them with better visibility into their sales pipeline and enabling them to track and analyze their marketing campaigns' effectiveness. This enables businesses to make data-driven decisions to improve their sales and marketing strategies, resulting in increased revenue and growth. Another benefit of CRM in marketing is that it enables businesses to personalize their marketing campaigns. Personalization is essential in modern marketing as it enables businesses to tailor their marketing messages and solutions to meet their customers' specific needs and preferences. This results in higher engagement and conversion rates, as customers are more likely to respond to marketing messages that resonate with them. Lead Generation: Go High Level provides businesses with a range of tools to generate leads, including customizable landing pages, web forms, and social media integrations.

The key to retention for all of these programs is what happens AFTER your new member joins.

By outsourcing technical customer support, businesses can free up their internal resources to focus on core competencies and strategic initiatives. This allows you to concentrate on product development, marketing, and other vital areas of the business while leaving customer support in the hands of specialists. English Call Center (ECC) has well-established processes and technologies in place to deliver efficient and consistent customer support. We uses advanced tools, ticketing systems, and knowledge bases, enabling our clients to get prompt and accurate resolutions to customer issues. It helps in improving customer satisfaction and retention.

Business and Employer: Setting up and idea can be easy but getting it to run is another thing entirely. Most errors made by business innovators and start-ups entrepreneurs is they assume creation is same and nurturing. So they create funnels that leads to nowhere. Excessive digital marketing without customers receptive and retention relations will crash your business and ideas. Hurrey Syndrome: this is why they sing hurrey on their first sales and the second one would take another year with exhaustive online hosting expenses plus digital marketing; joining every group just to post and excessively irritating every post just to get seen. Correction/Fix: Research and study has shown that most successful business innovators and start-ups experts attained the level of professionalism via training and taking professional courses. Take more courses, learn more be equipped before you jump. I am Victor Vote VV&F

At a large enough business, an IT pro might need to establish permissions, implement special configurations, or enter data to make the experience work for that business. The organization that made the software can provide UX content for this setup crew, and different UX content for the people who will use the experience day to

At a large enough business, an IT pro might need to establish permissions, implement special configurations, or enter data to make the experience work for that business. The organization that made the software can provide UX content for this setup crew, and different UX content for the people who will use the experience day to day.

From the beginning, the UX writer needs to know the business constraints, including resources available for localization and the timelines to coordinate engineering and UX content with content for marketing, sales, and support. We also need to know what languages the people using the experience are fluent in, on which devices, and in what contexts. As the experience develops, we need to know technical, display, and design constraints (like maximum URL lengths and text box sizes), which text needs to be coded before hardware is shipped, and which text can be updated from live services.

You work hard to attract new customers. Why not invest the same effort in retaining them?

Do you work hard to attract new customers but do little to keep them?

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