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John Dickerson (The Hardest Job in the World: The American Presidency)
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11 Benefits of Asking Questions
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1. Builds rapport.
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Susan C. Young (The Art of Connection: 8 Ways to Enrich Rapport & Kinship for Positive Impact (The Art of First Impressions for Positive Impact, #6))
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Do you work hard to attract new customers but do little to keep them?
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You work hard to attract new customers. Why not invest the same effort in retaining them?
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Customer retention requires customer satisfaction, but customer satisfaction is a moving target.
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Nir elaborates in this post: TriggerThe trigger is the actuator of a behavior — the spark plug in the engine. Triggers come in two types: external and internal. Habit-forming technologies start by alerting users with external triggers like an email, a link on a web site, or the app icon on a phone. ActionAfter the trigger comes the intended action. Here, companies leverage two pulleys of human behavior – motivation and ability. This phase of the Hook draws upon the art and science of usability design to ensure that the user acts the way the designer intends. Variable RewardVariable schedules of reward are one of the most powerful tools that companies use to hook users. Research shows that levels of dopamine surge when the brain is expecting a reward. Introducing variability multiplies the effect, creating a frenzied hunting state, activating the parts associated with wanting and desire. Although classic examples include slot machines and lotteries, variable rewards are prevalent in habit-forming technologies as well. InvestmentThe last phase of the Hook is where the user is asked to do bit of work. The investment implies an action that improves the service for the next go-around. Inviting friends, stating preferences, building virtual assets, and learning to use new features are all commitments that improve the service for the user. These investments can be leveraged to make the trigger more engaging, the action easier, and the reward more exciting with every pass through the Hook. We’ve found this model (and the accompanying book) to be a great starting point for a customer acquisition and retention strategy.
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How Advocacy Boosts Retention One of the most critical challenges facing fitness clubs is retention. About 30 percent of club members do not renew their memberships, according to IHRSA. In some clubs, turnover rates are even higher. In larger fitness chains, like the fitness club, improving retention rates by even one percent can mean millions in revenues. So how can Brand Advocates help fitness clubs keep more members? Here are three ways: 1. Members are more likely not to renew if their usage levels are low. Brand Advocates can help educate other members about services they may not currently be using, like Group X classes, personal training, swimming lessons, spa services, and more. As the club's most enthusiastic and engaged members, Advocates are glad to tell others about these services. 2. Brand Advocates will happily create content about why they're loyal customers. Ask your Advocates why they stay with your club. Advocates will create compelling answers, which you can then share with other members and even prospects. 3. Sponsor fun events where Advocates encourage new members to participate in club events and take advantage of club services. 4. Lastly, engaging your Advocates increases the likelihood that these enthusiastic members themselves will continue renewing their memberships month after month, year after year. By building and nurturing relationships with your Advocates you deepen their commitment to your club.
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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.
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The fundamental KPI for stickiness is customer retention. Churn rates and usage frequency are other important metrics to track. Long-term stickiness often comes from the value users create for themselves as they use the service.
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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.
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Étienne Garbugli (The SaaS Email Marketing Playbook: Convert Leads, Increase Customer Retention, and Close More Recurring Revenue With Email)
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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.
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Kelly Henry (Define and Deliver Exceptional Customer Service: Proven Strategies to Maximize Your Profits)
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Well, she was weak, as weak as you must expect women to be after centuries of custom have bred weakness into their very nature. Why are women weak? Because men have made them so. Because the law that was framed by men, and the public opinion which it has been their privilege to direct, have from age to age drilled into women the belief that they are chattels, to be owned and played with, existing for the male pleasure and passion. Because men have systematically stunted their mental growth and denied them their natural rights, and that equality which is theirs. Weak! Women have become weak because weakness is the passport to the favour of our sex. They have become foolish because education has been withheld from them and ability discouraged; they have become frivolous because frivolity has been declared to be the natural mission of woman. There is no male simpleton who does not like to find a bigger simpleton than he is to lord it over. Truly, the triumph of the stronger sex has been complete, for it has even succeeded in enlisting its victims in its service. The great instruments in the suppression of women, and in their retention at their present level, are women themselves.
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Over the years, Facebook has executed an effective playbook that does exactly this, at scale. Take Instagram as an example—in the early days, the core product tapped into Facebook’s network by making it easy to share photos from one product to the other. This creates a viral loop that drives new users, but engagement, too, when likes and comments appear on both services. Being able to sign up to Instagram using your Facebook account also increases conversion rate, which creates a frictionless experience while simultaneously setting up integrations later in the experience. A direct approach to tying together the networks relies on using the very established social graph of Facebook to create more engagement. Bangaly Kaba, formerly head of growth at Instagram, describes how Instagram built off the network of its larger parent: Tapping into Facebook’s social graph became very powerful when we realized that following your real friends and having an audience of real friends was the most important factor for long-term retention. Facebook has a very rich social graph with not only address books but also years of friend interaction data. Using that info supercharged our ability to recommend the most relevant, real-life friends within the Instagram app in a way we couldn’t before, which boosted retention in a big way. The previous theory had been that getting users to follow celebrities and influencers was the most impactful action, but this was much better—the influencers rarely followed back and engaged with a new user’s content. Your friends would do that, bringing you back to the app, and we wouldn’t have been able to create this feature without Facebook’s network. Rather than using Facebook only as a source of new users, Instagram was able to use its larger parent to build stronger, denser networks. This is the foundation for stronger network effects. Instagram is a great example of bundling done well, and why a networked product that launches another networked product is at a huge advantage. The goal is to compete not just on features or product, but to always be the “big guy” in a competitive situation—to bring your bigger network as a competitive weapon, which in turn unlocks benefits for acquisition, engagement, and monetization. Going back to Microsoft, part of their competitive magic came when they could bring their entire ecosystem—developers, customers, PC makers, and others—to compete at multiple levels, not just on building more features. And the most important part of this ecosystem was the developers.
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Andrew Chen (The Cold Start Problem: How to Start and Scale Network Effects)
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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.
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Teresa Torres (Continuous Discovery Habits: Discover Products that Create Customer Value and Business Value)
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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.
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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.
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What is CRM in Marketing?
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When you involve hearts, spirits, minds, and hands, your organization is both feeling and acting. You have an engaged workforce that produces its own bottom-line improvements in retention, quality, customer service, and profitability. You don’t have to design those outcomes into engagement; they are inevitable.
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Tracy Maylett (ENGAGEMENT MAGIC: Five Keys for Engaging People, Leaders, and Organizations)
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Therefore we need to clearly understand an important concept: a good product or service is a customer-retention tool.
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