In a podcast called Convince & Concert with Jay Baer about Social Media called Social Pros, there was a fascinating conversation with Joey Coleman, Chief Experience Composer at Design Symphony. Joey runs a consulting firm focused on customer retention. In the interview, he was discussing a new book coming out in April about onboarding new customers.
This issue struck me because I don’t think I ever carefully thought about onboarding new customers, just like a company will onboard a new employee.
Joey’s thesis is that 20-70% of new customers leave within the first 100 days. That means that you have done all this work to get a new customer, only to find that they don’t return or stay as an active customer because you are off going after the next new customer.
Customer Retention
Most companies don’t track this at all. You spend so much time driving the funnel to get new customers; no one is focusing on how leaky that bucket can be. In his work, Joey asks, why aren’t companies putting more emphasis on how they bring customers into the fold – onboarding them correctly so they’ll stay for the long term.
His research shows that if you can get a customer to day 101, they’ll stay for several years. This study highlights the incredible importance of that first 100 days doing business.
Goal Achieved
Are you reminding customers when they do achieve the agreed upon goal?
Customers get busy. They aren’t focusing on your brand or products. You need to remind them when they do hit a stated goal. The reminder can occur when you are in front of them or connecting via email. Customers see the world through their lens, not yours. You need a process to shine a light on their success.
Most organizations do not focus on what happens after a sale of a product. It is left to be managed by people who you tasked with getting more business, not retaining what they just received.
What creative ways can you remind, reinforce and retain those new customers, so they feel appreciated and recognize that you have helped them succeed?
Suggestions on Customer Retention Process:
- How do you welcome customers as new customers? What if they got a handwritten thank you note from the CEO or the Executive Team?
- Do you have a clear way of capturing what their goal is for the first 100 days of working together? If not, how hard would it be to put that into your CRM?
- Imagine if, at the end of the first 100 days, the new customer achieves their stated goal. How can you simply and cleverly congratulate them on their success? If you aren’t reminding them that they reached the target they developed, they may not order again.
You can learn more about Joey and his company here. He offers a free checklist of a process and some ideas how to properly onboard customers. There is lots of wisdom in his approach.
Do you have a customer retention process in place to onboard your new customers?
How do you onboard your customers? Do you have a process in place and creative ways to make your new customers feel welcome? Call me at 919 720 0995 or email me at jeffslater@themarketingsage.com – or book some time to talk on my calendar.
Photo: Screengrab courtesy of Joey Coleman at Design Symphony. This is not a paid endorsement.
