The Biggest challenge today in Business is retaining a new client/customer.
The longer the customer stays with you, the more money you make, AND the more you can serve your customer in helping them fulfill their goals and dreams.
Today, I want to share a simple strategy that bootstrap businesses use to retain their customers.
You see, the problem with a digital product or service or SaaS [Software as a Service] is that its intangible. You don’t see it or touch it. It’s just there in the digital world.
So people do not easily form a deeper connection.
To overcome this lack of deeper connection, marketing experts looked at some of the biggest successes in today’s world – Amazon.
Amazon sells online – but how did they become such a Big Global Giant? – A question you must have wondered right? I sure did.
You see, ‘Anticipation and Expectation‘ are some of the key ingredients for their success.
Whenever you buy a product on Amazon, they will tell you when you can expect it delivered, and will constantly notify you of its progress.
Subconsciously, we know a physical product takes more effort and energy to move around.
The retailer has to package the goods -> the courier guy has to pick it up -> it gets transported to various hubs and paths -> and finally reaches your doorstep. Unlike a digital product that shows up instantly in the email.
Research has shown that anticipation and expectations come first before a purchase decision. Example: If I feel (anticipate and expect) that your product can help me achieve ______ say learn SEO or help me make videos faster or help me write faster, get me to Queensland; then that anticipation and expectation are enough for me to pull out my credit card.
Anticipation and Expectations are like drugs that feed your energy and attention.Sai Prahlad K
But, the moment the goods are delivered on hand – the magic kinda slowly fades away. Because we are creatures longing to ever expand – its always the next level. There is a good reason for this that you can find here.
So, what is the strategy for customer retention?
- Create Anticipation & Expectation
- Deliver something Physical
Even if I see the value and make a purchase (digital goods) it may be okay for a month or two, but how will you retain me years or decades?
I believe you have to touch the customer physically – not just electronically.
Giving away a Free T-Shirt or Handwritten postcard with stickers. It really helps!
ClickFunnels a bootstrapped (Non-VC Funded) SaaS company – with over 70K Users and $100Million Dollars in Sales; yearly recurring revenue. They always give a physical book at the top end of the funnel and when you get their SaaS software, they give you a Free T-Shirt.
Russell Brunson, the founder said – he applied Amazon’s strategies. They offer digital courses and products but it all starts with a physical book or bundle.
Kinsta – Managed WordPress Hosting (my host) is another bootstrapped non-VC funded company and you guessed it. They sent me this today – 17th September 2019.
In conclusion, don’t just stick to computer screens, give something physical, memorable, something people can touch, follow up stay in touch with them, in moderation.
Bonus Lesson #1:
In the below video, you will learn how Jay Abraham focuses on Strategy of Marketing, macro picture, value ladder, customer journey/transformation, strategic use of recycling content, upselling, cross-selling, down selling, taking ideas from one industry and applying it another and so much more. Check it out, it’s worth your time.
Bonus Lesson #2:
In this video below, Patrick Bet-David Talks about Three Roles or skills in Sales.
- The Finder
- The Closer
- The Developer
- The Finder is Lead Generation
- The Closer is Lead Conversion
- The Developer is Lead / Customer Retention – by value creation.
As you guys noticed, this blog is about ‘developer’ i.e. how to develop a relationship with your customer long term.
Some of you may say these things are basic, but I want to remind you: the devil is in the details.
The Devil Is In the Details
Small things have big impacts and these are the small things businesses ignore or neglect. Good Habits lead to a great life and massive success. read this book – Atomic Habits.
By developing good habits, right principles in business, you can scale it to higher heights.
Tell me your thoughts, lessons, and experiments in the comment section below! I will see you all with another post. If you like it, be sure to share with friends and family. Cheers 🙂
Disclaimer: I do use affiliate links on my posts. I do not promote things, which I don’t use myself. So, if you need help or consulting, I can help. Affiliation and Partnerships are how we keep our small business afloat. If you want to partner up with me, send me a message; Have a Great Day!