The Hidden Goldmine In Your Business
The question every business should asking is ‘How big and how successful would your business be if you still had every customer you’ve ever had since the beginning?’
In this episode, Nick is looks at the goldmine area that all businesses have, but often neglect – their existing customer base.
World-class customer experience should be the focus if you want renewals and long term retention and Nick explains exactly how to build the positive customer experience and systems you need to effectively serve your clients and build retention.
KEY TAKEAWAYS
You can’t build an empire unless you have a customer base and you have a system to deliberately and effectively serve those clients. Achieving retention and getting customers to stay with you has to be an active part of your strategy. Creating a world-class experience for your customers will make them more likely to stay with you long term. How much budget, resources and energy do you put into the customer experience compared to sales? It’s much more difficult to quantify the return on investment for the customer experience but a regular customer survey can give you a measurable number that you can use every quarter to see how things are going. Your actions will change if you pay attention to the data, you will see an uplift. If people are getting a great experience the first time then any future sales are much easier. If half your new customers renewed you would only have to make half the number of sales in the next year to remain at the same size. Most people do not tap into customer retention but it should have an equal focus with new sales.
BEST MOMENTS
‘Great customer experience is critical’
‘The fact is the hardest thing to do is to get a new customer’
‘Renewal is a big area that many businesses neglect, they pay lots of attention to acquiring new customers but not enough to retention’
VALUABLE RESOURCES
ABOUT THE HOST
Nick James
Nick dropped out of university at the age of 21 and failed spectacularly with his first coaching business, which forced him to take a £16k/yr telesales job.
Within 12 months he was the top performer and left to start his second business at 24. This time he discovered a winning formula and before long had a multi-six-figure company.
He then made a huge mistake which nearly put him out of business and cost him £50,000 in personal cash!
Fortunately, Nick kept it afloat, turned it around, and sold that business 2 years later in a seven-figure deal.
He then co-founded a multi-million-pound marketing company, which he exited in 2015, and created Expert Empires.
Today, Expert Empires is known as the UK's number one business event for Experts, with world-renowned celebrity speakers like Gary Vaynerchuk, Grant Cardone, Chalene Johnson, David Goggins, and Lewis Howes gracing the stage.
Nick also specialises in helping Coaches, Consultants, Speakers, Trainers, and Authors take their businesses from zero to six figures and beyond through his Expert Empires Mastermind programme.
