Many businesses fail because they focus too much on the top of the funnel and sales. Whereas retention is the ultimate ROI. If you can create more loyal customers, not only do they stay longer, they increase lifetime value, which is a much better return on your time. If you create truly loyal customers, which we call super fans, they not only spend more with you but actually go and tell their friends and drive you more customers as well.
Now we’re looking at: is there a process to create more loyal customers consistently and then leverage them to drive more customers in? If you can pull it off, you could amplify your existing customer base and become probably one of your biggest growth channels.
Here’s the thing
This is where it all comes together. If you have carefully carved out who you’re for / not for – you’ll start to attract more, better customers. This type of customer is much more likely to turn into fans.
But becoming a fan is one – staying one is another thing. This is about being deliberate in your product strategy choices and paying more attention to creating peaks rather than fixing holes.
It’s about the question Matt asks: What can we do to create more loyal customers consistently?
A remarkable question.
Question for you to reflect upon:
Beyond being good for your customers – what else have you done in the past six months to turn more into fans consistently?
Here’s the link to the full episode: (His quote is around the 14.10 mark)