Falling in love with your (own) product

Falling in love with your (own) product

Value PropositionIt all started with a simple question to tech-entrepreneurs on my tribe: “What % of your customers are advocates?” That simple question triggered a passionate reaction that will unlock a lot of value.

The average % wasn’t even a bad number: 42%. I would have expected the number to be much lower. But whether it was inflated or not is not that important – The opportunity is: How can you grow it, especially now. And that’s where things get complicated.

One of my tribe members phrased it spot on: “If I am honest, I sometimes feel we are more in love with our offering than our clients. They want impact and they want ‘wow’. I am certainly going to take this back to my teams and get us more focused on creating passionate advocates of our solution, not merely happy customers.”

Fact is, having happy customers is nice. Having advocates is magic. The more advocates you have within your customer base, the bigger flywheel for growth you’ll create – in good and bad times. Here are some statistics that speak volumes:

  • Advocates are 5x more valuable than average customers (Source: infographic journal)
  • They spend more on products and purchase more often (Source: infographic journal)
  • A 12% increase in advocacy represents a 2X increase in revenue growth. (Source: jitbit.com)
  • Word-of-mouth drives 20-50% of all purchase decisions. (Source: McKinsey)
  • Customers referred by other customers have a 37% higher retention rate. (Source: Deloitte)

Advocates stick to you because they want to. And be honest – doesn’t everybody win in such a situation? I for sure get far more energy working with people that are my advocates. There’s more energy, there’s honesty, everything is about leveling up together.

So, question to you: What % of your customers are advocates for your business software? When you do this real sanity check: How many of your clients ABSOLUTELY love your solution and value and are willing to proactively share this with others?

And if this % disappoints you: What stops your clients from talking about you, and what could you start do differently today to remove that barrier? What could you for example do to generously help and add value that makes a difference?