lifetime value

Tire Dealers Becoming Teachers - 5/19/20


I recently needed two new tires for a vehicle, and I first went to the tire dealer’s website to find some options.  The site’s look/feel and ordering process had changed, and I didn’t see a tire I wanted, so I called the store to make an appointment. When I arrived Read more

Developing Fan Relations During COVID-19


As sports teams and organizations across the world are gearing up to start play without fans, these same organizations are also determining what that fan experience is going to be when fans start attending again.  Many sports organizations are focused on locking in revenue from existing fans - keeping Read more

Reduce Their Anxiety Leading Up to Their Return


Building customer comfort and confidence in going to your facilities is a process which has a lot of similarities to the technique we train clients on to reduce customer anxiety.  From a tactical perspective, when you’re interacting with somebody who is anxious or nervous, you want to get them Read more

Moving toward Normalcy: The Face-to-Face Keys - 5/12/20


As we slowly go back to a face-to-face world, here are a few quick reminders for what positively differentiates employees who understand the importance of body language and expressions v. those who don’t. Especially if you’re wearing a mask and serving customers, ensure your eyes are focused on the other Read more

Pivot to a Stronger Post-COVID Culture


If there ever was a time for virtually every organization to assess their culture, this is it.  Culture not only drives customer service, but it also drives long-term organizational success.  While leaders can define the Desired Culture and can chart a Vision, leaders typically do very little of the Read more

5 Steps to Valuing Another’s Time - 5/5/20


Is your time valuable?  Is the customer’s time valuable?  I would think we would answer “yes” to both questions, but what does that really mean?  It’s important, and it’s finite. Time is precious because it doesn’t come in unlimited quantities.  We can’t go to Amazon and buy more time.  It’s Read more

Put Yourself at the Controls of Change - 4/28/20


You have probably heard about manufacturing plants and restaurants who are pivoting during these challenging times and starting to make hand sanitizers, masks, and gowns.  They are being forced to change, and they’re trying to find the opportunities among the obstacles that surround them. Sometimes we, too, as individuals in Read more

From Team-up to Partner - 4/21/20


The phrase used to be “Team-up.”  Company A and Company B are going to Team-up to address this big consumer need. Now the term is “Partner.”  Organization A and Organization B are going to partner together to seek a resolution to this community issue. Both of these phrases essentially deal with Read more

6 Ways to Provide Something Extra - 4/14/20


Winnie and Wayne ordered take-out last week, and when they brought their food home, they put the bag on the kitchen table and started unloading.  As they were pulling out the boxes, they noted two little handwritten notes. Each was a Thank You Note written by a different employee Read more

Hope is a Powerful Word - 4/7/20


It was a typical daddy-daughter conversation. The two were just chatting about whatever a father and an 8-year old discuss, and the father decided to ask his daughter a question. What is your favorite word? With no hesitation, the girl said “Hope.” “What a great word!” the father replied.  He was Read more

Developing Fan Relations During COVID-19

Posted on in Business Advice, Sports Please leave a comment

As sports teams and organizations across the world are gearing up to start play without fans, these same organizations are also determining what that fan experience is going to be when fans start attending again.  Many sports organizations are focused on locking in revenue from existing fans – keeping those season ticket payments coming in on schedule – or more operationally looking at how the facilities and the fans can be kept safe and healthy.

But there’s a middle ground between today (when teams are trying to lock in revenue) and that time when the first fans walk back into the arenas.  That gap between the financial rush now and the facility rush weeks or months from now is a huge gap in time.  That gap needs to be filled with relationship-building efforts.  That lapse in onsite engagement is something sports organizations need to view strategically as an opportunity to learn more about their fans, develop relationships with their fans, and provide value to their fans.

“Sports organizations need tailored Touch Point Plans to individual fans and fan types right now

 

We’ve provided fan retention consulting and research services to sports organizations since the early 2000s, and we’ve found that too often sports organizations get stuck in the mindset only focused on sales and marketing, exclusively using push communications.  But this COVID-19 world requires a longer term mindset.  It requires an understanding that relationships need to be built even when that fan is not experiencing the event itself.
 
Sports organizations need tailored Touch Point Plans to individual fans and fan types right now.  Those Touch Points should be minimal on sales and marketing, and instead maximizing focus on providing information of value and asking customers questions so you can learn about them, their mindset, and their situations.

Get to know your individual fans better now, at this moment.  Get to know how they’re feeling and how those feelings are trending over time.  Understand their anticipated behaviors, and begin addressing those barriers to return…now.  Don’t create your operations in a vacuum, and assume that an open facility will be filled with the same fans that were there months ago.  Get moving on Fan Relationship Development.


Customer for Life – The Final Step – 4/16/19

Posted on in Customer Service Tip of the Week Please leave a comment


Two weeks ago, we addressed the Third Step of keeping a Customer for Life: Address what will keep them. Now, we’re sharing the Fourth and Final Step. To have a Customer for Life, you have to grow your relationship with them.

While the 3rd step is the toughest – since 10 different customers might have 10 different reasons to stay with your business or go – the Final Step is the one most customer service representatives are uncomfortable with, don’t enjoy, or – frankly – can’t stand doing. Why? Because it means we have to ** gulp ** sell.

No!! Not Sell!!

Yes…sell.

Personally, I never enjoyed selling, and I never felt that I was good at it. Part of the reason why I felt that way is because of how I defined “selling.” To me, selling was pushing a product on somebody that didn’t want it. It was starting a conversation that another person did not want to have or did not find useful. It was pressuring somebody into something just to extract money from them. I guess this was my definition because – in various situations in my personal life – this had happened to me. I was thinking of the worst of those personal situations and putting them in a box marked “SELLING.”

But to have a deeper relationship with someone, you need to grow the relationship. You need to seek out the needs that are under the surface and better understand the issues that impact them, and you have to offer support. You have to be willing to go a little further in your understanding of the other person and their issues, needs, and goals so that you can go a little further in helping them as a friend.

If you want a Customer for Life, you have to take that extra step as well. You have to be inquisitive enough to ask deeper questions about the real issues they face and the real goals they’d like to attain. And you’ve got to be willing to not only identify resources that you can offer them to address those issues and those goals, but you’ve got to take the next step and be willing enough to suggest those resources to them.

This is how I got over my aversion to selling. I view it as an opportunity to help somebody through something that my organization can provide. It’s not identifying a product that we have and figuring out who to push it to. It’s taking a deeper interest in what my client is dealing with or trying to achieve, and trying to help them achieve it. Sometimes that aid is in suggesting other resources or giving informal advice, and sometimes it is suggesting that they tap into some of our CSS resources.

To have a Customer for Life, realize you need to be willing to deepen the relationship by asking those more difficult questions and being willing to suggest solutions to the client.

To keep a customer for life, redefine “selling,” and then sell to serve your customers better.

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From Harvard’s Calculator to Your Ears…and Eyes

Posted on in Business Advice Please leave a comment

The Harvard Business School promotes its version of the “Customer Lifetime Value Calculator.” This is a method of determining the true potential financial impact of your customer to your business.

There are 5 main pieces to the impact-calculating puzzle:

· Base profit – Transactional profit

· Profit from increased purchases – Profit from multiple transactions

· Profit from price premium – Profit from willingness to pay more per transaction

· Profit from reduced operating costs – Profit from less expenditures to retain than acquire the customer

· Profit from referrals – Profit from less expenditures to get customers via referrals than marketing/advertising to acquire them

So if this is the financial “Why” of customer retention, what is the “How?” The “How” comes from 3 things:

· First, you have to have what we call a Client Relationship Development (CRD) strategy to continually “touch” and develop relationships with customers over time – even when they’re not spending a dime with you.

· Second, you need to have a Client Experience Management (CEM) strategy – where you build a service and sales experience that hits all the key hot buttons.

· Third, you need a Service Culture that creates the people, processes, attitudes, structures, communications, and general alignment of everything the organization is about…toward the customer.

Calculate your customer’s potential lifetime value, and then create the “How” strategies to tap into those dollars.

Read our New Book – “Ask Yourself…Am I GREAT at Customer Service?” http://www.amigreatat.com/

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