We’ve provided fan experience and customer retention consulting in professional sports for a couple decades now. One of our professional basketball clients was the Miami Heat. We were working with them just a year or so after they had acquired superstar Shaquille O’Neal. When they signed him, ticket sales went through the roof. That often happens in pro sports – where the superstar will immediately drive higher revenue and attendance.
One of the recommendations we made to the team was to make sure they were honing in on those people who bought season tickets right after O’Neal was signed, developing relationships with them, and trying to uncover what else would motivate them to stay. The main point I was making was that O’Neal was not going to be on the team forever, and you don’t want what motivated the season ticket holders to buy tickets (his presence on the team) to be the only reason that they stay as season ticket holders.
You don’t want them to leave immediately after he leaves.
That’s the case with many of our customers. What motivated them to initially engage our business may not be what motivates them to stay, and oftentimes it shouldn’t be what motivates them to stay. If a discount or a 1-time feature or benefit is the initial hook, that motivation is fleeting, and we don’t want the customer to flee when that motivation is gone.
One of the key drivers of retention is obviously what brought the customer to your business, but uncover other reasons for them being there. Ensure that you find out what’s most important to the customer about their engagement with your business, because those reasons, as well, are retention drivers.
Even beyond the reason you acquire their business, make sure you uncover the other reasons why customers stay with you.
Find Their Future Motivators.
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