Chnge Mker Innovation Hub’s Post

📊 Recently, I ran a LinkedIn poll asking what’s more important for businesses: customer acquisition, retention, or both? And an impressive 69% chose retention! 🔄 Why might retention be prioritized? Here are a few reasons: 1. 💸 Loyal Customers Are More Profitable: Retaining customers is often more cost-effective than acquiring new ones, and loyal customers tend to spend more over time. 2. 💡 Better Feedback & Improvements: Long-term customers provide valuable insights that help shape product improvements. 3. 🌱 Sustainable Growth: Retention strategies offer stability and reliable revenue, especially during uncertain times. Of course, balancing acquisition and retention is ideal ⚖️, but it’s clear that nurturing existing relationships is highly valued. What do you think? How does your organization balance these priorities? #CustomerSuccess #CustomerRetention #LinkedInPoll

1. See your business through your customers’ POV Successful companies don’t simply focus on products or profits—they prioritize how they can best help their prospects. To do this effectively, view your operations through the lens of the consumer. Looking through your customers’ eyes, you can better understand the frustrations and challenges that lead to an initial purchase. The buyer’s journey describes a prospect moving through the sales funnel, whereas the customer’s journey focuses on the support customers need to continue a relationship with your organization. Throughout the customer acquisition and retention processes, ask yourself a few questions: How can we align our offering with our prospects’ initial concerns? What features do prospects consider the most valuable? After the initial purchase, what level of support and service do our customers expect from us? When you reframe your organizational efforts around these journeys, you can proactively find ways to improve your support, product features, and overall customer experience.

🔑 Customer acquisition is great, but retention is where the real ROI lies! 💡 Here's why every business needs to prioritize keeping their customers happy: ✨ Cost-effectiveness: Retaining existing customers is five times cheaper than acquiring new ones. Focus your resources where they matter most! 💰 🔒 Predictable Revenue: Loyal customers act as a financial anchor, providing a consistent income stream to help your business navigate economic turbulence. 🌊 📣 Brand Advocates: Happy customers become your best marketing team! Their positive word-of-mouth attracts new business for free. 🗣️ 📈 Increased Sales: Existing customers spend more frequently and consider upsells/add-ons. 📊 📝 Valuable Feedback: Loyal customers provide honest feedback, helping you improve your products and services. 🛠️ Investing in customer retention is an investment in your business's future! 🚀 What are your best strategies for keeping customers coming back for more? 🤔 #CustomerRetention #ROI #BusinessGrowth

How do you keep your customers choosing you over and over again? Listen. Adapt. Deliver continuous value. 1️⃣ Set Clear Goals from the Start One of the biggest challenges small businesses face is customer retention. Many businesses lose customers because they fail to set clear goals and outcomes right from the beginning. When customers don’t know what to expect or how your product or service will solve their problems, they’re more likely to disengage. Start by defining clear, measurable goals for your customers as soon as they sign up. Make sure they understand the value they’ll receive and how your solution will help them achieve their objectives. This not only builds trust but also sets the foundation for a long-term relationship. 2️⃣ Adapt to Your Customers’ Changing Needs Customer needs are not static—they evolve over time as their businesses grow, market conditions change, and new challenges emerge. If your offering doesn’t evolve with them, they’ll find someone else who can meet their new needs. That’s why it’s crucial to continuously evaluate your product/market fit. Regularly ask yourself: Does my offering still align with what my customers need today? Are there new features or services I can introduce to better serve them? By staying proactive and adapting your solution to meet changing needs, you keep your customers engaged and loyal. 3️⃣ Deliver Continuous Value Retention isn’t about locking customers into contracts; it’s about giving them ongoing reasons to stay. If you’re just collecting checks without delivering ongoing value, you’re not building a sustainable business—you’re just delaying the inevitable. If you’re not doing these things, you’re not truly retaining customers—you’re just holding onto them until something better comes along. Shift your focus to what really matters: building a sustainable business where customers choose you over and over again because you consistently meet their needs. Ready to start building that kind of business? Let’s make it happen. 🚀 #CustomerRetention #BusinessStrategy #ClientSuccess #SustainableGrowth #CustomerEngagement

The more a company invests in expanding its Total Customer Value, the more its enterprise value increases. A good way to think about it is to ask yourself, “What are some of the first things a buyer of this business would do upon acquisition to maximize their return?” The reason for asking this question, even if you don't want to sell? A business worth buying is one worth owning and operating. Plain and simple. There are 4 core levers to maximize Total Customer Value of existing customers: 1. Seat Expansion: Selling more users and growing current accounts 2. Pricing: Increasing how much customers pay for existing products and services 3. Upsell / Cross-Sell: Selling additional products and services 4. Retention: Maximizing product stickiness and reducing churn The most productive and efficient type of revenue is revenue from existing customers because the CAC is as close to zero as you can get. The additional revenue is gravy on top that increases gross margins and total customer value.

𝐀𝐜𝐪𝐮𝐢𝐫𝐢𝐧𝐠 𝐧𝐞𝐰 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬 𝐰𝐨𝐧’𝐭 𝐬𝐚𝐯𝐞 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐢𝐟 𝐲𝐨𝐮 𝐢𝐠𝐧𝐨𝐫𝐞 𝐭𝐡𝐢𝐬. Yesterday, we discussed the first common misconception businesses have about business growth strategy which is: Increasing Revenue Alone Equals Sustainable Growth. Today, let’s dive into the second misconception. 𝐌𝐢𝐬𝐜𝐨𝐧𝐜𝐞𝐩𝐭𝐢𝐨𝐧 #𝟐: 𝐅𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐬𝐨𝐥𝐞𝐥𝐲 𝐨𝐧 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐚𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐧𝐞𝐠𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐫𝐞𝐭𝐞𝐧𝐭𝐢𝐨𝐧. So many businesses pour all their resources into acquiring new customers, thinking this is the quickest path to growth. However, they often overlook the fact that retaining existing customers is equally—if not more—important. Studies show that it costs five times more to acquire a new customer than to retain an existing one. Moreover, increasing customer retention by just 5% can lead to a 25-95% boost in profits. Yet many companies fail to implement strong customer retention strategies, relying on new customers to drive growth while letting existing customers slip away. This is what we call the “leaky bucket” problem—you may be filling the bucket with new customers, but if you’re not retaining them, your growth will be short-lived. 𝐓𝐨 𝐚𝐯𝐨𝐢𝐝 𝐭𝐡𝐢𝐬, 𝐟𝐨𝐜𝐮𝐬 𝐨𝐧 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐫𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫𝐬. 𝐈𝐧𝐯𝐞𝐬𝐭 𝐢𝐧 𝐥𝐨𝐲𝐚𝐥𝐭𝐲 𝐩𝐫𝐨𝐠𝐫𝐚𝐦𝐬, 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐞𝐱𝐜𝐞𝐩𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐬𝐞𝐫𝐯𝐢𝐜𝐞, 𝐚𝐧𝐝  𝐜𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐭𝐥𝐲 𝐞𝐧𝐠𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐛𝐚𝐬𝐞 𝐭𝐨 𝐤𝐞𝐞𝐩 𝐭𝐡𝐞𝐦 𝐜𝐨𝐦𝐢𝐧𝐠 𝐛𝐚𝐜𝐤. How does your business development approach measure up? Are you focused solely on immediate wins, or are you laying the groundwork for long-term success? I specialize in crafting tailored strategies that drive sustainable growth. 𝐋𝐞𝐭’𝐬 𝐜𝐨𝐧𝐧𝐞𝐜𝐭 𝐭𝐨 𝐞𝐱𝐩𝐥𝐨𝐫𝐞 𝐡𝐨𝐰 𝐈 𝐜𝐚𝐧 𝐛𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐞𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐭𝐞𝐚𝐦 𝐚𝐧𝐝 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐭𝐡𝐫𝐢𝐯𝐞. #GrowthStrategy #BusinessDevelopment #CustomerRetention #StrategicPlanning #LinkedInGrowth #SustainableBusiness #BDExpert #20DayLinkedInChallengewithHaoma #BusinessDevelopment #wednesdaytips

Remember, your clients don't have 'research problems'... they have 'business problems' that they need research to help solve. So make sure you're talking with them about the right kind of problems. This article does a nice job of exploring that concept. https://buff.ly/3RwpciU #mrx #newmr #marketresearch #b2bmarketing #sellerdoer

Remember, your clients don't have 'research problems'... they have 'business problems' that they need research to help solve. So make sure you're talking with them about the right kind of problems. This article does a nice job of exploring that concept. https://buff.ly/3RwpciU #mrx #newmr #marketresearch #b2bmarketing #sellerdoer

Remember, your clients don't have 'research problems'... they have 'business problems' that they need research to help solve. So make sure you're talking with them about the right kind of problems. This article does a nice job of exploring that concept. https://buff.ly/3RwpciU #mrx #newmr #marketresearch #b2bmarketing #sellerdoer

Is your organization truly 100% customer focused? I believe being truly 100% customer focused is challenging for some businesses. Why? Because true customer focus means putting the customer's needs first, even if it doesn't benefit YOU. In practice, this means going the extra mile. If a prospect reaches out and your offering isn't a good fit, it means redirecting them to someone else who is. If a different organization has a great resource that would provide value to your audience, share it with them. It's about adding genuine value where it's needed, even if it doesn't directly impact your business. That's how you build solid relationships and demonstrate a commitment to serving the customer's best interest. How well does your organization prioritize the customer? #CustomerFocus #RelationshipBuilding #MarketingTips