Client Retention Program Session 1
Creating a Client Retention Plan from the Ground Up: Good Enough Isn’t with Sandy Martini
(c) Sandra Martini, The Martini Way. All Rights Reserved
According to research from Harvard Business School*, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent.
* http://hbswk.hbs.edu/archive/1590.html (c) Sandra Martini, The Martini Way. All Rights Reserved
A low retention rate is similar to filling a bucket with holes in the bottom — sure, you could keep piling on to make up for it, or you could figure out what caused the holes and patch them up.
(c) Sandra Martini, The Martini Way. All Rights Reserved
Retaining customers costs less than acquiring them
(c) Sandra Martini, The Martini Way. All Rights Reserved
That’s all great, but where do we start?
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Clients vs Existing Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
Client On-Boarding: Reputation Mgmt • Begins before they invest with you. • Perception matters.
• What are you known for? • What do you say about yourself? • What do others say about you? (c) Sandra Martini, The Martini Way. All Rights Reserved
New Client On-Boarding • Walk through entire purchase process, including actually buying – The $9 crystal that wasn’t – Best penny you’ll spend – “Thank you” page vs Autoresponder – First 72 hours • Welcome Packet should be ready to go except for anything that needs personalizing before first purchase can be made.
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Client On-Boarding • Welcome them to your Family/Community with a welcome kit: – Handwritten “thank you” card/note – Getting started checklist – Handy sheet if beneficial – Something personal, NOT branded – Catalog or flyer of other PPS
(c) Sandra Martini, The Martini Way. All Rights Reserved
Welcome Kit Cont’d • Combination of digital and tangible – It’s okay to give a pdf and then a printed copy of same item: checklists, processes, recipes, etc. – Can you store resources online?
• There’s nothing like receiving something in the mail – Especially when you’re not expecting everything that arrives (c) Sandra Martini, The Martini Way. All Rights Reserved
“Honeymoon” • The first 4-30 days are like a honeymoon – set the stage – What would make your toughest client THRILLED and saying “Would you believe” to her friends?
• Have a referral program? Now’s the time to mention it – Snail mail the info
(c) Sandra Martini, The Martini Way. All Rights Reserved
Existing Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
Day 125…
(c) Sandra Martini, The Martini Way. All Rights Reserved
(c) Sandra Martini, The Martini Way. All Rights Reserved
ACLTV 1. 2. 3. 4.
What, if anything, is your SET? Determine Revenue by Client for SET Exclude your “Raving Fans” Take remaining Revenue/# of Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
How… • • • • • • •
Take it offline – what can you periodically send? Make it personal (NH) Meet expectations while going the extra mile Avoid unpleasant surprises/apologize when they occur Appropriate-level tech Speak their language Cards/Personal notes
You can’t hack a personal relationship… (c) Sandra Martini, The Martini Way. All Rights Reserved
Creating Your Plan 1. 2. 3. 4. 5.
“What’s not working as well as you wish?” “Frequency” “How/What” “What’s next” Implement
Let’s walk through an example…
(c) Sandra Martini, The Martini Way. All Rights Reserved
Where are clients leaving your business? • Immediately after purchase? • After their PPS is over? • Before their PPS ends?
Or are they not even investing with you?
(c) Sandra Martini, The Martini Way. All Rights Reserved
First: Fix What’s Not Working Well • Quality of content? • Customer experience? • Too much tech? Not enough? • Not enough engagement?
• Are they getting what they want: Community vs Private interaction? (c) Sandra Martini, The Martini Way. All Rights Reserved
Sample Plan: Private Clients Weekly: emailed content piece Monthly: alternate between emailed and snail mailed helpful-to-them content (personal interests) Quarterly: print newsletter, free report/template/checklist or other gift Annually: birthday card, holiday cards (c) Sandra Martini, The Martini Way. All Rights Reserved
Where to Start • Which PPS has the highest churn? Why? • Create your plan – What/How and When
(c) Sandra Martini, The Martini Way. All Rights Reserved
Next Week • Managing retention when your products are digital • Mitigating churn in with subscriptions • Retention and monetization through service
(c) Sandra Martini, The Martini Way. All Rights Reserved
Homework • Choose core Welcome Kit pieces – email [email protected] • Add pieces specific to your next, or most popular, PPS • Pick one PPS and walk through process – what’s missing or needs improvement? Schedule on your calendar to do • Review “Impact” chart. What can you do?
• Tuesday, Dec 13th Group Call: Creating Win-Wins: Increased Client Monetization Through Service
(c) Sandra Martini, The Martini Way. All Rights Reserved
Questions?
(c) Sandra Martini, The Martini Way. All Rights Reserved
(c) Sandra Martini, The Martini Way. All Rights Reserved
According to research from Harvard Business School*, increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent.
* http://hbswk.hbs.edu/archive/1590.html (c) Sandra Martini, The Martini Way. All Rights Reserved
A low retention rate is similar to filling a bucket with holes in the bottom — sure, you could keep piling on to make up for it, or you could figure out what caused the holes and patch them up.
(c) Sandra Martini, The Martini Way. All Rights Reserved
Retaining customers costs less than acquiring them
(c) Sandra Martini, The Martini Way. All Rights Reserved
That’s all great, but where do we start?
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Clients vs Existing Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
Client On-Boarding: Reputation Mgmt • Begins before they invest with you. • Perception matters.
• What are you known for? • What do you say about yourself? • What do others say about you? (c) Sandra Martini, The Martini Way. All Rights Reserved
New Client On-Boarding • Walk through entire purchase process, including actually buying – The $9 crystal that wasn’t – Best penny you’ll spend – “Thank you” page vs Autoresponder – First 72 hours • Welcome Packet should be ready to go except for anything that needs personalizing before first purchase can be made.
(c) Sandra Martini, The Martini Way. All Rights Reserved
New Client On-Boarding • Welcome them to your Family/Community with a welcome kit: – Handwritten “thank you” card/note – Getting started checklist – Handy sheet if beneficial – Something personal, NOT branded – Catalog or flyer of other PPS
(c) Sandra Martini, The Martini Way. All Rights Reserved
Welcome Kit Cont’d • Combination of digital and tangible – It’s okay to give a pdf and then a printed copy of same item: checklists, processes, recipes, etc. – Can you store resources online?
• There’s nothing like receiving something in the mail – Especially when you’re not expecting everything that arrives (c) Sandra Martini, The Martini Way. All Rights Reserved
“Honeymoon” • The first 4-30 days are like a honeymoon – set the stage – What would make your toughest client THRILLED and saying “Would you believe” to her friends?
• Have a referral program? Now’s the time to mention it – Snail mail the info
(c) Sandra Martini, The Martini Way. All Rights Reserved
Existing Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
Day 125…
(c) Sandra Martini, The Martini Way. All Rights Reserved
(c) Sandra Martini, The Martini Way. All Rights Reserved
ACLTV 1. 2. 3. 4.
What, if anything, is your SET? Determine Revenue by Client for SET Exclude your “Raving Fans” Take remaining Revenue/# of Clients
(c) Sandra Martini, The Martini Way. All Rights Reserved
How… • • • • • • •
Take it offline – what can you periodically send? Make it personal (NH) Meet expectations while going the extra mile Avoid unpleasant surprises/apologize when they occur Appropriate-level tech Speak their language Cards/Personal notes
You can’t hack a personal relationship… (c) Sandra Martini, The Martini Way. All Rights Reserved
Creating Your Plan 1. 2. 3. 4. 5.
“What’s not working as well as you wish?” “Frequency” “How/What” “What’s next” Implement
Let’s walk through an example…
(c) Sandra Martini, The Martini Way. All Rights Reserved
Where are clients leaving your business? • Immediately after purchase? • After their PPS is over? • Before their PPS ends?
Or are they not even investing with you?
(c) Sandra Martini, The Martini Way. All Rights Reserved
First: Fix What’s Not Working Well • Quality of content? • Customer experience? • Too much tech? Not enough? • Not enough engagement?
• Are they getting what they want: Community vs Private interaction? (c) Sandra Martini, The Martini Way. All Rights Reserved
Sample Plan: Private Clients Weekly: emailed content piece Monthly: alternate between emailed and snail mailed helpful-to-them content (personal interests) Quarterly: print newsletter, free report/template/checklist or other gift Annually: birthday card, holiday cards (c) Sandra Martini, The Martini Way. All Rights Reserved
Where to Start • Which PPS has the highest churn? Why? • Create your plan – What/How and When
(c) Sandra Martini, The Martini Way. All Rights Reserved
Next Week • Managing retention when your products are digital • Mitigating churn in with subscriptions • Retention and monetization through service
(c) Sandra Martini, The Martini Way. All Rights Reserved
Homework • Choose core Welcome Kit pieces – email [email protected] • Add pieces specific to your next, or most popular, PPS • Pick one PPS and walk through process – what’s missing or needs improvement? Schedule on your calendar to do • Review “Impact” chart. What can you do?
• Tuesday, Dec 13th Group Call: Creating Win-Wins: Increased Client Monetization Through Service
(c) Sandra Martini, The Martini Way. All Rights Reserved
Questions?
(c) Sandra Martini, The Martini Way. All Rights Reserved
