The Social Media Marketing World Keynote presentation about customer relations with Joey Coleman was great. He took the time to remind us that it was more than to just get customers, we also had to retain them.
Customers Are Leaving
Coleman shared some fascinating statistics regarding the retention of new customers. As he discussed the banking industry, 32% change banks after the first year. Fifty percent stop participating with a bank in the first 100 days.
Coleman also shared that 20-70% of customers from all industries leave in the first 100 days. Most companies do not realize how much money they are losing in repeat traffic and referrals. Customers who stay longer than 100 days stay for more than 5 years.
We need to focus on keeping customers more than 100 days!
Post Purchase
Coleman stressed that we need to spend more time on post-purchase relations. A 5% improvement in customer service post purchase could yield a 25-100% increase in profits.
Ways to engage customers post-purchase:
- In person
- Snail mail
- Phone
- Video
- Gifts
Coleman gave suggestions and examples for maximizing the effect of each one.
“People are social, social is people.”
We need to create experiences that are personal and will have an impact. Personalize the experience for the individual as much as possible.
Rolodex
Coleman said the most powerful engagement tool at your disposal is the Rolodex. We need to take time to pick up the phone and make a connection.
We need to understand our clients, keep an eye out for problems to solve and opportunities for engagement, and take time to engage with a personalized message.
The presentation gave me a lot to think about. If you are interested in learning more, please connect with me to discuss the topic.
What will you do to make the first 100 days better?