Today’s Guest, Joey Coleman
For nearly two decades, Joey Coleman has been helping businesses and business owners turn their customers into lifelong raving fans by focusing on what happens after the sale. He approaches the world with systems thinking, realizing that the more systems a business has, the more freedom and nimbleness the organization gains.
Interview Takeaways:
1. Focus Inward for Growth
Instead of constantly chasing the next lead, established businesses should focus on retaining the customers they have already worked hard to win over, because the cost to acquire a new customer is far higher than the cost of keeping an existing one.
2. Retention is 3x Easier
The likelihood of converting a sale with an existing customer (60% to 70%) is three times greater than converting a cold prospect (averaging about 20%), meaning focusing on existing clients is a far more profitable use of resources.
3. The 100-Day Decision Window
A significant percentage of new customers (20% to 70%) quit before their 100-day anniversary, but if you effectively manage the first 100 days of the relationship, that customer will likely stay for a minimum of five years.
4. Map the Customer Journey
Every business needs to map its customer journey to the 8 phases of relationship building to know where the customer is and what actions should happen next.
5. Systemize the Handover
Many businesses drop the ball during customer onboarding and the handover from the sales team to the operations team, which is a major point of friction that a robust system must address.
6. Emotion Drives Action
In each of the eight phases of the customer journey, you need to systematically meet the customer’s desired, unarticulated emotions with specific interactions, touch points, and deliverables.
7. Ask for Referrals After Achievement
To maximize referrals, you must wait to ask until after the customer has achieved the specific goal they had when they originally signed up, as asking too early will likely result in rejection.
8. AI Magnifies Existing Systems
Artificial Intelligence will not solve a systems-lacking business; it is a magnification tool that will only amplify the chaos and problems you already have. Systems and processes are the necessary programming for the machines.
9. Employees are Internal Customers
It is often easier to find a new customer than a new employee, which is why the same 8 phases of systems and attention should be applied to your internal customers to maximize retention.
10. Accountability Requires Documentation
Leaders cannot complain about team performance or hold team members accountable unless they have clearly documented and defined the systems for what high performance, value, impact, and results look like.
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About The Show
Business Processes Simplified
We interview industry experts and have them share their best small business systems and processes. This is the quickest, easiest and most efficient way to build a systems centered business.
