WEBVTT 00:00:08.199 --> 00:00:11.900 Welcome to the Business Abundance Podcast, providing 00:00:11.900 --> 00:00:14.359 the tools and knowledge to help small business 00:00:14.359 --> 00:00:17.760 owners succeed. For additional resources, visit 00:00:17.760 --> 00:00:24.739 www .businessabundance .online Hello and welcome 00:00:24.739 --> 00:00:28.719 back to the Business Abundance Podcast. I am 00:00:28.719 --> 00:00:31.640 here with Ian and Rowan and today we're going 00:00:31.640 --> 00:00:35.079 to be digging into probably one of the most valuable 00:00:35.079 --> 00:00:38.399 and underestimated assets in your business, which 00:00:38.399 --> 00:00:42.979 is customer retention. We all know it's cheaper 00:00:42.979 --> 00:00:45.780 to what generally cheaper to keep a customer 00:00:45.780 --> 00:00:49.320 than find a newer. But today we want to go beyond 00:00:49.320 --> 00:00:52.100 the loyalty cards and the birthday discounts 00:00:52.100 --> 00:00:54.899 and talk about some different strategies that 00:00:54.899 --> 00:00:58.829 we can. that you might not have considered before. 00:01:00.229 --> 00:01:03.490 Ian, do you want to chat about why customer retention 00:01:03.490 --> 00:01:05.829 actually deserves effort? I think you summed 00:01:05.829 --> 00:01:11.969 it up pretty well there, Zee. The cost of not 00:01:11.969 --> 00:01:17.230 doing it, obviously, is bums on seats. So not 00:01:17.230 --> 00:01:19.129 looking after your customer and not retaining 00:01:19.129 --> 00:01:22.569 your customer is equivalent of corporate suicide, 00:01:23.189 --> 00:01:28.200 in my opinion. So why not make every customer 00:01:28.200 --> 00:01:32.239 interaction amazing so that you keep them? A 00:01:32.239 --> 00:01:34.420 perfect example is the small mum and dad shop 00:01:34.420 --> 00:01:36.260 around the corner from me which I'm drinking 00:01:36.260 --> 00:01:39.780 a coffee from at this minute. Just recently implemented 00:01:39.780 --> 00:01:43.200 their little stamp card. Every five coffees get 00:01:43.200 --> 00:01:48.280 a free coffee. I've been there a handful of times 00:01:48.280 --> 00:01:50.900 in the last year. I'm on my second stamp card 00:01:50.900 --> 00:01:54.840 for the last two months now. Something as simple 00:01:54.840 --> 00:01:57.840 as that. And I don't just buy a coffee when I 00:01:57.840 --> 00:02:00.400 go in. I'll probably buy a snack or something 00:02:00.400 --> 00:02:03.239 as well. Do you go there because you get a stamp 00:02:03.239 --> 00:02:07.680 card though? I think in this case I've chosen 00:02:07.680 --> 00:02:11.039 there for my coffee more regularly over the last 00:02:11.039 --> 00:02:13.460 two months than I would have. Because of the 00:02:13.460 --> 00:02:17.360 stamp card? Because of the stamp card. Zara and 00:02:17.360 --> 00:02:20.080 I both got the frowny surprise list with each 00:02:20.080 --> 00:02:22.479 other. But if it was terrible coffee, you're 00:02:22.479 --> 00:02:24.539 not going to go back? 100%. It's good coffee, 00:02:24.599 --> 00:02:26.520 don't get me wrong. Do you like the people there? 00:02:27.219 --> 00:02:30.180 They support the community, so yes. Like the 00:02:30.180 --> 00:02:32.060 ethos. So is it the card that's getting you there, 00:02:32.180 --> 00:02:34.819 or is it... Initially it wasn't the card that 00:02:34.819 --> 00:02:36.360 got me there, it was the fact that they sponsored 00:02:36.360 --> 00:02:39.580 a local event that my wife's involved in. I popped 00:02:39.580 --> 00:02:41.439 in, said g'day, how you going? Had a coffee, 00:02:41.599 --> 00:02:43.960 good coffee. And then they brought out the stamp 00:02:43.960 --> 00:02:46.060 card, I'm like, I guess I'm getting coffee here 00:02:46.060 --> 00:02:49.750 now. You're right. Convenient or out of your 00:02:49.750 --> 00:02:52.530 way? Oh, it's reasonably convenient. If I'm heading 00:02:52.530 --> 00:02:55.250 into town, it's out of the way. But if I'm just 00:02:55.250 --> 00:02:57.229 popping out for a coffee, it's the closest one 00:02:57.229 --> 00:03:02.449 to me. So that obviously helps. But yeah, the 00:03:02.449 --> 00:03:04.449 stamp card's got that gamification, I suppose, 00:03:04.469 --> 00:03:07.090 a little bit, which a lot of businesses will 00:03:07.090 --> 00:03:09.909 use for customer retention in one way, shape 00:03:09.909 --> 00:03:14.030 or form. It's cheap. I mean, the markup on coffee 00:03:14.030 --> 00:03:17.460 is probably not... Not the same as if you're 00:03:17.460 --> 00:03:20.479 just out there doing retail. Markup on coffee 00:03:20.479 --> 00:03:22.719 is quite big, so you can afford to give one away 00:03:22.719 --> 00:03:26.939 every five. But, again, the add -on sales, you're 00:03:26.939 --> 00:03:29.219 in a supermarket -type, look, a minimart -type 00:03:29.219 --> 00:03:33.360 place. If your merchandising's on point, you're 00:03:33.360 --> 00:03:34.879 probably gonna get me to buy a packet of gum 00:03:34.879 --> 00:03:37.379 or something for my kids or whatever it is. Something's 00:03:37.379 --> 00:03:39.219 gonna catch my eye while I'm waiting for the 00:03:39.219 --> 00:03:42.210 coffee. It's interesting, when I hear you talking 00:03:42.210 --> 00:03:44.150 about this, I've got to remind myself that people 00:03:44.150 --> 00:03:47.129 think differently. Like, I hate it when people 00:03:47.129 --> 00:03:49.110 give me the stamp cards because I know I'm not 00:03:49.110 --> 00:03:51.449 going to pull it back out. Like, I'll keep it, 00:03:51.490 --> 00:03:53.629 I'll put my wallet because it's respectful. And 00:03:53.629 --> 00:03:55.449 then, you know, he generally sits there because 00:03:55.449 --> 00:03:57.830 you, well, I don't clean my wallet out very often, 00:03:57.969 --> 00:03:59.490 nor do I have my wallet on me very often either. 00:04:01.359 --> 00:04:03.379 If I get a coffee, I'm not going to pull my stamp 00:04:03.379 --> 00:04:05.659 card out. Yeah. Like if I'm going to get a coffee 00:04:05.659 --> 00:04:07.479 from happy to support you, you know, now you 00:04:07.479 --> 00:04:09.199 need to give me a free coffee, but that's me. 00:04:09.580 --> 00:04:12.219 And then hearing from you. So, okay, it's the 00:04:12.219 --> 00:04:13.819 supporting the community. That's good. The coffee 00:04:13.819 --> 00:04:15.539 is good. So that's good. But I'm going back because 00:04:15.539 --> 00:04:18.240 I've got a stamp card. So obviously people do 00:04:18.240 --> 00:04:21.160 think like that. And that's a very tried and 00:04:21.160 --> 00:04:23.740 true method throughout the world as well. So 00:04:23.740 --> 00:04:25.959 a lot of coffee shops will keep your stamp card 00:04:25.959 --> 00:04:31.110 on a wall. It's an interesting thing, so what 00:04:31.110 --> 00:04:35.050 you think might be effective, other people might 00:04:35.050 --> 00:04:38.149 not think it will be effective, and your customers 00:04:38.149 --> 00:04:40.430 can be made up of quite a variety of people, 00:04:40.870 --> 00:04:42.949 so sometimes you've got to test and see what 00:04:42.949 --> 00:04:44.649 works, and it might not work on everyone, but 00:04:44.649 --> 00:04:47.730 it might be part of a larger mixture. Same reason 00:04:47.730 --> 00:04:52.389 I shop at Coles. Flybuys. And same reason I fly 00:04:52.389 --> 00:04:57.480 with Virgin. My status. Yeah, that's probably 00:04:57.480 --> 00:05:02.800 fair, I'd do the same. Yeah, but they are introducing 00:05:02.800 --> 00:05:05.920 the electronic rewards cards now, so you don't 00:05:05.920 --> 00:05:07.459 actually have to remember them, you just need 00:05:07.459 --> 00:05:10.939 your mobile phone number. I do like the automatic 00:05:10.939 --> 00:05:13.660 ones, we went to a hotel a few months ago, and 00:05:13.660 --> 00:05:15.160 they just said, oh, welcome back, and here's 00:05:15.160 --> 00:05:17.300 a bottle of wine for being regular. Nice. I was 00:05:17.300 --> 00:05:18.819 like, sweet, cool, yeah, I'll come back here 00:05:18.819 --> 00:05:21.660 next time. I like the hotel anyway, so if I didn't 00:05:21.660 --> 00:05:23.680 like the hotel, I wouldn't, but I like the hotel. 00:05:24.379 --> 00:05:25.740 They're going to give me free stuff when I'm 00:05:25.740 --> 00:05:27.759 there without me having to pull my card out or 00:05:27.759 --> 00:05:29.860 whatever. It's like, yeah, no, I'm definitely 00:05:29.860 --> 00:05:32.779 coming back. A lot of resorts do that. We've 00:05:32.779 --> 00:05:35.480 been researching Fiji recently and there's the 00:05:35.480 --> 00:05:39.720 repeat customer rate, which is quite a large 00:05:39.720 --> 00:05:43.139 expense, but even they're doing it on a frequent 00:05:43.139 --> 00:05:47.040 shopper method as a method of customer retention, 00:05:47.139 --> 00:05:48.720 because there's a lot of competition in the marketplace. 00:05:49.919 --> 00:05:52.060 What do you do? What do you do to differentiate 00:05:52.060 --> 00:05:54.160 yourself and maintain those customers? Because 00:05:54.160 --> 00:05:56.180 everyone's trying to get your customer. If you've 00:05:56.180 --> 00:05:58.639 got a large customer network, everyone's going 00:05:58.639 --> 00:06:02.959 to be trying to take your market share. So what 00:06:02.959 --> 00:06:05.579 do you do? Just with your coffee. So how much 00:06:05.579 --> 00:06:08.240 does your cup of coffee cost? They're cheap too, 00:06:08.319 --> 00:06:11.439 they're $5. $5, so they're making about $3 .50 00:06:11.439 --> 00:06:15.319 per cup. So then if they're giving you, that 00:06:15.319 --> 00:06:18.310 means cost is $1 .50. And then one five they're 00:06:18.310 --> 00:06:20.730 giving you a free coffee? So after five you get 00:06:20.730 --> 00:06:24.790 a free one. So they're losing out on $3 .50 margin 00:06:24.790 --> 00:06:29.089 plus 15. So it's a cup and a half roughly worth 00:06:29.089 --> 00:06:31.670 of profit that they're giving away every five 00:06:31.670 --> 00:06:35.569 cups. But they're a smaller sort of supermarket, 00:06:36.509 --> 00:06:40.610 mini market, so their margins and their raw material 00:06:40.610 --> 00:06:42.810 costs are a little bit higher on say supermarket 00:06:42.810 --> 00:06:44.810 items than they are from the multinationals. 00:06:45.629 --> 00:06:47.550 So if they can get me to buy a couple of packets 00:06:47.550 --> 00:06:50.329 of chips or something else with a little bit 00:06:50.329 --> 00:06:52.850 extra margin in that Yeah, where I was going 00:06:52.850 --> 00:06:54.529 with that was that so it's an example of you 00:06:54.529 --> 00:06:57.689 know, it's a not calling them a lot They're really 00:06:57.689 --> 00:07:00.730 selling three cups not five Roughly rounding 00:07:00.730 --> 00:07:03.170 up making sound worse than it is, but that's 00:07:03.170 --> 00:07:06.569 pretty much it's not four cups Whereas the hotel 00:07:06.569 --> 00:07:09.250 example, so I wouldn't use the card. Yeah wouldn't 00:07:09.250 --> 00:07:11.220 affect them I wouldn't care whatsoever. It's 00:07:11.220 --> 00:07:12.959 not going to change my decision, but then a bottle 00:07:12.959 --> 00:07:16.540 of wine, which probably costs 20 bucks on a $350 00:07:16.540 --> 00:07:20.259 hotel night, is peanuts in the margin. It's probably 00:07:20.259 --> 00:07:21.779 a free bottle of wine they got from their supplier 00:07:21.779 --> 00:07:24.199 anyway. But then I fully appreciate that. Yeah. 00:07:24.319 --> 00:07:27.199 So that's enough make me book. Yep. So I guess 00:07:27.199 --> 00:07:30.040 my point is that it doesn't have to be a huge 00:07:30.040 --> 00:07:32.420 thing. It can be something very tiny or could 00:07:32.420 --> 00:07:34.420 be very inexpensive compared to what you're doing 00:07:34.420 --> 00:07:37.680 that actually creates that feeling of being valued 00:07:37.680 --> 00:07:40.420 in a customer. Isn't that interesting that it 00:07:40.420 --> 00:07:44.620 doesn't take world -beating offers to make you 00:07:44.620 --> 00:07:48.160 feel valued as a customer? That's how simple 00:07:48.160 --> 00:07:51.600 it can be. Here's a bottle of Plonk. Might be 00:07:51.600 --> 00:07:53.860 a really good bottle of wine. We'll say it like 00:07:53.860 --> 00:07:55.500 that, it sounds a bit different, but it's the 00:07:55.500 --> 00:07:57.560 recognition of, hey, you've been here before, 00:07:57.740 --> 00:08:00.399 we appreciate you coming. That would have been 00:08:00.399 --> 00:08:02.040 fine if I'd just got that note up in my car. 00:08:02.180 --> 00:08:04.959 I know, that's great. I don't need them to go, 00:08:05.379 --> 00:08:07.709 hey, here's a mat. but just a little bit of, 00:08:07.870 --> 00:08:09.410 hey, we know who's actually coming to our hotel. 00:08:10.769 --> 00:08:12.970 That's good. Yeah, it's the same as when I get 00:08:12.970 --> 00:08:14.569 on a plane and they say, oh, welcome back, Ian. 00:08:15.410 --> 00:08:17.490 Because they can see your status on your boarding 00:08:17.490 --> 00:08:20.629 pass. Here's someone who flies with us a lot. 00:08:21.629 --> 00:08:23.730 We make sure, and they do, they go over and above 00:08:23.730 --> 00:08:25.689 and make sure that you feel comfortable. And 00:08:25.689 --> 00:08:27.829 from the moment you get to check in, all the 00:08:27.829 --> 00:08:32.590 way to baggage claim. So there's a lot of businesses 00:08:32.590 --> 00:08:36.429 that deal with sales reps. I've come in and talked 00:08:36.429 --> 00:08:40.230 to you for quite a long time, and if you're lucky 00:08:40.230 --> 00:08:42.549 or unlucky, depending how you look at it, but 00:08:42.549 --> 00:08:44.649 Christmas time, a lot of business owners in their 00:08:44.649 --> 00:08:46.269 office, they'll be surrounded by cartons of beer 00:08:46.269 --> 00:08:49.389 and bowls of wine and the standard gift for Christmas. 00:08:50.590 --> 00:08:53.309 Rep comes in, drops off a carton, and thank you 00:08:53.309 --> 00:08:55.210 and see you later, and goes to the next place, 00:08:55.230 --> 00:08:58.070 drops off a carton. So that's something people 00:08:58.070 --> 00:09:01.110 do once a year to touch base. Makes people feel 00:09:01.110 --> 00:09:04.389 valued. obviously has some sort of effect because 00:09:04.389 --> 00:09:08.789 everyone does it. But then also what's the underlying 00:09:08.789 --> 00:09:12.190 reason that they would be doing that? What's 00:09:12.190 --> 00:09:13.669 that doing for the business owner they're dropping 00:09:13.669 --> 00:09:16.870 off to the present to? Again, letting them know 00:09:16.870 --> 00:09:21.809 they care. It's just a connection. It is. And 00:09:21.809 --> 00:09:25.429 maybe, maybe that sales rep's the fifth generation 00:09:25.429 --> 00:09:27.049 sales rep and this is just the way we've always 00:09:27.049 --> 00:09:31.679 done it. Possibly, yeah. We had a sales rep when 00:09:31.679 --> 00:09:34.100 I was working for a heating and cooling company. 00:09:34.399 --> 00:09:36.700 He'd come in once a week with a big box of doughnuts 00:09:36.700 --> 00:09:42.019 for the staff. He was coming in, he'd stop at 00:09:42.019 --> 00:09:45.539 the local bakery, supporting local again, come 00:09:45.539 --> 00:09:47.419 in with the doughnuts. We knew it was his day 00:09:47.419 --> 00:09:49.519 to come in, everyone's in the office, excellent, 00:09:49.620 --> 00:09:51.580 it's doughnut day. And then he'd say, what do 00:09:51.580 --> 00:09:53.500 you need? And he'd just top up the shelves with 00:09:53.500 --> 00:09:57.100 all the bits and bobs, take our orders, anything 00:09:57.100 --> 00:10:02.120 extra I can do for you. widely renowned locally, 00:10:02.279 --> 00:10:04.399 I think he's retired now, but has one of the 00:10:04.399 --> 00:10:07.379 better sales reps in that field because he always 00:10:07.379 --> 00:10:09.940 went above and beyond. I don't know whether it 00:10:09.940 --> 00:10:15.019 came out of his pocket or not, but you were always 00:10:15.019 --> 00:10:18.580 looking forward to the day that he came. That's 00:10:18.580 --> 00:10:22.360 interesting. Yeah, just for donuts. Good donuts. 00:10:23.500 --> 00:10:26.159 We used to, in an office I worked at, we used 00:10:26.159 --> 00:10:28.399 to receive a stationary order. and they changed 00:10:28.399 --> 00:10:30.639 suppliers and then they came with a few chocolates 00:10:30.639 --> 00:10:33.480 and lollies in the box, the weekly office order, 00:10:34.000 --> 00:10:36.899 and that locked that supplier of six years. It 00:10:36.899 --> 00:10:40.639 took a fair bit of resistance. It was a new company 00:10:40.639 --> 00:10:43.360 that was all flash and shiny and pretty exciting 00:10:43.360 --> 00:10:46.340 and no one in the office wanted to change the 00:10:46.340 --> 00:10:48.159 ordering because they got the lollies and chocolates 00:10:48.159 --> 00:10:51.639 every week. So that was, again, something pretty 00:10:51.639 --> 00:10:54.080 low cost that just made it a bit exciting and 00:10:54.080 --> 00:10:56.309 a reason to stay with the company. And when you 00:10:56.309 --> 00:10:57.830 think about it, the person that was doing the 00:10:57.830 --> 00:11:00.870 ordering wasn't paying the bills. So the price 00:11:00.870 --> 00:11:03.950 wasn't a factor so much. And the service and 00:11:03.950 --> 00:11:06.490 the timeliness had to be timely. It had to be 00:11:06.490 --> 00:11:08.009 quality products and all that sort of stuff. 00:11:08.429 --> 00:11:11.090 But then the lollies pushed it over the edge. 00:11:12.929 --> 00:11:17.990 It's not hard to, it's not expensive. to keep 00:11:17.990 --> 00:11:21.909 existing customers. It's very risky and expensive 00:11:21.909 --> 00:11:27.929 to, well, potentially to get new customers. It's 00:11:27.929 --> 00:11:31.769 not risky to get new customers. It's time consuming. 00:11:33.090 --> 00:11:36.710 If you miss the markets in expense, you might 00:11:36.710 --> 00:11:39.210 spend a lot of money on an advertising campaign 00:11:39.210 --> 00:11:42.730 and look back at our data podcast. You might 00:11:42.730 --> 00:11:46.570 not have read the data. or hang on this one's 00:11:46.570 --> 00:11:48.009 for our American listeners, the data. Well, you 00:11:48.009 --> 00:11:50.169 can do your maths for a new customer. So what 00:11:50.169 --> 00:11:51.809 was the advertising? How many leads did we get? 00:11:51.929 --> 00:11:53.610 How many sales did we get? How much time do we 00:11:53.610 --> 00:11:55.509 spend on sales? It's going to be hundreds of 00:11:55.509 --> 00:11:57.590 dollars per client for most businesses, if not 00:11:57.590 --> 00:12:02.269 more. So yeah, you can spend a fair bit to maintain 00:12:02.269 --> 00:12:04.169 them. Sometimes you don't need to spend anything 00:12:04.169 --> 00:12:06.470 to maintain them. Sometimes it's just a phone 00:12:06.470 --> 00:12:09.450 call. But yeah, talking about costs, then if 00:12:09.450 --> 00:12:11.129 you're a business and your margins are reasonably 00:12:11.129 --> 00:12:12.730 tight or you don't have a huge profit margin, 00:12:12.750 --> 00:12:15.769 you've got 100 customers. Like if you drop off 00:12:15.769 --> 00:12:18.750 a hundred cardons of beer, for example, that's 00:12:18.750 --> 00:12:21.870 a bit of money. What are we talking about for 00:12:21.870 --> 00:12:23.950 a hundred? It's five grand. Five grand to eight 00:12:23.950 --> 00:12:27.529 grand. Five to eight thousand dollars per year. 00:12:27.590 --> 00:12:28.750 And if you think you do, we don't have a really 00:12:28.750 --> 00:12:30.549 good margin, then you drop that into one month. 00:12:30.629 --> 00:12:33.029 Are you really going to want to do that? Especially 00:12:33.029 --> 00:12:34.870 at Christmas time when you're probably going 00:12:34.870 --> 00:12:38.169 to have a slow month after it. Yeah. You don't 00:12:38.169 --> 00:12:41.129 have to do those sort of things. Like you can 00:12:41.129 --> 00:12:44.019 look at creating a little community on Facebook 00:12:44.019 --> 00:12:49.419 or something, or joining a VIP email list where 00:12:49.419 --> 00:12:54.659 you get stock update drops before they actually 00:12:54.659 --> 00:12:57.659 happen. If I open my email right now, I'll have 00:12:57.659 --> 00:13:00.059 20 promotion emails in my Gmail. Just got to 00:13:00.059 --> 00:13:02.720 make it better. Yeah, so let's just unpack that 00:13:02.720 --> 00:13:05.240 a little bit though. So Z just gave a few different 00:13:05.240 --> 00:13:07.860 examples with what sounded like one thing, but 00:13:07.860 --> 00:13:11.809 the... the exclusive sneak peek or early access, 00:13:11.990 --> 00:13:14.769 that's a status. So it's not about the sale, 00:13:14.889 --> 00:13:17.710 it's the fact that that customer now, we're important. 00:13:18.169 --> 00:13:22.110 So I'm the first person to know. I know a client 00:13:22.110 --> 00:13:25.730 that's, I just want to be the first. So when 00:13:25.730 --> 00:13:26.990 the service comes out, I want to be the first 00:13:26.990 --> 00:13:30.529 one. That was my uncle. First of everything. 00:13:31.049 --> 00:13:33.710 Yep. And then you're saying, I want my frequent 00:13:33.710 --> 00:13:35.669 flyers or whatever. So you skip the queue. It's 00:13:35.669 --> 00:13:37.830 a bit of a status thing, you know. That's what 00:13:37.830 --> 00:13:44.490 I'm saying. Okay. That's just teasing. So that's 00:13:44.490 --> 00:13:46.870 an interesting one. So, okay, well, how can we, 00:13:48.169 --> 00:13:49.710 if we're going to do something for retention, 00:13:49.789 --> 00:13:51.669 it doesn't have to have a cost like Zee said, 00:13:52.149 --> 00:13:55.289 but how can we give someone a little bit of status 00:13:55.289 --> 00:13:58.269 for dealing with us? Which then makes you feel 00:13:58.269 --> 00:14:01.970 good. Yeah. It's like the AFL Grand Final. Like 00:14:01.970 --> 00:14:04.570 if you're on the team of the people that are 00:14:04.330 --> 00:14:07.090 the team that's in the grand final, you get early 00:14:07.090 --> 00:14:08.769 access to the tickets. Doesn't mean you have 00:14:08.769 --> 00:14:10.909 the earliest access to the tickets, you have 00:14:10.909 --> 00:14:12.870 early access. Depending on your tier membership. 00:14:13.090 --> 00:14:15.309 Yeah, exactly. You're a tier one, tier two or 00:14:15.309 --> 00:14:17.909 tier three member. That's status again. Yeah. 00:14:18.029 --> 00:14:21.090 It can also build hype within, which is an advertising 00:14:21.090 --> 00:14:22.789 thing, but we're talking about retention. So 00:14:22.789 --> 00:14:28.269 the status is important. But I think we've talked 00:14:28.269 --> 00:14:31.590 about it before, the Maya Angelou people will 00:14:31.590 --> 00:14:33.529 forget what you did, but they will always remember 00:14:33.850 --> 00:14:37.529 how you made them feel. Again, that's talking 00:14:37.529 --> 00:14:40.269 to your limbic brain. So if I'm making you feel 00:14:40.269 --> 00:14:44.750 good as a purveyor of some product, you're gonna 00:14:44.750 --> 00:14:48.389 remember that. Was it cheap? Don't remember. 00:14:48.750 --> 00:14:50.929 How did I feel after I bought it? Well, I didn't 00:14:50.929 --> 00:14:54.110 feel ripped off or I felt like they went above 00:14:54.110 --> 00:14:57.649 and beyond. I felt like, I felt, I feel statements 00:14:57.649 --> 00:14:59.889 as a customer is exactly what you're looking 00:14:59.889 --> 00:15:04.059 for as a business owner. Feel valued. Yeah. How 00:15:04.059 --> 00:15:06.779 do they feel? Creates that like emotional stickiness. 00:15:06.919 --> 00:15:09.700 Yeah. And then at every touch point, at every 00:15:09.700 --> 00:15:11.360 touch point that they have with the business, 00:15:12.100 --> 00:15:14.480 are we doing our best to retain that customer? 00:15:15.200 --> 00:15:18.120 Or is there somewhere in the process where the 00:15:18.120 --> 00:15:19.600 customer walks away and goes, oh, that could 00:15:19.600 --> 00:15:22.200 have been better. I actually, I don't feel so 00:15:22.200 --> 00:15:26.679 good anymore. We need to be tracking that. And 00:15:26.679 --> 00:15:30.500 I'm sure people know my, my feelings about too 00:15:30.500 --> 00:15:35.139 much. data retention, but the data's there. The 00:15:35.139 --> 00:15:37.419 data's there. You can see where it's breaking 00:15:37.419 --> 00:15:39.980 down in the chain, generally, if you're a small 00:15:39.980 --> 00:15:43.700 to medium. At what point, especially with websites, 00:15:44.080 --> 00:15:46.600 at what point are they bouncing? Oh, that sort 00:15:46.600 --> 00:15:50.379 of thing, yeah. But change the topic a little 00:15:50.379 --> 00:15:53.179 bit. The second thing, not change the topic, 00:15:53.240 --> 00:15:56.080 going back to Zee said a few things in one very 00:15:56.080 --> 00:15:59.909 concise sentence. She's good at that. But she 00:15:59.909 --> 00:16:04.049 mentioned groups. Yep, Facebook groups. Yeah. 00:16:04.269 --> 00:16:06.769 So what's that allowing for people? What's that 00:16:06.769 --> 00:16:12.590 giving them? Community. A place like a, what 00:16:12.590 --> 00:16:17.509 they set? A tribe? Yeah, a tribe where people 00:16:17.509 --> 00:16:20.490 are involved with people like them or have the 00:16:20.490 --> 00:16:23.110 same common interests and can communicate. Can 00:16:23.110 --> 00:16:27.529 lean on them. Yeah. Can discuss. things about 00:16:27.529 --> 00:16:29.809 the product that they've been providing or have 00:16:29.809 --> 00:16:33.549 easy access to ask questions or Troubleshoot 00:16:33.549 --> 00:16:36.690 things like it's just just a community where 00:16:36.690 --> 00:16:40.370 people can like that's why events have groups 00:16:40.370 --> 00:16:45.490 so that you can post and build hype and Promote 00:16:45.490 --> 00:16:48.009 really easily all it takes is one little graphic 00:16:48.009 --> 00:16:50.830 from Canva and you've got a conversation starting 00:16:50.830 --> 00:16:54.929 again, so Yeah, anything anything, whether it 00:16:54.929 --> 00:16:57.070 be on Facebook or WhatsApp, I know a lot of people 00:16:57.070 --> 00:17:00.289 using WhatsApp to draw in their customers as 00:17:00.289 --> 00:17:03.850 well. So yeah, just making sure that you keep 00:17:03.850 --> 00:17:05.769 the conversation going so that they're front 00:17:05.769 --> 00:17:08.190 of mind. Because as soon as that conversation 00:17:08.190 --> 00:17:11.769 stops, people like there's such an attention 00:17:11.769 --> 00:17:15.170 deficit. So if you're if you're not front of 00:17:15.170 --> 00:17:17.210 mind, then then they're going to forget about 00:17:17.210 --> 00:17:19.930 you pretty quick. Yeah, being front of mind is 00:17:19.930 --> 00:17:22.950 extremely important. I know a good friend of 00:17:22.950 --> 00:17:26.849 mine, obviously I own an accounting firm, and 00:17:26.849 --> 00:17:28.849 a good friend of mine got a company set up somewhere 00:17:28.849 --> 00:17:30.390 else. He's telling me about it and I need you 00:17:30.390 --> 00:17:32.049 to help with this, this, this. I'm like, why'd 00:17:32.049 --> 00:17:33.789 you do that? You need to have to deal with me, 00:17:33.829 --> 00:17:37.450 but why? He's like, I just actually forgot. You 00:17:37.450 --> 00:17:41.109 did that. And he's like, oh, I need to change 00:17:41.109 --> 00:17:44.329 that back to you. But you know, it's pretty funny. 00:17:44.650 --> 00:17:46.490 Like, you know, you think you're... Everyone 00:17:46.490 --> 00:17:48.490 knows what you do, but they've got their own 00:17:48.490 --> 00:17:50.289 life going on that's got this boy Look at the 00:17:50.289 --> 00:17:51.930 kids or whatever like that. Let's forget what 00:17:51.930 --> 00:17:56.210 you do. That's so But um, just these the groups 00:17:56.210 --> 00:17:58.190 they're like, I just think of a couple of different 00:17:58.190 --> 00:18:03.190 examples Loosely connected but Jim's pretty low 00:18:03.190 --> 00:18:07.490 price point pretty high competition People get 00:18:07.490 --> 00:18:10.799 bored pretty easily between the whole, yeah, 00:18:10.799 --> 00:18:13.000 going to the gym's hard work and the, you know, 00:18:13.019 --> 00:18:14.440 I'm sick of doing the same exercises all the 00:18:14.440 --> 00:18:17.319 time in the same place. It's very common for 00:18:17.319 --> 00:18:19.099 people to change. And every time there's a new 00:18:19.099 --> 00:18:22.220 gym, everyone wants to go try it. So they have 00:18:22.220 --> 00:18:24.460 a couple of different services and ways to deal 00:18:24.460 --> 00:18:26.180 with some of these things. But you'd have to 00:18:26.180 --> 00:18:27.839 see like an eight week challenge or a 12 week 00:18:27.839 --> 00:18:30.440 challenge, which you think is a product. It is 00:18:30.440 --> 00:18:33.490 a product, but it's also custom retention. through 00:18:33.490 --> 00:18:35.369 the groups because they put you in a group with 00:18:35.369 --> 00:18:37.250 other people doing the challenge in the gym at 00:18:37.250 --> 00:18:39.630 the same time, they put you into chat groups, 00:18:40.250 --> 00:18:42.170 they split you into teams to compete against 00:18:42.170 --> 00:18:44.509 each other, and they turn into a bit of a game 00:18:44.509 --> 00:18:46.730 or a bit of a support group, lots of different 00:18:46.730 --> 00:18:48.769 things, but then you find that you start getting 00:18:48.769 --> 00:18:50.890 to attach to the people that are at the gym. 00:18:51.190 --> 00:18:52.769 So now you're paying the gym because you like 00:18:52.769 --> 00:18:54.289 the people that are there that are also paying 00:18:54.289 --> 00:18:56.960 the gym. So they build the community in that 00:18:56.960 --> 00:18:59.480 way, which is quite interesting. The tribalism. 00:18:59.859 --> 00:19:02.200 Yeah. So I think when we talk about the loyalty 00:19:02.200 --> 00:19:05.640 cards and VIP lists and all that sort of stuff, 00:19:05.940 --> 00:19:08.500 we're just forgetting what the actual process 00:19:08.500 --> 00:19:11.680 is, but what are we trying to instigate with 00:19:11.680 --> 00:19:15.359 that person? The second thing I thought of with 00:19:15.359 --> 00:19:18.640 that was the Taylor Swift concerts. Don't get 00:19:18.640 --> 00:19:20.240 me started. I don't know much about them, to 00:19:20.240 --> 00:19:26.059 be honest. Couldn't get tickets. Well, you'll 00:19:26.059 --> 00:19:28.740 know about this then. So there was people, a 00:19:28.740 --> 00:19:32.940 friend went to one and she made bands. Friendship, 00:19:32.940 --> 00:19:34.400 bracelets, bracelets. Okay. Tell us, tell us 00:19:34.400 --> 00:19:36.660 about the friendships. Well, Tate is the master 00:19:36.660 --> 00:19:40.200 of marketing. She's incredible and like her music 00:19:40.200 --> 00:19:45.119 or hate her music. So friendship bands. That's 00:19:45.119 --> 00:19:48.799 the tribe. Uh, these kids and adults. Adults, 00:19:49.279 --> 00:19:53.119 only new adults. Lots of, lots of people. So. 00:19:53.820 --> 00:19:55.740 They make friendship bands and they share friendship 00:19:55.740 --> 00:19:57.579 bands and they've got their name on them. They've 00:19:57.579 --> 00:19:58.960 got a little saying on them or whatever it is. 00:19:59.099 --> 00:20:01.299 And you've got this... They spend weeks making 00:20:01.299 --> 00:20:02.920 these bands before the concert. And they'll have 00:20:02.920 --> 00:20:05.059 them from... I'm currently pointing at my wrist 00:20:05.059 --> 00:20:08.799 to my elbow. Bands to share with people that 00:20:08.799 --> 00:20:11.440 go to the concert. They'll meet up outside. While 00:20:11.440 --> 00:20:13.160 they're in line, they're sharing friendship bands. 00:20:13.460 --> 00:20:14.940 If they get an opportunity to see one of the 00:20:14.940 --> 00:20:16.579 family of the Swifts or anyone who's attached 00:20:16.579 --> 00:20:18.880 to the entourage. They're like, oh, please, come 00:20:18.880 --> 00:20:22.200 on, take my friendship band. It's just this thing 00:20:22.200 --> 00:20:24.539 that seems to have grown organically. It started 00:20:24.539 --> 00:20:28.079 out as Tay Tay with some friendship bands and 00:20:28.079 --> 00:20:30.240 her friends, and then all of a sudden the fan 00:20:30.240 --> 00:20:33.859 base have got hold of it. And now it's the thing. 00:20:35.880 --> 00:20:37.640 Everyone shares friendship bands at the Taylor 00:20:37.640 --> 00:20:41.339 Swift concert. And it's awesome. Again, it's 00:20:41.339 --> 00:20:44.319 a community, it's a tribe of people who all love 00:20:44.319 --> 00:20:49.710 this singer who's... Like it or hate it, she's 00:20:49.710 --> 00:20:52.950 awesome. Like what she does, she is the pinnacle 00:20:52.950 --> 00:20:56.890 of her. Pretty successful. Yeah. Yeah. Like I 00:20:56.890 --> 00:20:59.069 actually do like some of her songs now because 00:20:59.069 --> 00:21:01.269 I've had to listen to them on repeat for the 00:21:01.269 --> 00:21:05.890 last five years. Anyway, so they started a process. 00:21:05.930 --> 00:21:08.029 Yes. A suggestion which created a bit of a community. 00:21:08.210 --> 00:21:10.769 Yeah. And you can say that was community for 00:21:10.769 --> 00:21:12.990 attention. You could also say it was a value 00:21:12.990 --> 00:21:15.410 add. Yes. So it's now making the tickets more 00:21:15.410 --> 00:21:18.750 worthwhile. And then you also mentioned it grew 00:21:18.750 --> 00:21:20.450 a life of its own as far as the people in that 00:21:20.450 --> 00:21:23.450 community then started taking that to the next 00:21:23.450 --> 00:21:26.150 level. Yeah, and I like to think that it was 00:21:26.150 --> 00:21:29.950 less intentional than... Look, the cynic in me 00:21:29.950 --> 00:21:31.710 says, oh yeah, this was a brilliant marketing. 00:21:32.130 --> 00:21:34.329 Brilliant marketing ploy to... They know their 00:21:34.329 --> 00:21:36.809 demographic, they've done all their research 00:21:36.809 --> 00:21:40.289 and they've gone, how can we do something that 00:21:40.289 --> 00:21:44.589 is low cost for these fans that will build a 00:21:44.589 --> 00:21:48.930 tribe? I choose to believe that it was kind of 00:21:48.930 --> 00:21:52.809 like accidental brilliance and they weren't so, 00:21:52.809 --> 00:21:55.430 so Machiavellian in their processes. I think 00:21:55.430 --> 00:21:58.589 100 % they've gone, what can we do as a value 00:21:58.589 --> 00:22:01.089 add to build some hype, get people talking, get 00:22:01.089 --> 00:22:03.690 people involved, like get people invested. Yeah. 00:22:03.730 --> 00:22:05.470 And it's a great way to do it. And it's not like, 00:22:05.529 --> 00:22:07.730 that's not a negative thing. That's delivering 00:22:07.730 --> 00:22:09.710 for your customers, a good experience. It's low 00:22:09.710 --> 00:22:11.910 cost. So customer attention wise, are they more 00:22:11.910 --> 00:22:13.640 likely to go to the next concert? because they 00:22:13.640 --> 00:22:15.680 had a whole lot of fun before the concert, after 00:22:15.680 --> 00:22:17.559 the concert, around the concert, three weeks 00:22:17.559 --> 00:22:21.759 before the concert, probably pretty highly likely. 00:22:21.880 --> 00:22:23.960 And it's just going back to those couple of points 00:22:23.960 --> 00:22:26.200 that he flippantly mentioned in one sentence, 00:22:26.440 --> 00:22:31.180 which is impressive. That I think what's pretty 00:22:31.180 --> 00:22:33.680 clear is we talked about, we mentioned being 00:22:33.680 --> 00:22:36.140 first of all, hey, customer retention, we can 00:22:36.140 --> 00:22:38.420 do a discount card. And then Z and I looked at 00:22:38.420 --> 00:22:40.519 each other like, what? That obviously works. 00:22:40.559 --> 00:22:42.700 So that's part of the strategy. But then we were 00:22:42.700 --> 00:22:44.700 talking about what's the coffee like? What are 00:22:44.700 --> 00:22:46.720 the people like? What's the experience like for 00:22:46.720 --> 00:22:49.000 you? It's actually a lot of the things you're 00:22:49.000 --> 00:22:51.819 doing to deliver value actually results in the 00:22:51.819 --> 00:22:55.440 customer retention. Taylor Swift's a perfect 00:22:55.440 --> 00:22:58.079 example. There's no discounts there. Yeah. They're 00:22:58.079 --> 00:23:00.579 the most expensive tickets in the world. And 00:23:00.579 --> 00:23:03.460 they sell out in a heartbeat. Yep. And the value 00:23:03.460 --> 00:23:06.640 is very high. People are happy to pay it. But 00:23:06.640 --> 00:23:09.720 so Z is saying when she brought that up, it doesn't 00:23:09.720 --> 00:23:13.569 have to be expensive. Yeah. It can be free, but 00:23:13.569 --> 00:23:16.130 it's mainly around delivering value and extra 00:23:16.130 --> 00:23:20.589 value to people. Yeah. Yeah. Well, I have more 00:23:20.589 --> 00:23:26.369 ideas. Excellent. Good, because that one sentence 00:23:26.369 --> 00:23:29.589 was lots of ideas. That was 20 minutes of ideas 00:23:29.589 --> 00:23:34.630 right there. When it comes to, so for example, 00:23:34.990 --> 00:23:38.230 let's say it's a landscaper, they can offer seasonal 00:23:38.230 --> 00:23:43.049 guides. after the work so that they know how 00:23:43.049 --> 00:23:47.829 their customers can grow their lawn. That, like, 00:23:48.269 --> 00:23:51.970 is massive. Yeah, simple maintenance programs 00:23:51.970 --> 00:23:57.210 for the seasons, as you said. How to care for 00:23:57.210 --> 00:23:59.690 retaining walls, all those sort of things. Like, 00:23:59.890 --> 00:24:03.990 if you just send out a brochure with a here's 00:24:03.990 --> 00:24:08.140 how you do that every season. four times a year, 00:24:08.519 --> 00:24:11.640 people are going to know who you are and you're 00:24:11.640 --> 00:24:13.819 going to become a trusted advisor essentially 00:24:13.819 --> 00:24:16.519 because what that one brochure can do is they 00:24:16.519 --> 00:24:18.339 then get in contact with you and say, actually, 00:24:18.359 --> 00:24:20.519 I need help. I didn't even recognise that. I 00:24:20.519 --> 00:24:24.200 haven't checked that in a while. Can you come 00:24:24.200 --> 00:24:26.900 help me? There we go. And the people that are 00:24:26.900 --> 00:24:28.180 going to do it themselves, they're not clients 00:24:28.180 --> 00:24:31.200 anyway. I just think it's important to add to 00:24:31.200 --> 00:24:35.240 that. Some people would go that's too simple. 00:24:35.299 --> 00:24:37.299 It's too basic. It's not very often, but you 00:24:37.299 --> 00:24:39.599 don't have to be complicated You don't have to 00:24:39.599 --> 00:24:42.240 be all in every time something is simple for 00:24:42.240 --> 00:24:44.420 a landscaper of saying front of mind as far as 00:24:44.420 --> 00:24:46.619 hey this season you can plant these trees you 00:24:46.619 --> 00:24:48.160 need to trim these things and see how you do 00:24:48.160 --> 00:24:51.180 it is Enough to make people prompt to go. Oh, 00:24:51.180 --> 00:24:53.420 that's right. That was a good landscape and my 00:24:53.420 --> 00:24:55.400 friends got that, you know, cuz people forget 00:24:55.400 --> 00:24:58.519 and People like dealing with people they like 00:24:58.779 --> 00:25:00.859 so I can trust you. I prefer to deal with the 00:25:00.859 --> 00:25:02.700 person that sends me information once a year 00:25:02.700 --> 00:25:05.680 or once a season rather than the guy that's dropped 00:25:05.680 --> 00:25:09.000 something in my letter box. It's so easy to personalise 00:25:09.000 --> 00:25:11.960 now the CRMs as well so if you've done a job 00:25:11.960 --> 00:25:16.200 for a over 60s grandmother who's downsizing her 00:25:16.200 --> 00:25:18.819 garden and you've updated a rose garden for instance, 00:25:19.339 --> 00:25:21.480 you've planted the roses and you put a tag on 00:25:21.480 --> 00:25:23.480 her CRM to say okay six months from now those 00:25:23.480 --> 00:25:26.079 roses are due to be pruned. Here's a personalized 00:25:26.079 --> 00:25:28.759 call or text message or email or whichever way 00:25:28.759 --> 00:25:31.980 she prefers to communicate. Hey, it's time to 00:25:31.980 --> 00:25:34.640 prune your roses. Are you capable of doing that? 00:25:35.240 --> 00:25:36.839 We're happy to come around and do a maintenance. 00:25:37.920 --> 00:25:39.779 Your retaining wall is two years old now. We 00:25:39.779 --> 00:25:42.619 better have a look at the mortar in there. Whatever 00:25:42.619 --> 00:25:44.920 we need to do, we can... Should we did a good 00:25:44.920 --> 00:25:49.339 job on that retaining wall two years later? But 00:25:49.339 --> 00:25:52.579 you can personalise that follow -up contact so 00:25:52.579 --> 00:25:56.500 easily now. It's not the 1980s anymore. It's 00:25:56.500 --> 00:25:58.440 a touch of a button. But if you can't personalise, 00:25:58.440 --> 00:26:00.599 just do something. Just say, hey, it's time to 00:26:00.599 --> 00:26:02.579 frame your things. That's better than nothing. 00:26:04.500 --> 00:26:07.640 Link it to your website. Have the guides on your 00:26:07.640 --> 00:26:12.099 website. Have your knowledge base. Build your 00:26:12.099 --> 00:26:13.869 knowledge base up on your website. I'm going 00:26:13.869 --> 00:26:16.390 to throw one out there. I found out about a company 00:26:16.390 --> 00:26:18.329 that got a lot of market share in a certain industry 00:26:18.329 --> 00:26:22.309 recently because the buyers were companies, business 00:26:22.309 --> 00:26:26.170 to business. The people organising the orders 00:26:26.170 --> 00:26:29.150 were employees and they basically just started 00:26:29.150 --> 00:26:31.210 dropping around six packs to those employees 00:26:31.210 --> 00:26:34.009 every week, which basically meant the head office 00:26:34.009 --> 00:26:35.950 couldn't control who the orders were going to 00:26:35.950 --> 00:26:38.859 because everyone on the tools was... wanted to 00:26:38.859 --> 00:26:41.079 do that because of a six pack. So price was no 00:26:41.079 --> 00:26:44.640 longer an issue and competition or company policy 00:26:44.640 --> 00:26:46.440 was no longer an issue because of the sheer numbers 00:26:46.440 --> 00:26:48.259 and people problems that have caused not getting 00:26:48.259 --> 00:26:52.359 a six pack. So that's an interesting customer 00:26:52.359 --> 00:26:54.559 retention. It cost a bit but the margins were 00:26:54.559 --> 00:26:56.859 there but you're not targeting the actual people 00:26:56.859 --> 00:26:59.349 you think you would target. targeting much lower 00:26:59.349 --> 00:27:02.230 down the chain. And then just the culture that 00:27:02.230 --> 00:27:05.230 creates and the mass appreciation for Friday 00:27:05.230 --> 00:27:09.650 beers within those businesses outweighed anything. 00:27:09.910 --> 00:27:12.750 It resulted in a fair few new clients. The Friday 00:27:12.750 --> 00:27:15.990 barbecue. And clients that couldn't be taken 00:27:15.990 --> 00:27:22.859 back. Yeah. You mentioned at the start that with 00:27:22.859 --> 00:27:25.079 a hotel, like you would have been happy if they 00:27:25.079 --> 00:27:27.579 just wrote you a note, for example, and that 00:27:27.579 --> 00:27:29.900 wine bottle was just an unexpected surprise. 00:27:30.000 --> 00:27:34.819 Like that's also not a hard or expensive way 00:27:34.819 --> 00:27:37.579 to go about it either in the sense that like, 00:27:37.799 --> 00:27:40.160 let's say someone buys a product off you and 00:27:40.160 --> 00:27:43.039 there's a small $5 addition that would upgrade 00:27:43.039 --> 00:27:45.619 that product or compliment it. If you just send 00:27:45.619 --> 00:27:47.980 that three or six months down the track, just. 00:27:48.089 --> 00:27:50.750 just so they know, like I know there's studies 00:27:50.750 --> 00:27:54.450 that show that like those unexpected surprises 00:27:54.450 --> 00:27:57.150 actually make a massive difference. And they're 00:27:57.150 --> 00:28:00.190 gonna remember that because they weren't expecting 00:28:00.190 --> 00:28:02.369 and it's just one of those things like, oh, that's 00:28:02.369 --> 00:28:04.170 really nice. Everyone loves gifts, but most people 00:28:04.170 --> 00:28:08.690 like gifts. Yeah. We went to a cafe on the weekend. 00:28:08.769 --> 00:28:10.869 We were traveling around and you know, if we're 00:28:10.869 --> 00:28:12.950 in the area again, we'll go back So this is good 00:28:12.950 --> 00:28:16.089 customer attention in that regards But we ordered 00:28:16.089 --> 00:28:17.849 what's food we ordered, you know, I'd raise my 00:28:17.849 --> 00:28:20.069 files was whatever cool. Yep, and the food came 00:28:20.069 --> 00:28:23.250 out And then some more food came out that we 00:28:23.250 --> 00:28:25.150 didn't order. Oh just you know, we'll be showing 00:28:25.150 --> 00:28:27.190 the kitchen in 45 minutes I just thought you 00:28:27.190 --> 00:28:31.039 might want this we had too much food at this 00:28:31.039 --> 00:28:33.480 point and I'm trying not to eat as much so that 00:28:33.480 --> 00:28:36.500 was a bit of a problem but um it was nice and 00:28:36.500 --> 00:28:38.440 then we're getting near the end of the meal and 00:28:38.440 --> 00:28:41.539 then some um I think it was date loaf was what 00:28:41.539 --> 00:28:43.400 Claire said told me it was I thought it was for 00:28:43.400 --> 00:28:45.880 a cake but um it was very nice it was the best 00:28:45.880 --> 00:28:48.359 cake I've had for a long time and um it just 00:28:48.359 --> 00:28:50.940 came out near the end of the oh you almost done 00:28:50.940 --> 00:28:52.940 oh here's a little slice of this for you too 00:28:52.940 --> 00:28:56.480 you know are we going to go back if we're in 00:28:56.480 --> 00:28:58.559 the areas a long way away from our house? But 00:28:58.559 --> 00:29:00.839 what if we go back if it was close by? Yeah, 00:29:00.839 --> 00:29:04.059 definitely. So, you know, that's probably could 00:29:04.059 --> 00:29:06.180 be go down to wastage for them, or maybe they 00:29:06.180 --> 00:29:07.859 were going to take it home or whatever it was. 00:29:08.039 --> 00:29:09.660 But and they're doing it for the tables around 00:29:09.660 --> 00:29:13.940 us as well. But you get that sort of easy giveaway, 00:29:14.099 --> 00:29:16.200 like you mentioned in there, Z, creates a bit 00:29:16.200 --> 00:29:20.980 of one, leave a good review, no brainer, but 00:29:20.980 --> 00:29:24.500 much more likely to come back. Yep. When when 00:29:24.500 --> 00:29:29.259 a business for example like everyone makes mistakes 00:29:29.259 --> 00:29:36.519 and I think it's pretty People can assume that 00:29:36.519 --> 00:29:38.720 when when they make a mistake that customers 00:29:38.720 --> 00:29:41.000 not coming back But that's not necessarily the 00:29:41.000 --> 00:29:43.500 case because it could actually give you a it's 00:29:43.500 --> 00:29:47.920 a good chance to be transparent and quite vulnerable 00:29:47.920 --> 00:29:50.359 in the way that you help fix that problem, which 00:29:50.359 --> 00:29:55.480 then builds a better relationship with that customer 00:29:55.480 --> 00:29:57.880 because they know that you're reliable. Humanises 00:29:57.880 --> 00:29:59.960 the brand. Yeah, exactly. It's not the mistakes 00:29:59.960 --> 00:30:01.960 you make, it's how you respond to them. Yeah. 00:30:03.839 --> 00:30:07.220 Again, people like dealing with people. So if 00:30:07.220 --> 00:30:09.000 they, like they can't... That's a good quote, 00:30:09.200 --> 00:30:12.660 Zee. Thank you, came up with it myself. I've 00:30:12.660 --> 00:30:16.920 seen a graphic, it must be true. But yeah, they 00:30:16.920 --> 00:30:22.869 don't expect perfection. They just want you to 00:30:22.869 --> 00:30:25.950 be honest should a mistake be made and I don't 00:30:25.950 --> 00:30:28.250 think that a mistake is the end of the world 00:30:28.250 --> 00:30:31.009 Especially when it comes to customer retention, 00:30:31.009 --> 00:30:32.589 but if you're not making mistakes, you're not 00:30:32.589 --> 00:30:34.990 trying anything new Well, it depends on your 00:30:34.990 --> 00:30:36.289 history You probably don't want to make mistakes 00:30:36.289 --> 00:30:38.390 if you you know sending bits out of space or 00:30:38.390 --> 00:30:40.750 whatever But even then Elon's making plenty of 00:30:40.750 --> 00:30:42.390 mistakes and blowing up rockets and he's trying 00:30:42.390 --> 00:30:47.480 to blow up rocket correct but I think Some people 00:30:47.480 --> 00:30:48.819 might be able to go well, we don't want to make 00:30:48.819 --> 00:30:51.039 mistakes just to retain customers So we can show 00:30:51.039 --> 00:30:52.660 that we're good at making fixing our mistakes, 00:30:52.660 --> 00:30:55.180 right? Yeah, but I think it's how you communicate 00:30:55.180 --> 00:30:57.880 so it's been clear to your customers who you 00:30:57.880 --> 00:31:00.359 are and how you deal with things because People 00:31:00.359 --> 00:31:02.400 don't know sometimes unless you tell them or 00:31:02.400 --> 00:31:03.859 they experience it if they don't experience you 00:31:03.859 --> 00:31:06.859 need to tell them and then remind them and and 00:31:06.859 --> 00:31:10.180 continually remind them but I say to people within 00:31:10.180 --> 00:31:13.359 our business and being exact and precise is very 00:31:13.359 --> 00:31:16.829 important, but so look we have a variety of of 00:31:16.829 --> 00:31:20.690 people, a variety of experiences. And everyone's 00:31:20.690 --> 00:31:22.289 going to try their best and everyone's going 00:31:22.289 --> 00:31:25.029 to try to get everything right. But if we do 00:31:25.029 --> 00:31:27.529 get it wrong, we're going to fix it. We're going 00:31:27.529 --> 00:31:28.670 to make sure it's fixed and we'll make sure it 00:31:28.670 --> 00:31:32.730 doesn't happen again. And people with that upfront 00:31:32.730 --> 00:31:35.549 expectation go, I like that because other firms 00:31:35.549 --> 00:31:37.650 would go, we're not going to make mistakes. But 00:31:37.650 --> 00:31:39.950 that's not true. Sometimes you do make a mistake. 00:31:41.869 --> 00:31:43.450 And the only difference is the customer never 00:31:43.450 --> 00:31:45.759 finds out. So is that a good thing or a bad thing? 00:31:45.819 --> 00:31:47.299 If it's to do with confidentiality, it might 00:31:47.299 --> 00:31:51.440 be a bad thing or a good thing, but it could 00:31:51.440 --> 00:31:53.460 just be there's a mistake made, doesn't get fixed, 00:31:53.519 --> 00:31:55.140 they just don't tell the client it was a mistake. 00:31:55.680 --> 00:31:58.099 So the client's missing out on, let's say, accounting 00:31:58.099 --> 00:32:00.339 terms, they could be missing out on $10 ,000 00:32:00.339 --> 00:32:02.259 worth of tax deductions every year. They never 00:32:02.259 --> 00:32:03.619 know because they think that their accountant's 00:32:03.619 --> 00:32:06.279 good and the accountant never said, oh, we actually 00:32:06.279 --> 00:32:08.740 need to go fix last year because we made a mistake. 00:32:10.240 --> 00:32:14.559 And I think it's that retention policy better 00:32:14.559 --> 00:32:17.059 communicated up front. Here's how we do things, 00:32:17.220 --> 00:32:19.039 here's how we view the world. When we do go wrong, 00:32:19.619 --> 00:32:22.339 blah. Transparency. And then being real. Yeah, 00:32:22.660 --> 00:32:25.299 clients, then we don't necessarily need the bottle 00:32:25.299 --> 00:32:27.539 of wine. We like dealing with you because we 00:32:27.539 --> 00:32:34.359 trust you. Yep. So we're looking at building 00:32:34.359 --> 00:32:36.880 emotional connection, essentially, like that 00:32:36.880 --> 00:32:40.680 seems to be the theme across all of the solutions. 00:32:42.220 --> 00:32:44.160 We're trying to get past the cognitive and talk 00:32:44.160 --> 00:32:46.660 to the limbic from a psychology of sales. Yeah. 00:32:46.779 --> 00:32:49.859 Yeah. That's the, it just feels good to shop 00:32:49.859 --> 00:32:52.740 here. Yeah. And you can have the people that 00:32:52.740 --> 00:32:54.920 walk in, walk out, no problem, get what they 00:32:54.920 --> 00:32:57.920 want. Transactional. Yeah. Whereas you can greet 00:32:57.920 --> 00:33:01.279 customers by name or you can write thank you 00:33:01.279 --> 00:33:03.500 notes for people that have come back on a second 00:33:03.500 --> 00:33:08.519 visit or you could do the early drops so that 00:33:08.519 --> 00:33:11.380 they become involved and feel really valued. 00:33:12.480 --> 00:33:14.500 There's something about walking into a store, 00:33:14.539 --> 00:33:16.440 whether it's your local coffee shop or it's your 00:33:16.440 --> 00:33:19.240 local hardware store, and they're like, g'day 00:33:19.240 --> 00:33:21.079 Ian, how you going? It's just something about 00:33:21.079 --> 00:33:23.500 the staff know you that makes you feel special. 00:33:23.700 --> 00:33:25.640 And that's probably going right back to the start 00:33:25.640 --> 00:33:28.920 of where we started talking, was it makes you 00:33:28.920 --> 00:33:32.559 feel welcome. It makes you feel special. It's 00:33:32.559 --> 00:33:36.880 your status. Yep. So, yeah, make people emotionally. 00:33:37.500 --> 00:33:40.640 invested, give them the status, give them that 00:33:40.640 --> 00:33:42.640 priority, make them feel like they're important 00:33:42.640 --> 00:33:46.079 or they have something, you know. And from a 00:33:46.079 --> 00:33:50.160 purely clinical standpoint, take emotion out 00:33:50.160 --> 00:33:53.319 of it as the person selling the product. It's 00:33:53.319 --> 00:33:57.619 not that hard to do. People buy what they want 00:33:57.619 --> 00:33:59.240 to buy. People will buy what they want to buy, 00:33:59.299 --> 00:34:01.140 but also people buy what they didn't know they 00:34:01.140 --> 00:34:05.670 wanted to buy. There's plenty of times that every 00:34:05.670 --> 00:34:07.130 single person on this planet has walked out of 00:34:07.130 --> 00:34:09.429 his shop and gone, why the hell did I buy that? 00:34:10.170 --> 00:34:14.309 What was I doing? An emotional purchase. And 00:34:14.309 --> 00:34:16.949 you look at it and go, there's a couple of hundred 00:34:16.949 --> 00:34:19.329 bucks I didn't need to spend. What was I doing? 00:34:19.650 --> 00:34:21.250 That was an emotional purchase. How's that retaining 00:34:21.250 --> 00:34:24.750 someone? It's not retaining someone. That's that 00:34:24.750 --> 00:34:29.150 buyer's regret. But from a hacking the brain 00:34:29.150 --> 00:34:33.789 point of view, it's not that hard. It's not that 00:34:33.789 --> 00:34:38.630 hard to manipulate a very very nasty word but 00:34:38.630 --> 00:34:41.949 manipulate someone to be in a buying mode which 00:34:41.949 --> 00:34:44.550 again is not retention and it's probably not 00:34:44.550 --> 00:34:48.090 going to retain business but we see a lot of 00:34:48.090 --> 00:34:52.909 people use those tactics. So what you're saying 00:34:52.909 --> 00:34:55.409 is that you can do good and you can do bad. So 00:34:55.409 --> 00:34:56.849 when we're talking about customer attention, 00:34:56.949 --> 00:34:59.010 we want to emotionally make people feel good 00:34:59.010 --> 00:35:00.829 in whatever way that is. So some people are just 00:35:00.829 --> 00:35:02.510 going to want to get a bargain and that makes 00:35:02.510 --> 00:35:04.289 them feel good. Just count, you know, you've 00:35:04.289 --> 00:35:06.510 got your coupon. Some people want to just a bit 00:35:06.510 --> 00:35:09.570 of status as far as I can skip the queue. I can 00:35:09.570 --> 00:35:11.710 know early, I can board before everyone else. 00:35:12.769 --> 00:35:15.050 Some people want to just pat on the back and 00:35:15.050 --> 00:35:17.949 say, thanks for shopping. Hey Z. Welcome back. 00:35:19.250 --> 00:35:21.949 But then you're saying people can also use those 00:35:21.949 --> 00:35:24.849 emotional things for the bad way. But I think 00:35:24.849 --> 00:35:27.610 what we're trying to say is that with customer 00:35:27.610 --> 00:35:29.329 attention, probably number one is we want to 00:35:29.329 --> 00:35:32.130 make people feel good and we want to make sure 00:35:32.130 --> 00:35:34.090 that's well communicated. That's what our goal 00:35:34.090 --> 00:35:37.449 is. And understanding. Then you're probably going 00:35:37.449 --> 00:35:40.369 to retain most of your customers. Understanding 00:35:40.369 --> 00:35:44.530 the psychology of it is of the utmost importance 00:35:44.530 --> 00:35:47.619 because Yes, you could use that for evil, if 00:35:47.619 --> 00:35:50.960 you want to call it evil. But understanding how 00:35:50.960 --> 00:35:54.960 to help your customers feel better about your 00:35:54.960 --> 00:35:57.159 brand. Well, it's not, there's no manipulation 00:35:57.159 --> 00:35:59.360 involved whatsoever. It's people want to feel 00:35:59.360 --> 00:36:00.940 good. People want to deal with people. They want 00:36:00.940 --> 00:36:02.579 to buy what they want to buy. So we're just trying 00:36:02.579 --> 00:36:04.460 to make that the best experience possible. 100%. 00:36:04.460 --> 00:36:07.719 So if we do this, we know this will happen. Yeah. 00:36:08.780 --> 00:36:13.260 Add a bit of an idea when it comes to just the 00:36:13.260 --> 00:36:17.320 final thought, I guess. when you're not really 00:36:17.320 --> 00:36:19.420 sure what people would appreciate. So if you're 00:36:19.420 --> 00:36:21.619 stuck in that situation where you're just not 00:36:21.619 --> 00:36:24.420 sure, what you could do is, I'm sure there's 00:36:24.420 --> 00:36:28.599 like five, maybe 10 customers that you know are 00:36:28.599 --> 00:36:31.139 regulars and they constantly come back in, you 00:36:31.139 --> 00:36:36.219 could... for use of a better word, an advisory 00:36:36.219 --> 00:36:38.760 team, where your customers come in a couple of 00:36:38.760 --> 00:36:40.579 times a year, just tell you what's going well 00:36:40.579 --> 00:36:42.960 and what's not going well. I mean, that's literally 00:36:42.960 --> 00:36:44.699 gonna... The customers that deal with you all 00:36:44.699 --> 00:36:47.079 the time, your best customers know exactly why 00:36:47.079 --> 00:36:48.840 you're good to deal with and why they keep coming 00:36:48.840 --> 00:36:50.800 back. Say, hey, why do you love dealing with 00:36:50.800 --> 00:36:52.320 us? We like this, this, this, this, there you 00:36:52.320 --> 00:36:55.400 go, communicate that to everyone. And the most 00:36:55.400 --> 00:36:57.039 important question in that is what could we do 00:36:57.039 --> 00:37:00.159 better? Yep. because the what could we do better 00:37:00.159 --> 00:37:03.019 is why some customers aren't shopping with you. 00:37:03.239 --> 00:37:06.659 An interesting conversation yesterday, I answered 00:37:06.659 --> 00:37:09.099 a phone call I wouldn't normally answer and anyway 00:37:09.099 --> 00:37:11.699 it was a person talking about payments and what 00:37:11.699 --> 00:37:13.780 was overdue and what was not overdue and I said 00:37:13.780 --> 00:37:17.019 well I'm here and may as well sort that out and 00:37:17.019 --> 00:37:20.760 put a different hat on and I said I'm a bit confused 00:37:20.760 --> 00:37:22.239 about this and I paid that and I paid that, can 00:37:22.239 --> 00:37:23.820 you tell me? I said okay, this one's this one, 00:37:23.880 --> 00:37:25.119 this one's this one, this one's this one, okay 00:37:25.119 --> 00:37:29.050 you got two outstanding. Oh yeah, just, it's 00:37:29.050 --> 00:37:30.670 really frustrating with this new business, how 00:37:30.670 --> 00:37:33.409 it builds. Like I can't figure it out. What? 00:37:33.530 --> 00:37:36.349 Oh, okay. Well, what could we do better? You 00:37:36.349 --> 00:37:38.409 know, happy to take on feedback and change your 00:37:38.409 --> 00:37:43.309 thing. Oh, no, nothing really. Just, it just 00:37:43.309 --> 00:37:45.130 seems like a lot more than what I'm used to get. 00:37:46.210 --> 00:37:48.429 I'm like, oh, okay. And then I mentioned, so 00:37:48.429 --> 00:37:51.730 we'll just clarify that this one here is from 00:37:51.730 --> 00:37:54.949 whatever before that was late. This one was here 00:37:54.949 --> 00:37:56.469 and this one's the one you get every year. So 00:37:56.469 --> 00:37:58.159 it's just. sort of time to be all at the same 00:37:58.159 --> 00:37:59.860 time, which would be unusual. So that's probably 00:37:59.860 --> 00:38:03.239 why, but it was that communication of what could 00:38:03.239 --> 00:38:06.760 we do better? That client's not feeling great 00:38:06.760 --> 00:38:09.619 is their perception is not great. If you ask, 00:38:09.820 --> 00:38:11.800 what can we do better? And then she's gone, Oh 00:38:11.800 --> 00:38:15.119 yeah, I knew all of that. So there wasn't actually 00:38:15.119 --> 00:38:18.139 a problem. She knew everything was right, but 00:38:18.139 --> 00:38:20.320 she just wanted to grizzle. But that acknowledgement 00:38:20.320 --> 00:38:23.989 of the grizzle. hopefully then helps. Yeah, hopefully 00:38:23.989 --> 00:38:25.530 helps. Whereas if you don't acknowledge that, 00:38:25.550 --> 00:38:28.309 she's going to continue that feeling until she 00:38:28.309 --> 00:38:31.849 has a good experience. So that might be a positive, 00:38:31.889 --> 00:38:33.849 it might be a negative, but that acknowledging 00:38:33.849 --> 00:38:35.809 or asking what can we do better is very good. 00:38:35.829 --> 00:38:37.670 If you hadn't had that touch point, that could 00:38:37.670 --> 00:38:40.110 end up six months from now, a year from now, 00:38:40.190 --> 00:38:43.090 two years, five years from now, someone leaving. 00:38:44.010 --> 00:38:45.630 For essentially no difference in a price, no 00:38:45.630 --> 00:38:48.969 difference in a service. And maybe not saying 00:38:48.969 --> 00:38:52.119 nice things. Correct. for a simple phone call. 00:38:52.920 --> 00:38:58.139 So we want to leave our listeners with a few 00:38:58.139 --> 00:39:02.420 questions to reflect on. So we've got, what are 00:39:02.420 --> 00:39:06.039 you doing to make your customers feel seen or 00:39:06.039 --> 00:39:10.119 important? What could you do to build a customer 00:39:10.119 --> 00:39:13.820 journey beyond just a single purchase? And are 00:39:13.820 --> 00:39:17.099 you creating little moments of surprise that 00:39:17.099 --> 00:39:19.380 your customers will tell their friends about? 00:39:20.079 --> 00:39:22.719 I think those are the three reflection points 00:39:22.719 --> 00:39:26.880 that you can take in action. And simple. Very 00:39:26.880 --> 00:39:30.260 simple. Yep. Yep. Make it simple. Have a conversation 00:39:30.260 --> 00:39:32.360 with your team. Yeah. Otherwise it will become 00:39:32.360 --> 00:39:35.579 exhausting. Just make sure that it has that emotional 00:39:35.579 --> 00:39:37.760 impact. It's not about what you do. It's the 00:39:37.760 --> 00:39:41.579 result it gets. So. Yep. Awesome. All right. 00:39:42.039 --> 00:39:45.480 That's a tagline if everyone. We'll wrap it up 00:39:45.480 --> 00:39:47.900 there. See you everyone. Cheers. Bye.