How to Improve Your Customer Understanding
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There is one key difference between making low 7 figures and high 7 figures.
Master the art of this one thing, and you’ll die with 10s of millions (maybe even hundreds of millions) in your bank account.
That one thing is simpler and more complex than you think: sophistication
When moving from low 7 figures to high 7 figures, the difference in customer retention and operational systems is 10x-20x.
It takes a significant amount of intentionality behind the journey of your customer to master influencing their psychology.
Here are two simple processes that will increase the level of customer understanding and influence in your business.
NPS Score
“An NPS score measures customer loyalty by looking at their likelihood of recommending a given business. Your NPS score is measured with a single-question survey and reported with a number ranging from -100 to +100, where a higher score is desirable.”- Qualtrics
In short, an NPS score is a quantitative way to look at how your customers feel and perceive you.
The process of implementing this is simple:
- Identify the questions you want to ask and understand monthly about your customers
- Put them into a form
- Send the form
- Review data
Here are some questions I would encourage you to ask monthly:
- Month one: What were your expectations coming into this collaboration
- Did we meet those expectations (yes, no, somewhat)
- What would you have liked to see done differently?
- How satisfied are you with our service (Highly satisfied, satisfied, dissatisfied, highly dissatisfied)
- How likely are you to recommend (company/product name) to your friend or colleague based on your interaction with our support team
From here, I recommend implementing a monthly review meeting of the data. Every data point can provide us with an opportunity to adjust our process or system to increase retention.
Monthly Reporting & The Grass Isn’t Always Greener Campaign
I find that most data-driven businesses understand that they need monthly reporting, but improving the reporting to reduce the likelihood of churn is something nearly all businesses miss.
There is one simple process you can leverage to improve this in your business to increase LTV…
During months 3-6, clients often consider leaving to go to another service, even if you’re doing a good job!
It is your job as an agency to find out:
- What are other services/businesses your clients considering going to (consciously or unconsciously)?
- What critiques do your clients have about your business?
These critiques can be VERY small. Here are three examples where this can come up:
Newsletter growth agency: “I think I can grow more by spending $$ on newsletter ads on Sparkloop.”
Content Creation Agency: “I think I can save money by writing my own content.”
Ads Agency: “I think I can save money and get the same results with a freelancer.”
There are 1000s of examples where your clients consider other scenarios, it is in the brain’s nature to compare and consider other services!
When you know what those variables are, you can include comparison metrics in your monthly reporting:
There are dozens of more examples in which increasing your level of sophistication will help you grow your business, make sure you keep reading to learn more!
Book a call to work with 8 Figure Agency today!
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