Today I want to share with you one of the most important things I learned growing my business to half a million dollars in revenue in just 3.5 years.
This is the thing that helped me shift from a plateau of $10,000-$15,000 months to now bringing in consistent $30,000+ months with greater ease and more white space in my calendar than ever before.
This is the thing that helps me do things like spend several weekends away at luxury resorts every month while I live in Thailand.
And it’s that simple.
Customer retention.
What is Customer Retention?
Customer retention is all about keeping your existing customers.
You see, every customer you welcome into your world has something called Customer Lifetime Value. The higher this number, the better. Because it costs money to bring new customers into your world.
In fact, Forbes reported that acquiring new customers can cost five to seven times more than retaining an existing one.
In 2023 our customer retention rate is over 80%. But it wasn’t always this high.
Improve your customer retention with this simple change
The moment of full transparency here.
When I first started my online business, one of the things that happened over and over again was that I would sign up clients to my coaching containers, but as soon as the three months of their coaching were up, the client would leave.
They wouldn’t sign with me again and I knew it wasn’t because I provided a subpar experience because the feedback was amazing and all of my clients seemed genuinely happy with me.
I spent so much time racking my brain over this… I couldn’t for the life of me understand why people didn’t stick.
And then it hit me. They literally had nowhere to go.
My offers were not structured in a way that was designed for long term retention.
Fast forward to today and you can see a clear customer journey that my audience can follow as they move further in their business.
Moreover, because my high-touch hybrid container, the Freedom CEO Accelerator, is designed in such a way that clients always have access to the best resources, training and guest experts from leaders in different fields. there is something to cling to. They can consistently populate their knowledge even if they sign into the same container again.
It is not a fixed offer, it is flexible and adapts to my client’s needs.
This helps me provide an elevated customer experience as well.
Delivering a next-level customer experience
Which brings me to the next point, keeping your customers happy.
Which can be done in many ways. Of course, the obvious is their results, but there are other things that are often overlooked by younger business owners.
Unfortunately, I was in coaching containers where I didn’t feel fully supported and that’s why I’m very passionate about my clients feeling supported from the moment they apply to work with me.
I’ve invested in technology and automation that allows for a seamless onboarding process and providing extra touches like check-in forms with my clients so they can really get the most out of our time together.
Check-in forms are a great method of accountability for my clients, but also for me as their coach, and it allows me to see any gaps in their strategy, but also gives me the opportunity to fill in any gaps I notice coming from the end my
This is exactly why I recently brought on a resident mindset coach to support my clients within our containers.
While I certainly have skills and tips to improve your mindset, I’m not specifically a mindset coach, and I knew my clients would benefit from constant in-house support from someone who specializes in this.
Because mindset swings come up a lot for an entrepreneur scaling their online business. I talked about this recently in a customer case study – new levels, new devils, right?!
Master the other six-figure foundations
After working on your suite of offers and how to keep your customers happy through a great customer experience, you’ll be in a much better place to improve your customer retention rates.
The above are the exact things I implemented and I have no doubt that it helped me reach half a million dollars so quickly and I know it can work for you too!
But there is more on that.
Get that crystal clear on who you’re serving and why.
Nail your messaging so that you still attract new faces while retaining old ones.
Strategize and systematize everything you can within your business to deliver an improved customer experience while taking your time back.
Creating long-term stability in your business.
Luckily, I’ve got you, because it’s all included in Six Figure Foundations. totally mine Free 7-module mini-course that will give you everything you need to set yourself up for six-figure success.
I can’t wait to see you inside!
Talk to you soon
Claudia xx
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