Andrew Lock – Retention Secrets
Ready to learn the
secrets of customer retention?
It all started with a visit to my local gym…
It was a cold January morning in Salt Lake City in 2013, and one of my new year’s resolutions was to get in shape.
Salesman Steve slid the paperwork over his desk to me and as I signed up, I couldn’t help but wonder if I’d beat the stats. Stats? Yeah, ironically, that same morning I had read a news article that said 82% of people who join a gym in January cancel within 3 months!
Woaaah! That’s crazy! That has to be the worst retention rate of almost any industry, right?!
As it happened, this particular gym was well aware of the challenge, and as soon as I had signed on the dotted line, Steve smoothly guided me through a checklist of items clearly designed to WOW me, and avoid the dreaded cancellation.
As a business owner and ever curious marketer, as soon as Steve showed me the new member ‘checklist’ I immediately started studying and analyzing what they were doing, and it made me even more curious.
First, Steve sincerely congratulated me for my decision. Next, he gave me a tour of the facility and introduced me to key members of staff. Then he took me into a high-tech room that looked a bit like a lab, and introduced me to Tiffany, who measured my body mass, blood pressure, heart rate, and so on, as a “baseline to work from.” And so it went on… I was escorted like a celebrity from one area to another, rolling out the red carpet. The tour ended in the on-site juice bar where I was given a really cool sports bag, and then invited to order whatever I liked off the menu, as a welcome gift!
As I was sipping my freshly squeezed “Julicious” juice, Steve explained that all sales staff had been meticulously trained to take new members through a carefully designed ‘hand-holding’ process, and that it was working really well.
“How well?” I asked. I couldn’t help myself.
“Well, let me ask my boss, he’s right here” Steve replied, helpfully.
A quick discussion ensued, and get this… the long and short of it was that the gym had reduced new member cancellations from 74% down to 48%, within the first 12 weeks.
To say that’s an epic result is a gross understatement. It was nothing short of a revolution for their business. They had been able to slash their front-end marketing costs by 62%, and net profits were up more than 25% because they were keeping so many more members than previously.
Bottom line is, they didn’t need to put so much time, effort, and money into customer acquisition anymore, because they were keeping the gym full MOSTLY with existing members!
That experience was 7 years ago, and you might be interested to know that I remained a member of that gym until I moved out of State to California!
More importantly, the cleverly designed retention process I experienced had a huge impact on me, and it led me on a quest to study and master the topic of customer retention.
Fast forward to today, I’m considered a world expert on the topic, I’m invited to speak Internationally about it at industry events like The Subscription Show, and I help companies implement proven systems for customer retention. Some people call me a subscription scientist, but I prefer to say “Retention Geek!“
But before I get too ahead of myself, I want to share the first big ‘aha’ moment I had, with you on the topic of retention…
The Marketing Pendulum Has Swung Too Far!
What do I mean by this? Well, for some bizarre reason…
The vast majority of businesses focus their efforts entirely on customer acquisition and they ignore retention.
It’s true. It’s an epidemic. Some silicon-valley startups even pride themselves on valuing their company based only on the number of new customers they acquire!
Oh, some businesses think they’re giving attention to retention, but I’ll let you in on a dirty little secret… their efforts to ‘handle’ customer retention are usually so misguided they inevitably backfire and give the business a bad reputation.
I’ll prove it to you…
I was recently invited to a roundtable discussion that included the founders of some well-known subscription service companies. The topic of retention came up, and two of the founders gleefully shared that their ‘solution’ to retention was to “hide the cancel button.” I just about spit out the water I was drinking, because I now know that thinking is so misguided! Their ‘fix’ is the exact opposite of what you should do!
Here’s the simple truth that you haven’t been told…
It’s a LOT easier to make money by KEEPING customers,
rather than acquiring them.
So, with the marketing pendulum stuck in position towards customer acquisition, I created a course to help as many businesses as possible to bring the balance back to BOTH customer acquisition and retention. When those two elements are in harmony, a business sees their profits increase, customers are happier, they receive higher valuations during exit, and a host of other benefits.
You’ve spent time and money to get your customers…
Why keep flushing that time and money down the toilet?!
H E L L O !
Let me introduce myself…
My name is Andrew Lock, I’m British, and I’m the presenter of the popular WebTV show, “Help My Business!” and author of 7 best-selling business books, including “Walt Disney’s Way” and “Big Lessons from Big Brands.”
In 2013 I became intensely fascinated by the topic of customer retention. And since then I’ve studied it, tested countless strategies, and devised a proven system.
I’ve helped literally thousands of business owners and entrepreneurs to build a better business and even become financially free.
O N L I N E T R A I N I N G
“Retention Secrets” – The Ultimate Guide to Customer Retention
It’s 100% video based training, designed to help you keep your customers along as possible.
There are 13 modules, and you’ll learn the most advanced and proven member retention strategies that work for any business.
It’s risk-free, and 100% guaranteed.
This could very well be a life-changing opportunity for you. The ability to KEEP customers buying from you over and over again is like pure gold for any business…
What’s Included In The System?
This is a comprehensive training program, with lifetime access!
In this first lesson, I’ll share why it’s so important to give attention to retention, and invite you to consider some powerful case-studies.
In this lesson, I’ll introduce you to the Harvard Business Review study that steered my radically different approach and thinking about retention.
Learning from the old adage: “You can’t improve what you don’t measure”, I’ll show you the two best ways to measure effective retention.
In this lesson you’ll discover the more than 20 wildly different reasons why people stop buying or cancel a subscription service.
In this lesson, we’ll review how MOST businesses unwittingly have the wrong, antiquated approach to customer retention.
In this lesson, we’ll discuss the retention strategy of orientation, which encompasses the entire customer onboarding experience.
In this lesson, we’ll delve into the retention strategy of Instant ROI, which is all about delivering maximum value, fast.
Connection: when customers feel connected to you and your business in some way, they’re far more likely to stick around
In this lesson, we’ll look at how it’s vital to recognize customers at every possible opportunity so they feel valued.
The ladder of ascension is an essential component that most businesses neglect. You’ll see many examples of how to build it.
In this lesson, we’ll go deep into the technical processes of how you manage customers, through your CRM system
In this lesson, we’ll consider how to handle refund requests appropriately, and how to determine genuine requests.
Here’s a taste of what you’ll learn in this course:
- 7 critical retention strategies you must know about and implement
- The paradigm shift in customer acquisition vs retention
- The 2 most frequently made mistakes in onboarding
- What you MUST know about calculating the churn rate
- 4 magic words Netflix uses to drastically reduce cancellations
- The membership trick most SAAS companies don’t know about
- How to (at least) double subscription income
- The giant myth about email communication
- 3 very practical strategies for handling refund requests effectively
- An eye-popping demonstration of the ladder of ascension
- The SECRET that explains why people cancel vs stay
- Why hiding the cancel button invariably backfires
- What to do when someone calls into customer service to cancel
- The communication tool that’s even more effective than email
- 7 step system for creating an effective onboarding video (with scripts)
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