Don't Chase Growth, Do This Instead -

Don’t Chase Growth, Do This Instead

ISSUE #90

While most marketers get caught up in the chase to acquire new customers, they often miss the forest for the trees.

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While most marketers get caught up in the chase to acquire new customers, they often miss the forest for the trees.

They fail to realize the risks that come with having to hunt for new business each month. The larger a business becomes, the harder it becomes to sustain while relying mostly on external growth channels.

The businesses that are best set up for long term success are the ones that have high levels of durable revenue.

That comes from having customers who stick around for a long time (retention) and from having customers who bring you more customers (referrals).

Today’s deep dive will cover how to onboard customers & clients so that the relationship is set up from the start to have high levels of both retention and referrals.

Let’s dive in

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DEEP DIVE –

Part 1:
The Why

The dynamics that are set at the very beginning of a relationship set the foundation for everything that comes after.

In fact, most of the recurring problems that you have with customers or clients could likely be avoided through more clear communication, expectation setting, and resource sharing during the onboarding process.

A great process not only gives a new client the necessary information, context, and tools they need in order to be an ideal client but it also gives your business the information it needs in order to be the ideal provider of service and solutions to the client.

When done well, you can expect a lift in these areas:

The quality, length, and value of your customer relationships
Client satisfaction rating & your business’ reputation
Referral rate, quantity, and enthusiasm

Plus a decrease in complaints, cancellations, refund requests, negative word of mouth, and costs related to supporting confused or unhappy clients.

This means that a strong onboarding process isn’t meant to “just” help support your new clients but it can also support the health and growth of your business too.

Are you on board with these benefits?

Great.

Part 2:
The How

Depending on the type of business you have and what you sell, you may have 1-on-1 onboarding, group onboarding, self-service onboarding, or some sort of hybrid.

It doesn’t matter the method, there are ways to bake in everything shared below.

Step 1 – Clarity Over Everything

A person’s expectations at the start have a massive impact on their experience working with you.

If someone expects to make a million dollars through your offer but “only” makes $500k, they’re likely to be disappointed.

If they expect to make $250k but then make $500k, they’re going to be thrilled.

It must be clear at the start that you and they are on the same page with what the shared goals are for your work together so that both sides are focused and happy working together towards the agreed upon outcomes.

A great question to ask new clients in onboarding is known as the Dan Sullivan Question:

“If we were having this meeting at the end of our time working together and were looking back over the results, what has to have happened in order for you to feel happy about your progress?”

Once you know exactly what success looks like for them, you can set up clear expectations for the timeline around their key objectives and milestones.

Step 2 – Customizable Standards

On one hand, you want a streamlined process for your team members to be able to follow.

On the other hand, you want to respect the unique needs and preferences of your individual clients.

The overall process should be standardized but with some built in customizations based on common distinctions between client type, needs, preferences, attributes, etc.

There is a delicate balance to strike between being streamlined and ensuring clients feel personally attended to & cared about.

Whether it happens in the sales process, in an intake form, or on an onboarding call — collect some key information to help you customize within the standard process to ensure new clients can be impressed not just by the efficiency of your process in general but also by the personalized care you gave them specifically.

Step 3 – Surprise & Delight

Providing good results for your clients is the bare minimum.

They wouldn’t have bought from your business amongst all the other options out there if they didn’t expect positive results from doing so.

If you want to be far above average in your industry when it comes to client retention, client lifetime value, and the amount of business you earn through referrals….

….you need to give clients an experience that is far above average.

It needs to be remarkable in some way.

The benefit of doing so is that every time you delight a customer, you create an opportunity to make a valuable ask of them to provide a testimonial or a referral.

The good news is that the better you do at this, the more you acquire high value customers for free. Which means that resources that were previously spent to acquire new customers can be reinvested towards surprising and delighting existing customers.

The number of ways to do this is endless but to get your brainstorm started, here are a handful of ideas:

Host events where customers & clients are invited as VIPs
Send physical gifts or notes to help celebrate key milestones
Have a team member follow customers & clients on social media to be able to give more personalized support, solutions, and gifts
Create community amongst your customers so the value they receive extends beyond what your business directly provides

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Thanks for reading

Thank you for reading today’s Growth Memo! We hope you enjoyed it.

See you in a few days!

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