If you want to think of some parallels between Spotify, Netflix, and Sirius Radio versus where most of the SMBs are, the one thing they all have in common is their recurring revenue business models.
The super important aspect of a recurring revenue business model is making sure when a prospect jumps over from an opportunity to a new client; you continue delighting the heck out of them.
Your business should be teaching clients how to get the most value out of your products/services, so there is no risk whatsoever of cancellation.
You need to educate them not only about what they have already purchased and invested in but about all the other problems you can solve for them. This concept is called customer marketing.
When customer marketing is done correctly, your clients will become your brand’s best friends, ambassadors, and evangelists. Customer marketing enables your business to generate new leads when your satisfied clients bring you new strangers and promoters.
When customer marketing is done incorrectly, your clients will become evangelists too, except they are running over to Google, Yelp, and G2 Crowd and complaining about your company.
You want to make sure you pay attention to:
- Who they are
- What they want
- What’s driving their purchase decision
- What’s keeping them up at night
- Their goals
- Their challenges
- Their plans
- And customize everything for them
Does your business use customer marketing to hit its client retention goals? Let us know in the Comments below.
To learn more about the modern buyer and how your business can customize its website, marketing, and services, download our eBook, "3 Revenue Growth Opportunities Your Business May Be Missing."