A Screen Door on a Submarine
So excited to be interviewed by Angelo Ponzi on the Business Growth Cafe recently. It was my first time on a podcast. Please listen to it and let me know if I fumbled or sounded nervous. https://businessgrowthcafe.podbean.com/e/launching-a-new-product-or-service-is-never-straight-line-to-success/.
Angelo (who by the way is an outstanding fractional CMO) and I discussed my new venture, CEO Axxess that I will be launching after the July 4th holiday. CEO Axxess's mission is to help companies acquire and retain key clients. Business is tough today and companies are feeling the pain of losing clients along with the struggle of enticing new clients to move their relationships.
There is a shift occurring in the market that began before the economic shutdown that will only accelerate as businesses begin to open up. The Information Age has created a commodity-based economy. I am not referring to soybeans or cattle. I am talking about how clients first shop for services and products by comparing prices and reviews online long before they pick up their phones or step foot into businesses. I’m sure many of us have done the same. I know I have.
So, what do we do about? Do we continue to compete on price with razor thin margins, or pile on more features and benefits to products or services that are not valued by clients? Did you know that it cost organizations six to seven times more to acquire new clients versus retain existing clients? Or that most organizations lose 50% of their clients between years two and five?
I’m a visual person and like to use the metaphor of “the screen door on at the back of a submarine”. So many businesses are focused on where they are trying to go that they forget that they are sinking because they forgot to close the back door.
But, did you also know that if you implement a client-centric strategy that demonstrates you care, that organizations experience explosive revenue growth with as little as a 5% improvement in client retention? And, with a client-centric strategy to retain key clients, new clients will more readily come on board and be less price sensitive.
Joseph Pine, in his book The Experience Economy talks about how companies in order to sustain their own economic vitality must find ways to deepen client relationships. How does an organization do that when cash flow is tight and times are so uncertain? How do we affordably help transition customers to clients and then clients for life? The metamorphosis taking a customer on this journey can be daunting and expensive if you do not have an experienced guide with an innovative program to help you make this transformation seamless. That’s where CEO Axxess comes in. If you would like to learn more, please reach out directly to me to schedule a meeting.
Also, if you would like to learn more about the services Angelo Ponzi provides you can find him on the web at www.theponzigroup.com or by emailing him at email@example.com.
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Founder & Chief Facilitator