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Build with Leila Hormozi

How to Keep Every Customer | Ep 130

Build with Leila Hormozi

Leila Hormozi

Education, Entrepreneurship, Management, How To, Business

5867 Ratings

🗓️ 8 April 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

“How do you double your business without getting more customers? You get them to stay longer.” Today, Leila (@LeilaHormozi) shares strategies drawn from her experience in scaling businesses, focusing on enhancing customer satisfaction and preventing churn. She covers six key principles for increasing customer lifetime value, such as effectively tracking ROI, understanding customer activation, and evolving products in line with market changes.

Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.

Timestamps:

(0:34) - The honeymoon phase in customer relationships

(4:19) - Secret shopping: a deep dive into customer experience

(7:03) - 1st principle: mastering customer activation

(11:00) - 2nd principle: the power of tracking and displaying ROI

(16:03) - 3rd principle: the mirror effect in customer retention

(18:16) - 4th principle: accelerating time to value

(22:37) - 5th principle: enhancing customer success through feedback

(24:40) - 6th principle: evolving with the market for customer success

Follow Leila Hormozi’s Socials:

LinkedIn | Instagram | YouTube | TwitterAcquisition 

Transcript

Click on a timestamp to play from that location

0:00.0

If you want to keep customers engaged, you need to remind them constantly that you are providing

0:05.3

value.

0:06.1

They don't know what you're doing if you don't tell them.

0:09.5

You need to tell people who are external from your business what you're doing internally.

0:19.1

How do you create an unshakable business? I cross $100 million in net worth by the age of 28.

0:24.8

Now I'm growing Acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons I've

0:29.6

learned in scaling big businesses and helping our portfolio companies do the same.

0:33.7

Buckle up and let's build. Did you know that just like dating, there's a honeymoon phase for your customers as well?

0:42.2

So just like when you get into a new relationship, you're all like lovey-dovey, all you want

0:45.9

to do is make out with the person all the time. The same goes for customers. And so the

0:50.8

interesting part is that what that means is that the tendency of every relationship over

0:55.3

time is to actually drift apart. And so similar to some of the best dating advice, which is never

1:00.4

stop dating your spouse, the same could be said for your customers. Really interesting,

1:05.2

but the average company actually has about four times more interaction with the customer prior

1:10.5

to selling them than they do after the sale.

1:13.5

It's no wonder that companies have an issuekeeping customers.

1:16.2

Most of the companies that we look at in Acquisition.com, people can nail getting a customer.

1:20.9

Most companies can get any one person to make a one-time purchase decision, but building a relationship is much more rare. The reason this is top

1:29.5

of mind for me is because we had a portfolio company. And this company specifically kind of raised

1:34.5

the red flag to us. And we also saw the red flag of having a turn issue. And so turn is when you are

1:40.4

losing more customers than you would like, essentially. So it's like how many people per

1:44.3

month are exiting your business? You can say how many people per year? You could say how many people

...

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