Is Churn Dead?? | Ep 167

The Game with Alex Hormozi

Alex Hormozi

How To, Business, Entrepreneurship, Education

4.9 • 4.8K Ratings

🗓️ 27 November 2019

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"Churn is important so that you know that there is a problem, but it is very difficult to implement solutions to try and fix churn." Today, Alex (@AlexHormozi) discusses how to improve customer lifetime value by focusing on leading indicators of churn, such as customer activation points. He also talks about the importance of properly setting customer expectations and bringing in highly qualified customers.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(1:49) - Rich people think about what poor people don't.

(3:14) - Focus on leading indicators of churn, as it is a late sign of issues.

(6:19) - Customer expectations and transparency.

(8:35) - Qualifications can change results and require less effort.

(11:56) - Onboarding is a leading retention indicator.

Follow Alex Hormozi’s Socials:

Transcript

Click on a timestamp to play from that location

0:00.0	Real quick guys, if you can think about how you found this podcast, somebody probably
0:03.8	tweeted it, told you about it, shared it on Instagram, or something like that.
0:07.5	The only way this grows is through word of mouth. And so I don't run ads, I don't do sponsorships,
0:12.2	I don't sell anything. My only ask is that you continue to pay it forward, do whoever showed you,
0:16.4	or however you found out about this podcast that you do the exact same thing. So if it was a review,
0:21.0	if it was a post, if you do that, it would mean the world to me and you'll throw some good comment
0:24.3	out there for another entrepreneur. Good morning everyone. Happy Monat,
0:28.1	Go Monday, Money Monday, Med this Monday. I wanted to make a video today about something that
0:35.0	I've been thinking about a lot and that I've been digging into, which is churn. Now, I know,
0:40.0	before you, before you're like, oh my gosh, this isn't about client acquisition, which means
0:43.8	it's less interesting. FYI, the, if you look at charts of businesses in terms of business size,
0:51.2	like revenue, you have the SMB, which is very small business owner, which is like solo printer.
0:55.5	You have SMBs, which are small business owners, typically brick and mortar business owners who are
0:59.6	you know, an owner with three to five employees. Then you have mid market, which is where you're
1:04.0	talking about, you know, 50, you know, 30, 15 employees, and then you've got, and that's kind of a
1:08.7	wide range and that can go up to several hundred. And then you've got enterprise, right? Big corporations.
1:13.7	And so what's interesting is that if you look at what everyone is focused at each of those levels,
1:18.5	the people who are the most focused on acquisition and marketing and sales and all that stuff are
1:24.6	bottom bottom part of that ladder. And the top part of that ladder are the people who are most
1:29.2	interested in activation lifetime value, client engagement, things like that, happiness scores.
1:34.6	And that should be some sort of an indicator to you of the people who make the most money are
1:38.4	thinking about the things that the people who are not making the most money are not thinking about.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Alex Hormozi, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Alex Hormozi and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.