5 • 867 Ratings
🗓️ 7 February 2023
⏱️ 19 minutes
🧾️ Download transcript
It’s the people that help drive your business. Today, Leila (@LeilaHormozi) dives into customer retention and the five things you can do to break through this barrier and take your business from wherever it's today to 10 million and above.
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:
(3:11) - How do we define customer success?
(9:27) - 1st way to retain a customer: track, measure, and share ROI to the customer
(10:11) - 2nd way: make sure that the pre and post-sale experience match
(11:46) - 3rd way: shorten the time to value.
(14:50) - 4th way: embody the principle that you never stop onboarding
(16:46) - 5th way: always fill in the product gaps
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Click on a timestamp to play from that location
0:00.0 | If you have a great experience, but you have no results, you typically a very unpredictable turn. |
0:05.4 | Some people will stay because they really like the experience. They love your team. They feel good |
0:08.6 | when they talk to you. But then when people leave, it's really unexpected. You don't understand why. |
0:12.1 | But it's usually because you're not getting them any results. |
0:15.4 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. Now I'm growing |
0:21.4 | acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons I've |
0:25.8 | learned in scaling big businesses and helping our portfolio companies do the same. |
0:29.8 | Buckle up and let's build. Listen, most people assume it's lack of marketing, lack of sales, |
0:37.1 | lack of product market fit. |
0:38.5 | Yes, all those things are important, but there's one thing that's specifically missing |
0:42.1 | that most people never pay attention to and honestly never figure out in business. |
0:46.1 | And that's why they just continue to over and over again start another business and another |
0:49.7 | and another. |
0:50.2 | And they hit the ceiling that they can't get past because they don't get this one central concept. |
0:55.4 | So the way that I discovered this concept was that when we started building our software, Alan, |
0:59.9 | which we ended up selling about a year and a half ago, I started studying everything I could think of |
1:03.9 | and everything I could find on software. And when I was studying software, I realized that so many of |
1:08.4 | those aspects applied to service businesses, but the reason it was so good to find from software is that people in the software industry |
1:14.9 | and who have software businesses are much more quantitative than those who are not. |
1:19.5 | Because when you have a piece of software, you're much more likely to have different data sources |
1:23.5 | built in and more tracking and more KPIs and more metrics, whereas a service business doesn't |
1:27.6 | need those to survive. And so a lot of the times, software has better metric tracking than does service |
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