What You’ll Learn From This Episode:
- How technical hurdle can stop you from focusing on your core business
- Getting customer feedback using NPS (Net Promoter Score)
- Why retaining and having a happy customer is important
Related Links and Resources:
We have a free PDF that will show you 6 ways that you can retain more customers without worrying of adding additional traffic and get more people on the top of your funnel. It will be https://paykickstart.com/retention-accelerator/
Mark Thompson is the co-founder of PayKickstart.com - a SaaS that is reinventing the modern-day shopping cart and affiliate management, helping thousands of businesses and Entrepreneurs sell more, maximize customer lifetime value and automate subscription commerce. Mark has spent over a decade in the world of marketing and software, selling over $20+ million dollars of his flagship training programs and software.
Here are the highlights of this episode:
1:38 Mark’s ideal Client: We work with a lot of digital entrepreneurs, who work with a lot of small businesses like solopreneurs, small to medium size businesses anywhere from doing software information products to running a membership site. That's really who we target.
2:00 Problem Mark helps solve: When it comes to accepting payments, managing current payments, managing affiliate partners, there's a lot of technical hurdles that online business owners will encounter. We really alleviate all those technical hurdles when it comes to accepting payments, having your customer go through the buying process, and communicating with your customer throughout the buyer's journey. We handle that for them.
2:46 Typical symptoms that clients do before reaching out to Mark: A lot of the people we talked to have challenges with growth, with scale. They hit a roadblock and they're losing profit and revenue because of XYZ. Every customer we talked to is a little bit different but most of the time this prohibits them from growing their business.
3:25 What are some of the common mistakes that folks make before finding Mark and his solution: The biggest mistake I've seen is that people try to take their billing and affiliate management platform in-house. They try to have development resources, they spent time, money, and energy trying to handle all that themselves. What ends up happening is, it takes them away from their core business, who they're trying to target. All they're to do is sit there and figuring out 'how do I do PayPal integration.. how do I start accepting credit cards..' so they started to do all those stuff from scratch and it takes away from their core business. That's why people or other online businesses will utilize our platform, so that they can integrate seamlessly, they can be set-up right away and they can focus on their core product and service.
4:35 Mark’s Valuable Free Action (VFA): The biggest thing and where things are starting to shift is getting customer value; customer happiness. People are buying, and staying customers if they're happy and they're using your product. So, the main thing that I always tell our customers is you need to gauge on how happy your customers are. Something as simple as doing an NPS score; it's a simple one question of how are we doing, rate it from one to ten. Anyone who's giving you below eight, there's usually something hanging-up in the buyer's journey where you can improve on it. It could be something like pre-sales or could be after the sales. It's important to be able to gather that intelligence and then come out with a system in reaching out to them and getting that customer feedback.
NPS means Net Promoter Score. And like what I said, it's a simple one question. Sometimes people think 'I need to send a survey with 15 questions to my customers' but the problem is customers just like you, everyone's busy. They don't have time to fill-in so many questions. One of the things why NPS is so effective because it's one simple question, you can gather a general sense as to how you're doing. You can monitor that over the course of months and years.
6:21 Mark’s Valuable Free Resource (VFR): We have a PDF that teaches you all about retention, something I wish I knew when I started my online businesses. It's almost impossible to scale a business and grow it if you have customers living you every single month. I've seen businesses that have 10, 20, 30% churns, churns mean people who are cancelling, and you always try to overcome those churning customers with new customers and you never quite get over that hurdle. So, I have a free PDF that will show you 6 ways that you can retain more customers without worrying of adding additional traffic and get more people on the top of your funnel. It will be paykickstart.com/retention-accelerator
7:28 How do truly scale and grow my business? I feel that there's such a misconception with so many entrepreneurs that feel that they just have to focus on traffic; that's kind of the sexy thing, that's what sales, that's what people want, they want traffic. Before you can actually go and drive more traffic, you need to figure out how you can continuously retain your customers, because once you have happy customers who are getting the customers the first value as quickly as possible, those are the ones who're going to be happy to tell their friends about you. They become your biggest brand ambassadors and then you start to get organic like word of mouth, and you start to get that snowball effect of more and more customers. And that's how you can truly scale a business. What I always tell my customers and vendors who use our platform is don't focus so much on traffic, the traffic will come; it will be a by-product of creating happy customers. And once you are able to maximize retention, then that's when you can start worrying about paid and free traffic strategies at the top of your funnel. But don't worry about that until you've try to get your churn down as much as possible.
“Don't focus so much on traffic, the traffic will come; it will be a by-product of creating happy customers.” – Mark Thompson