In this edition, COPC Inc. marketing director, Jim Von Seggern, provides an overview of Joey Coleman’s book, Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days.
Joey Coleman’s Never Lose a Customer Again covers a lot of ground and does so with a highly personable and approachable style that’s a fun read. At the heart of the book is a comprehensive definition of the customer experience as encapsulated in eight phases: Assess, Admit, Affirm, Activate, Acclimate, Accomplish, Adopt and Advocate. Paired with these, the book lays out the various communication channels that can be utilized during each phase, including In-Person, Email, Mail, Phone, Video and Presents.
And finally, the highlight of the book — dozens and dozens of real-world case studies from companies up and down the revenue spectrum, each illustrating a particular phase of the customer experience. The concepts demonstrated by each case study are twofold, depicting both a particular phase and a particular communication channel. The end result is a literal matrix of case studies, and it looks like this:
Some of the case studies that stood out:
Dr. McCann — The author describes his experiences as a new dental patient in need of an emergency crown and receiving a remarkable customer experience thanks to a high-tech office and a personable touch.
Chicago Cubs — The storied ball club surprised its 400 most important fans (premium seat holders, private suite clients and top sponsors) with handcrafted Bluetooth speakers constructed with reclaimed wood from the Cubs’ locker room.
Dominos Pizza — Feature-packed mobile application provides customers with the ability to easily order, along with step-by-step updates as their order moves through the process, from assembly to the oven to delivery.
Along with the definitions and case studies, the book is peppered with plenty of thought-provoking research. One result (from the annual CMO Survey, conducted by Duke University, Deloitte LLP and the American Marketing Association) that I found especially compelling — an average of 6.9% of company revenues are spent on marketing, yet less than one fifth of that amount is spent on customer retention activities. Considering the widely known fact that small shifts in customer retention translate into huge shifts in company profitability, one would expect companies to take a much closer look at how their budgets breakdown between marketing and customer retention.
Other interesting research findings from the book:
- According to Marketing Metrics, there is only a 5-20% chance of making a sale to a new prospect, versus a 60-70% chance of making a sale to an existing customer
- The lifetime value of a loyal customer can be greater than ten times the value of their original purchase
- 32% of customers who join a bank will leave within the first year
Beyond the definitions, case studies and research results, the book is also extremely engaging. Each phase is concluded with a “Your Assignment” section, helping readers put specific ideas to work in their world. In this way, the book isn’t just about sharing ideas but driving real-world initiatives, as well.
Also unique to the book is the “Experience the Book” feature. Near the front of the book, Joey Coleman invites readers to register the book on a special website. As a part of the registration, readers provide specific information, like email, address, phone number and what they hope to get out of reading the book. This information is then used to create a series of targeted communications that accompany the experience of reading the book. In effect, the author puts into practice many of the concepts covered in the book, creating a personalized relationship with each and every reader.
Never Lose a Customer Again is a great read for anyone looking for fresh ideas on customer loyalty, regardless of whether they hail from a blue-chip organization or a local mom-and-pop outfit.