Prioritizing Customer Retention over Acquisition 

Shep Hyken interviews Vance Morris, customer service speaker, service and marketing strategist at Deliver Service Now Institute, and former Disney Leader. He talks about nurturing loyal customers and creating successful businesses through exceptional customer experiences. 

This episode of Amazing Business Radio with Shep Hyken answers the following questions and more:   

Top Takeaways:   

• People remember how they feel when engaging with a brand, which means creating unique and memorable experiences can truly set a business apart from the competition.  

• Customers are willing to pay more for excellent service. An elevated customer experience often allows companies to charge a premium price and cultivate a loyal customer base. 

• Building emotional connections with customers is more powerful than relying solely on points and perks in loyalty programs. When customers can relate to and feel an emotional bond with the brand or its employees (it takes only one), it creates loyalty. Sharing personal stories that resonate with customers and supporting social causes that are important to them makes customers love doing business with a company. 

• The points and perks are incentives for customers to do business with a company, but they shouldn't be the only reason. If the customer experience isn't great, you will lose your customers as soon as a competitor comes up with a similar program or something better. 

• Retaining existing customers is significantly more cost-effective than acquiring new ones. Loyal customers who have had positive experiences are more likely to make repeat purchases, spend more over time, and recommend a brand to others. 

• Plus, Vance shares examples of fundamental business transformation through amazing customer experience. Tune in! 

Quote:  

"Customer service begins before the sale. It begins with marketing, preparation, and training. It begins with the first interaction your company has with your customers." 

About:   

Vance Morris helps businesses successfully apply Disney's principles to create memorable experiences. He is also a keynote speaker and the author of Systematic Magic: 7 Magic Keys to Disnify Any Business: How to Out Serve, Out Price & Out Market Your Competition in Any Economy. 

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and host of Amazing Business Radio.  

Learn more about your ad choices. Visit megaphone.fm/adchoices