Russell Brunson shares a vital marketing lesson from Dan Kennedy about the difference between why customers join a business (acquisition) and why they stay (retention). Brunson recounts discovering this insight in a confidential fax from Kennedy while reviewing archives of Magnetic Marketing, a company he acquired.
Kennedy’s fax highlighted that the factors driving initial customer entry are almost never the same as those that keep them engaged over time. For instance, many join Brunson’s Inner Circle to learn directly from him but stay because of the community and relationships they build. This led to the rebranding of his Inner Circle as "Inner Circle For Life," emphasizing long-term retention.
This principle also applies to Funnel Hacking Live events. Attendees may initially be drawn by the promise of learning about the perfect funnel but return for the community and intangible benefits. While many industry events shrink over time, Funnel Hacking Live grows, demonstrating the power of a strong community.
Brunson shares his experience at a Dan Kennedy seminar where he observed long-time followers of Kennedy. Despite Kennedy’s claim that he hadn’t introduced new concepts in decades, his followers remained loyal due to the relationships, stories, and community he fostered.
Brunson contrasts this with his early supplement business, which was profitable but lacked retention, highlighting the importance of building lasting customer relationships. To address retention issues, he advises businesses to develop a culture and community that encourages long-term engagement. He references his book "Expert Secrets," which delves into building mass movements and fostering customer loyalty through identity and community.
Brunson concludes by reiterating Kennedy’s wisdom: the reasons for entry and the reasons for staying are fundamentally different and not even close. Understanding and leveraging this distinction is crucial for long-term business success and customer retention.
In summary, Brunson emphasizes the importance of recognizing and addressing the different factors that attract and retain customers. By focusing on building a strong community and fostering relationships, businesses can ensure long-term loyalty and success.
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