It’s 5x cheaper to retain an existing customer than acquire a new one and increasing retention by 5% can increase profits by 25 - 95%. Yet so many companies still prioritize customer acquisition over retention. In this episode, David Millay and Katie Rudy sit down with Ed Frame, CEO and Founder of Exemplify CX and discuss his 7-phase approach to Customer Longevity, converting buyers into repeat customers and brand advocates.
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Show Notes
2:35 About Exemplify and the Retention Funnel
3:59 Working Backwards - The Ideal Customer Experience
7:49 The 7 Phases of Customer Retention
11:32 Solving a Problem - Known and Unknown
16:15 Creating a Tangible “Unboxing” for Experiences
20:43 Overcoming Buyers’ Remorse
23:42 Giving Customers More
25:49 Driving Customer Loyalty
29:19 Inciting Loyalty through Social Media
32:45 The Cost of Retention vs. Acquisition
38:28 Cultivating Brand Advocates
41:08 The Value of Service Recovery
43:43 Hot Takes
46:30 Parting Advice
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For more info on topics covered in this episode:
Connect with Ed on LinkedIn
Learn more about Exemplify | 7 Steps to Customer Longevity
Connect with Host, David Millay:
Connect w/ David Millay on LINKEDIN: https://www.linkedin.com/in/davidmillay/
Follow David on INSTAGRAM: https://www.instagram.com/david.millay/
Follow David Millay on TWITTER: https://twitter.com/DavidMillay
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