MBA1563 Must Read: Never Lose A Customer Again by Joey Coleman

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It's time for Dell Tech Day's annual sales event celebrating our customers with fantastic deals and benefits. Perks include Dell Rewards, free shipping, premium Support and more. PCs like the Dell 14 with Intel Core Ultra processors will help you do more faster and with a premium suite of monitors and accessories, you can upgrade your whole setup with amazing savings. Visit Dell.com deals. Hey. Welcome to the Hundred Dollars MBA show your business coach from afar every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online and today's episode is a must read episode. Today's must read episode is Never Lose a Customer Again by Joey Coleman. This is a book that I knew I had to read for some time. You know those books that you just have on your Kindle or on your shelf and you just know you got to get to. Well I finally did get to this book and boy am I glad I did. This is one of the best business books I've read in 2020. If you run any kind of business, doesn't matter if it's a service, a product, a software, a coaching business. You're selling courses, you're selling knickknacks, it doesn't matter. This book will help you not only grow your business, make more money, but make your business a household name in your industry, in your marketplace. There's so much I want to get into in this book. There is so much that is taught in detail with great examples. I thought Joey Coleman did an excellent job with this topic. The premise of this book is very simple. If you keep your customers, if you get the customers that you already have to buy more, which is easier to sell to a customer than a non existing customer, then your business will grow. They will tell other people. And it is so true. And it's proven over and over again throughout the book. And he gives you strategies on how to keep these customers. I can't wait to get into this one. So let's get into it. Let's get down to business. Joey Coleman, the author of today's must read book Never Lose a Customer Again is an excellent communicator. He's one of the best public speakers in the U.S. i actually had a chance to see him speak live at an event. He's very dynamic. He's an incredible speaker, but also a communicator. Like I mentioned, he's able to communicate complex ideas in very simple terms. This is what I love about this book. The goal of this book is to allow you to have a roadmap for a new customer for their first hundred days. Basically, if you do the right thing with your customer for the first hundred days, you're gonna have a customer for life. And if you look back at your own experiences with products you love, brands that you buy from over and over, there's a good chance that you had a great experience in those first hundred days the first time you interacted with that. If I look back, like for example, the experience I had when buying a used car at a local dealership here, buying a car is a big decision. There's a lot of comparison and comparison shopping going on. But my first, you know, few, I would say months or 100 days really was excellent. Not only did I have an easy experience purchasing the car, making sure that I got the insurance, they took care of everything for me. They did all the servicing. After the first, I think two weeks, they called me to schedule my first service appointment. When I brought in my car for that service, it was seamless. I had coffee, it was a great experience. Everybody was friendly. The car was cleaned. After I had the service, they sent me a thank you note in the mail. When I go to buy a new car, when I need a new car, I'm not going to shop around. I'm going back to the same dealership. And Joey actually goes through similar experiences and examples throughout the book. One of my best takeaways from this book, this is something I'm going to refer back to over and over in my life. Go back to the book and read this over and over. Is the eight phases a customer goes through in the buying journey. Those eight phases are assess, admit, affirm, activate, acclimate, accomplish, adopt, and then finally advocate. He goes into depth what each of these mean and what is it like to be in that phase. But he comes to the hard truth and shows it to you that hey, when a customer goes through this journey, they're a little bit nervous, they're going through a lot of emotions, they're actually at the most excited when they buy and then if they get disappointed, that's when they have buyers remorse. If you're there for them and you show them, hey, you did make the right choice and they do get a win. That's when they activate, acclimate and accomplish. So Joey goes into detail with all these eight phases because it's very important to be aware of of what every customer is going to go through every time they buy from you. Why? Because if you can have them pass each phase smoothly, you can get them to buy again, be a customer for life. And most of all, the highest level is they being an advocate for your brand, telling other people word of mouth. You hear businesses spread because of word of mouth. This is, you know, the holy grail. This is what you want. This is beyond customer loyalty. This is raving fan customers. If you can get your customers at this level and enough of them, you don't need to do any marketing. They'll do the marketing for you. And this is why it's so important to follow. The steps that he outlines in this book is to get your customers to this point so that you never lose a customer. So that when your customers go through your door, they're customers for life. Now of course it's going to be hard to do this for every customer because sometimes you're going to get customers that are not a good fit for your business or what you offer, but you want the majority of your customers to to have this experience. Joey also in the book talks about all the different ways you can communicate and deliver happiness to your customers. Six in total, in person, email, phone, physical mail, like in the post video, whether recorded or live and present like a present that they would get a gift. And throughout the book he gives countless examples of each one and how you can use them, whether in combination or all of them during those eight phases. When I read this book, I found myself saying, oh, I'm not utilizing enough of these mediums. I'm either only focused on email or doing only email and gift. I have six. I should be using all of them if I can. One of the things I love about this book is again, the examples, the real life case studies that exemplify what he's teaching. So he'll teach a concept, he'll give an example, and then he'll give a case study. I want to give you some tips when it comes to reading this book. I highly recommend having this book on audio. I have it on Kindle and on Audible and you know, they have that system where it syncs. So if I pick up where I left off from my Kindle, I can do that easily with the Audible app as well. So I can switch from one to the other. But if you have to choose one, choose the audio. Why? Because this is one of those books that you're gonna need to take some notes. And it's easy to take some notes when you're listening. And Joey Coleman himself narrates the book and it's really, really well done. And as you're listening, take notes and see how you can apply these concepts in your own business. Pause if you have to sketch things out. But this is more of a workbook than just a book. I found myself maybe after two or three chapters saying I need to write some stuff down here. I need to actually have an action plan because this is gold. I don't want this to go to waste because if I just listen to this book from start to end, it's just gonna wash over me and I'm not really gonna be able to apply anything. So make sure you take your time with this book and write down notes and write down your own strategy based on what he's teaching. Hey Fidelity, can I get a second.

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To wrap up Teddy's lesson, I want to mention a couple more things about today's must read. Never lose a customer again. Customer success and customer experience is really a work in progress always. So you may already have some system in place, but it always needs improvement. And tweaking your business is not staying the same. Right? Your products evolve, your business evolves, your customers change. You want to make sure that your system that serves your customers is always getting better. So there's a lot to learn in this book, even if you already have a system in place. We had a system in place, you know, before I read this book. A huge amount of work was put into place before I read this book in onboarding our customers. But there's a lot of improvement we can make. There's a lot of changes we can make. There's a lot of ways we can optimize it or I built it without thinking about the journey, the emotional journey the customer's going through. I kind of built it just very pragmatically. The other takeaway I want to share with you in this book is people make decisions mostly out of emotion and not out of a logical decision, right? They're not using their intellect. Most decisions are made out of the way people feel in a moment. So if people don't feel so good about your business, your brand, they're lost or confused, they're frustrated. If those are the feelings they're having, they're going to cancel, they're going to ask for a refund. So you gotta make sure you take control and you make sure you're aware of every emotional state they're going through and address them head on before they make that decision to say, you know what? I'm out. This is my biggest takeaway, understanding that a lot of this is playing the EQ game. You know, the emotional IQ game here, Non iq, okay? Most of us think that business is all logical and mental and cerebral. No, a lot of it is emotion. People are emotional beings and they're gonna make emotional decisions. So be on top of that, have your finger on the pulse and make sure that you're catering for all those possible emotions they're gonna go through when they go through the buying journey. And of course, Joey Coleman outlines that and helps you that in the book. Thank you so much for listening to the $100 NBA show. Thank you Joey Coleman for writing such a great book. We absolutely love it. Before you go today, I wanna make sure that you hit that subscribe button on whatever you're using right now to listen to this podcast. Whether it's Stitcher Radio or Apple Podcasts, or Spotify or Himalaya, we're on every single podcast app. By hitting subscribe, you never miss a beat. When the next episode comes out, it's gonna be right on your device. Also, by hitting subscribe, you get access to all of our archived episodes. It's the only way to get access to over 1500 business lessons. So go ahead and subscribe right now. Before I go, I want to leave you with this. This is a very practical book. Some books you're going to read are theoretical, will change your mindset, will give you perspective. This book is roll up your sleeves, take some notes, have a strategy, implement. Some people love these types of books, some people don't. But regardless of how you feel about it, they're beneficial. So just know if you want to get the most out of this book, you're going to have to really start applying it and start using it and catering the advice to your own business. Thank you so much for listening and I'll check you in tomorrow's episode, a very special guest lesson with co founder of SendinBlue Stephan Chez Besta. He's gonna give you a masterclass in email marketing. Until then, take.

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