University of Minnesota - UMN Executive Leadership Insights
Never Lose a Customer Again
Book

Never Lose a Customer Again

Turn Any Sale into Lifelong Loyalty in 100 Days

Joey Coleman
Portfolio, 2018
First Edition: 2018
Buy book or audiobook

Read or listen offline

Amazon Kindle
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×

Editorial Rating

7

Qualities

  • Comprehensive
  • Applicable
  • Well Structured

Recommendation

When business consultant Joey Coleman shattered a molar, a highly recommended local dentist, Dr. Katie McCann, allowed him to schedule a same-day appointment. He left her offices with a new crown and the doctor’s personal cell phone number. As a result of her top-notch service, Coleman became a loyal customer, and referred several other people to Dr. McCann too. Customer retention is a vital business practice, Coleman argues, yet companies often fail at proactive customer service. Coleman’s “Eight Phases of the Customer Experience” model – which he pairs with case studies and an implementation outline – shows how companies can deliver remarkable customer experiences and gain “raving fans.” 

Summary

Most businesses focus on acquiring new customers yet expend little effort on client retention.

A typical bank invests around $300 to acquire one new account. However, 32% of new customers leave within a year and 50% depart within four months. Customer retention is a problem across many industries. Companies squander their investments in customer acquisition. As a result, profits decrease and employee morale suffers.

Businesses fail to keep new customers because they don’t continue to deliver a positive experience after a prospect becomes a client. Companies incentivize and reward customer acquisition but not retention. Moreover, companies fail to train, equip and compensate frontline employees. Customer service teams receive little financial incentive or recognition for their ongoing work with existing customers.

The customer experience is “how customers perceive their interactions with your company.”

Shaping customer experience is proactive; traditional customer service is reactive. A remarkable customer experience converts customers into advocates for the business, and its products and...

About the Author

Former trial attorney and current business consultant and speaker, Joey Coleman is founder and Chief Experience Composer of Design Symphony, a customer experience branding firm.

Comment on this summary