7 Ways to Get People to Buy More Times

Daniel Bennett ★ -

Don't take it from me. Take it from this guy who cut churn by 50%.

– Daniel

Summary

  • Alex Hormozi sold his last company, Gym Launch, for $46.2 million, focusing on how to make customers more valuable.
  • Doubling business can come from increasing the number of customers or doubling their value.
  • I identified five key strategies that top gyms used to reduce churn and implemented two more to cut our churn in half.
  • Exit interviews help you understand why customers cancel and can turn negatives into upsell opportunities.
  • Conducting regular reach-outs to clients, roughly every 14 to 21 days, creates personal bonds and an early warning system for potential issues.
  • Organizing events for members and their friends can lead to lead generation and reinforce customer relationships.
  • Handwritten cards sent every six weeks, especially when tied to event invitations, can produce referrals and strengthen connections.
  • Attendance tracking allows for earlier intervention to retain customers by encouraging regular usage of services.
  • A structured onboarding process reconfirms a customer's purchase decision, sets clear expectations, and establishes the roadmap ahead.
  • Unlockables and milestones based on customer actions or tenure encourage continued engagement and activity with the service or product.
  • By executing these strategies, our churn rate decreased from 11% to 6% monthly, significantly increasing the lifetime value of customers.
  • Improving retention allows for higher customer lifetime value, which increases profitability and competitive advantage in the marketplace.

How To Take Action

I would suggest starting with exit interviews to learn why customers are leaving. It is key to understanding and improving services. To do this, make it a policy that customers agree to an exit interview if they decide to cancel. Use their feedback to fix problems and maybe even upsell them to a better fitting service.

A good way of reducing churn is by conducting regular reach-outs to clients. You can create personal bonds and spot problems early. Assign a small group of customers to each team member and have them check in every 14 to 21 days. This can be a casual "How's life?" message.

Organizing events for members and their friends can also help with retention and generate new leads. Make sure to announce the next event at each current one so members have something to look forward to.

Handwritten cards are another touchpoint that shows customers they are valued. Send them out every six weeks, with a note inviting them to the next event. Including a "bring a friend" incentive can encourage referrals.

To ensure customers use your service regularly, implement attendance tracking. If they miss a session, reach out to them and show you're paying attention. It reminds them that they are accountable and valued.

A structured onboarding process right after purchase can reconfirm the customer’s decision to buy from you. Explain what they can expect and walk them through how to get the most out of your product or service.

Lastly, develop unlockables and milestones based on customer actions or tenure. This encourages them to continue engaging with your service or product. Offer bonuses or rewards for certain actions like referrals or after a set amount of time.

By using these low-cost strategies, I was able to cut churn from 11% to 6%, greatly increasing the lifetime value of customers. Remember, the goal is to keep customers engaged, feeling valued, and using your service regularly.