Recently I led a weekend seminar in which 100% of the attendees signed up for next year's seminar. In addition, 100% of my clients in a coaching group I lead renewed for the next year. I'm very excited about that and if you are responsible for sales, you probably wonder what the secret is to 100% retention and renewal.
I create an experience that exceeds my clients' expectations. In other words, they got much more than they expected and the value was so strong, they all agreed to come back for next year's seminar and continue in the group coaching.
Creating an experience for your customers will separate you from competitors and build your brand. Being part of an experience is what you do when you go to Disneyworld. Spending a day there is a great way to learn about creating and managing experiences. The experience that Disney employees deliver is scripted and planned. All designed for you, the visitor, to benefit.
Businesses with the highest sales and profitability focus on delivering an experience for their customers. Examples you are familiar with are Starbucks, Nordstrom's, Disneyworld and themed restaurants. Musicians also understand that creating an engaging experience and delivering on stage creates raving fans and returning fans.
In the book, The Experience Economy by B. Joseph Pine II and James H. Gilmore, the authors state, "Companies that stage experiences increase the price of their offerings much faster than the rate of inflation simply because consumers value experiences more highly."
To create the most powerful experience, you must engage the customer in the experience itself. This is why Starbucks is so successful. We are hooked on meeting our colleagues and friends in the comfortable environment Starbucks provides.
I deliver a premium experience for an elite group of people. Because I know my audience so well and deliver an experience that is relevant to them, they eagerly sign up again.
To create engaging experiences for your customers you need to understand who they are and understand their needs. Look for next month's newsletter for tips on understanding your customers and creating an engaging experience.
