You’ve cracked it… found that gap in the market and created a product or service customers will love and investors will want to buy into. Then, you reach the next step – people are actually paying you money. Success!
Only… that’s not actually the end of the story. Sure, you have a loyal customer base – if only it was a sure thing that they’ll carry on along this startup rollercoaster with you.
Well, sorry to burst anyone’s bubble but it’s not always that straight forward. Sometimes you need to think outside the box, and work for that loyalty. After all, the numbers don’t lie…acquiring new customers costs between 5 and 25x more than retaining your existing ones. In other words, you need to win not only your customer’s hearts but their minds. Give them a reason why they should stick with you (which isn’t always price) and not switch to one of your competitors.
Ready to get schooled on customer retention? Here’s just one Huckletree member who’s nailed it in the face of a *very* competitive marketplace.
BREAKING DOWN THE BARRIER
Shoreditch members Bonjoro are in the business of doing exactly that. Their personalised onboarding video experience sets their customers apart from the competition at the first instance. Their secret weapon? Delight. They believe that processes can be automated, but not relationships – and they practice what they preach. The team reward their customers for hitting video milestones, think outside the box to improve the experience (think sending out bear onesies to their most prolific users) and building a personal relationship with each and every customer.
But what about the rest of your communications with your customers? Gifts for reaching milestones and building a relationship are a great asset but in order for those to be authentic and long-lasting notions, it’s about the whole experience. For Bonjoro, this means making the most of every touch point with customers – and potential customers. A scroll down Bonjoro’s Twitter feed will show the same wit, bear gifs, and playful customer interaction you would find anywhere on their site, or chatting to the team around the coffee machine at Huckletree Shoreditch. Not only that, the team now integrate their own videos onto the customer service aspect of their website. The lesson: show your potential customers exactly what you’re selling, and more importantly why they need it.
But all of this is only reserved for smaller companies right? The brands who have closer connections with their customers? Wrong. Major brands are starting to realise the importance of making businesses human again. Fierce competition and increasingly transparent feedback and complaints through social media have made it even more important to make your mark and ace that customer retention.
As a startup, Bonjoro are themselves on the smaller end of the scale but aim to help the wider industry. Their white paper, released earlier this year, gives a glimpse into the secrets of winning hearts and minds at every turn – and how it’s possible for any business including behemoths like Zappos and Netflix.
By this point I know what you’re doing. You’re scrolling in your mind through your businesses’ ways of working, those tweets where you went above and beyond and thinking of the inventive changes you can make RIGHT NOW. Stop. It’s not about making a reactionary change. Think about what your current customers/dream customers would relate to and how that feeds into your wider business strategy.
SURPRISE AND DELIGHT
At Huckletree, community is at the heart of everything we do. Our community teams are empowered to surprise members with ‘Random Acts of Kindness’. We’ve helped members celebrate weddings, raises, big press features and even a move to a bigger desk or office. It might be as small as sneaking a team’s favourite brownies on their desk when they’re not looking – it all comes back to knowing who are members are and what would make their day. This is something we pride ourselves on as our teams work closely with our members on a daily basis and are aware of these great things – when they happen.
We checked in with Huckletree Shoreditch’s Membership Manager Meetra Eskandarpour to see how these initiatives relate to our members’ experience in the space. “It’s my favourite part of the job! I love showing our members how well we know them, which in turn has helped me build incredibly strong relationships and even friendships with some of our members, building an undeniably close community.”
So, what does this mean? Getting into the mindset of customers, understanding the way they work and turning that into tangible actions seems like a complicated, and expensive tasks – but they don’t need to be. Whether you’re an onboarding experience startup or workspace accelerator, they originally were drawn to your business and connected with you for a reason. Customer retention is about remembering your own values and ways of working and continuing it throughout the relationship.
Love making real connections in your workspace? Book your team’s tour of Huckletree Shoreditch now.