Podcast ¦ CX Passport: The one where he Disnefies Customer Retention – Vance Morris E208

Key Takeaways

1. Customer retention is more cost-effective than acquiring new customers, highlighting the importance of nurturing existing relationships.

2. Welcoming and engaging customer experiences can significantly differentiate a business in a commoditised market.

3. Establishing a clear mission is vital; it should resonate with employees beyond mere job descriptions.

4. Effective systems and processes provide employees the freedom to deliver exceptional customer experiences.

5. Utilising traditional communication methods, such as paper newsletters, can enhance customer connection.

6. Employing a multi-channel approach (newsletter, postcard, email) fosters continuous customer engagement.

7. The emotional connection established with customers can lead to long-term loyalty and reduced churn.

8. Warranties and guarantees can increase perceived value and allow for more elastic pricing strategies.

9. Framing customer service scripts allows for consistency while empowering employees to express their individual personalities.

10. Regular touchpoints ensure customers feel remembered and valued, preventing them from feeling neglected.

11. Adapting strategies from successful companies (like Disney or Apple) can be done on a smaller scale in various industries.

12. The first step to improving customer service is acknowledging its current shortcomings and actively seeking to enhance it.

Key Statistics

• Retaining customers costs approximately $22 per year, compared to $136 for acquiring a new customer.

• 68% of customers leave a company due to feeling neglected.

• Disney charges $180 for entrance, which is nine times more than a county fair ticket priced at $20, reflecting the impact of customer experience on price elasticity.

Key Discussion Points

1. The paradox between systems/processes and creative freedom in customer service.

2. The concept of “Disneyfying” experiences to elevate mundane interactions.

3. The significance of emotional connections in fostering customer loyalty.

4. The financial implications of prioritising customer retention over acquisition.

5. How businesses can creatively differentiate themselves in saturated markets.

6. The role of personality in enhancing brand identity and customer relationships.

7. The effectiveness of multi-channel communication strategies for customer outreach.

8. Ways to implement a customer service mission that transcends daily operational tasks.

9. The importance of framing customer interactions positively, using engaging and relatable language.

10. The practical application of customer service principles learned from industry giants to small businesses.

11. The relationship between customer experience and perceived value in pricing strategy.

12. Real-world anecdotes highlighting the challenges and successes in customer service delivery.

Podcast Description

In this episode of CX Passport, host Rick Denton engages with Vance Morris, a former Disney executive and founder of Deliver Service Now. Vance shares his insights on transforming ordinary customer interactions into unforgettable experiences by implementing effective systems and processes. The conversation explores key themes, including the importance of emotional connections in customer retention, creative differentiation methods in commoditised markets, and actionable strategies for enhancing customer experiences. Tune in to discover how to adopt a Disney-like approach to customer service, regardless of your industry, and build lasting relationships with your clients.