The N.1 Way to reduce Churn

| Read this in 2 min and 30 secs |

I was lucky to get the opportunity to speak to a $400k/mo marketing agency owner.

His name is Matt Shields and he's the founder & CEO of Estate AI.

I asked him “How do you guys deal with churn so well?”

It came down to one core concept: Client Groups

This is where you create a group/community on Facebook, Discord or Slack with your clients.

He encourages members to ask questions, network and most importantly… share their wins.

A big win could be a big project, monthly revenue, number of customers that they achieved through your product/service.

When one of the clients in the group makes a post about a big win, it helps remove uncertainty from the equation.

I've got 2 bonus methods to get your clients to beg to stay:

1. Create a google sheet and every time someone churns, ask why?, add this reason into your google sheet and continue to tally up the volume of these reasons

2. Build an AI customer support & success assistant on Whatsapp or integrated into the community. It'll be trained on company data, resources, faq etc. (you can easily do this on Voiceflow or Chatbase)

Now I thought it might be fit to quickly talk about Churn’s evil twin brother… Customer LTV.

Lifetime Value is how much money a customer gives you over the whole period of being a customer on average.

There’s a few different ways to increase LTV:

1. Sell them a different product

2. Sell more of the same product

3. Get them to stay for longer (we just went over this)

How to upsell like a boss

Everyone has a vast array of problems & pains. Your core service probably only solves some of those.

So we need to either:

• Solve more problems

• Solve problems better

Example:

• Core service: DFY Package

• Add-ons/Upsells: Training resources, Consulting/Coaching calls, Bulk Package, Upgraded Package

Tools of The Week

Whimsical.com

Super useful AI flow chart and mind map tool.

Would recommend using their pre-made templates to get started.

Firefiles.ai

This is probably the most popular AI note taker for meetings.

You can get meeting transcripts & overviews. Only downside is that it has to join the meeting as a seperate person.

Perplexity.ai

Perplexity calls itself a "Swiss Army Knife for information discovery and curiosity," but it's essentially an AI-powered search engine. It indexes the web every day, so you can ask it about recent news, game scores, and other typical search queries.

Check out this LinkedIn post (a sneak peek at next weeks edition) 👇️