Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Turn Customers into Assets: The Power of Lifetime Value

Transcript

Turn Customers into Assets: The Power of Lifetime Value · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:00
  Hello and welcome. My name is Tavishima Aide.
• 0:04
  I'm the host of the podcast and I'm making today's recording in
• 0:07
  church because the kids are having catechism, so expect to
• 0:10
  hear noise in the background. Now the goal of this podcast is
• 0:13
  solving business problems. So if you have issues with
• 0:16
  getting customers marketing your site also or something is
• 0:19
  holding your business back, then this is the show for you.
• 0:24
  Subscribe on Spotify, YouTube, Apple, or any player of your
• 0:27
  choice. And if you'd love to connect,
• 0:29
  then call SMS or send me a WhatsApp message on 08064662140.
• 0:38
  Now today on the podcast, I would like us to look at a
• 0:40
  couple of issues. The role of customer
• 0:44
  satisfaction, customer success, customer service.
• 0:49
  Yeah, we'll look at those three things, define what they are and
• 0:53
  how these things help to getting the most of our cost most out of
• 0:59
  our customers. Yeah, let me put it that way.
• 1:01
  So, yeah, it's a whole source, a whole host of issues, you know,
• 1:06
  carrying over from the conversation that we had
• 1:08
  yesterday because, you know, I got home, delivered stuff to
• 1:13
  wifey, you know, had another conversation.
• 1:16
  If you if you listen to yesterday's episode, then you
• 1:18
  get the background to what it is I'm talking about.
• 1:21
  So go home to Wifey, deliver the package, then, you know, slept
• 1:24
  on it and then woke up. And I figured that there's some
• 1:27
  other issues that we can tease out because the goal of a
• 1:32
  business is to create a customer, at least according to
• 1:35
  Professor Peter Drucker. There are some of you who are
• 1:38
  going to disagree. Some of you will say that the
• 1:40
  goal of a business is money. I'm one of those people who used
• 1:43
  to say the goal of a business is money.
• 1:45
  There are some other people who say the goal of a business is
• 1:47
  social impact. There are some people who say
• 1:49
  the goal of a business is personal development, and there
• 1:52
  are some people who say that the goal of a business is all three.
• 1:56
  However, reading Professor Peter Drucker, I've realised that the
• 2:00
  main reason why the main, the, the main purpose for having a
• 2:05
  business is actually is to create a customer.
• 2:08
  And that is because unless you create a customer, there is no
• 2:11
  money. So if you're one of those money
• 2:13
  people, then actually we have to create a customer first because
• 2:16
  it's only when we have a customer that we can now get the
• 2:20
  money. It is only when we get a
• 2:22
  customer that we can worry about financing some sort of social
• 2:27
  impact. And it is only in the process of
• 2:30
  trying to create a customer, keep a customer or satisfy a
• 2:32
  customer that we go through the process of personal development
• 2:36
  that being involved in a business.
• 2:42
  I'll put it and you catch my drift, trying to grow a business
• 2:46
  is also a journey in personal development for example, put it
• 2:49
  that way. So, but the first thing we have
• 2:50
  to do is to create a customer because if we do not create a
• 2:53
  customer, then all those other things that we want to do, all
• 2:56
  those other things that we want to achieve, they are going to
• 2:59
  come to naughty. So with that in mind, now the
• 3:06
  goal of a business is to create a customer.
• 3:08
  I think we business owners, Nigerian business owners, we
• 3:11
  should start thinking about a few things very critically.
• 3:15
  Is the goal to just get somebody?
• 3:18
  I need to get one single transaction from them and then
• 3:22
  that's it, we have one. Or is the goal to get a
• 3:27
  customer, we get one transaction bomb, but then we keep them for
• 3:32
  a while. And so we can maximize something
• 3:35
  that our tech brothers and sisters like to call customer
• 3:37
  lifetime value. Now this is the idea behind
• 3:40
  customer lifetime value. Customer lifetime value means
• 3:45
  that a customer is worth just the small coins that they're
• 3:48
  giving me now. So let's say I run a
• 3:52
  neighborhood shop and I sell earphones and the young man
• 3:56
  comes to buy earphones 35. My profit on the earphone is 500
• 4:01
  naira. Customer lifetime value means
• 4:05
  that this guy is not just worth 3/5 and the 500 naira profit
• 4:09
  margin. If I can get him to come back to
• 4:13
  my shop multiple times a week, multiple times a month, multiple
• 4:17
  times a year, he is going to be a whole lot more.
• 4:20
  Let me repeat, if this young man comes and buys one set of
• 4:24
  earphones from me for 3500 naira, let's say profit margin
• 4:27
  is 1 Ki, never get him to come back.
• 4:30
  All I have gotten is single transaction one time.
• 4:33
  That's all. But there's a whole lot more to
• 4:36
  be had if I can get him to come back multiple times during the
• 4:40
  week, multiple times during the month and multiple times during
• 4:44
  the year. That is customer lifetime value.
• 4:46
  So if he buys earphones from me today, he buys Tom Song from me
• 4:50
  on Friday. In two weeks time he comes to
• 4:54
  buy, excuse me, he comes to buy a cigar and then in another
• 4:58
  three weeks he comes to buy bread and then in six weeks he
• 5:01
  comes to buy a cattle of Indo meal.
• 5:03
  You guys can see how everything is, you know, is adding up.
• 5:06
  Small, small, small. So this young man is worth a
• 5:08
  whole lot more than the earphone that he came to buy.
• 5:12
  And so I'm making today's podcast episode because I think
• 5:15
  some Nigerian business owners don't understand that it's not
• 5:18
  just about one time single transaction, but we need to
• 5:21
  maximize customer lifetime value.
• 5:24
  Now, for those of you who've been listening to the podcast
• 5:26
  from day one, you will know the story that I mentioned about me
• 5:30
  and DD when I was in Kano and about how when I was leaving,
• 5:34
  the guy that actually sell me bread felt very sad and the guy
• 5:37
  dashed me too low. So by the time I got back to the
• 5:41
  house now and I told the dead see what happened though I told
• 5:43
  this guy I was leaving, he was very sad.
• 5:45
  He prayed for me and then he now dashed me two bread.
• 5:48
  And then did they say, of course, now of course you dash
• 5:52
  you better and of course you'll be sad.
• 5:53
  And I said, why did they say think about it?
• 5:56
  How long have you been here? I said, I've been here for like
• 5:59
  a year, like 2 months, two months, three months.
• 6:02
  So yes, I say how many times used to go and buy bread?
• 6:05
  I said oh, every other day and every time we wanted to go and
• 6:07
  buy bread. How many loaves did you buy?
• 6:09
  So I used to buy 2 loaves of bread when he put it that way.
• 6:12
  And I understood why that guy was sad because I was not just
• 6:16
  worth one loaf of bread because since I landed in Kano on a Deja
• 6:20
  Rd. where we used to stay, I used to buy bread every other
• 6:24
  day. On Monday I'll come and buy 2
• 6:26
  loaves. Wednesday I'll come and buy 2
• 6:28
  loaves. You know, Thursday come and buy
• 6:30
  2 loaves Sunday come and buy to lose.
• 6:34
  You know like that like that because I was a bachelor at the
• 6:36
  time the day the guy who was squatting me was a bachelor as
• 6:41
  well. Once in a while, his wife Ulama
• 6:44
  well now his wife, then his girlfriend, she will pass
• 6:47
  through Moses, our good friend was a chef in Tahir hotels, you
• 6:52
  know will come through so and then I'm attorney Cano can be
• 6:55
  very, very cool. So, you know, we'll just sit
• 6:57
  down, be watching TV, you know, be chewing on some bread and
• 7:02
  drinking tea and abusing politicians.
• 7:04
  So that was my own contribution to the household.
• 7:08
  So the guy was sad because I was not worth one loaf of bread.
• 7:11
  I was worth how many loaf of bread?
• 7:14
  Now if I'm buying Tutu every week and now sometimes I was
• 7:17
  branching that guy like 4 times. So I worth 8 loaves multiplied
• 7:23
  by four weeks, I'll be 8 * 4 is what was I is I48 hope I don't
• 7:29
  display my poor man skills. Then multiply that by 52 weeks
• 7:32
  of the year. Abby No 8 lows multiplied by
• 7:36
  four weeks. Then take that and then multiply
• 7:39
  that by 12:00. So that will get the true value
• 7:42
  of what it is that I was worth. So we Nigerian business owners,
• 7:45
  we need to start thinking in those terms that it is not just
• 7:48
  one transaction. The goal is to create a
• 7:51
  customer. The goal is to get somebody to
• 7:53
  come back over and over and over again and if possible refer
• 8:00
  their friends, their family members, their associates so
• 8:05
  they can come and buy from us as well.
• 8:07
  So that's how we're going to be looking at the role of customer
• 8:11
  satisfaction, the role of customer success and the role of
• 8:14
  customer service in growing our businesses.
• 8:17
  So like I said, the background is this whole thing about me
• 8:20
  going to pick up a, a delivery for wifey yesterday, That's my
• 8:24
  wife and it was from a fashion vendor on Instagram who is based
• 8:29
  in Lagos. And I went into detail yesterday
• 8:32
  about the field customer experience.
• 8:35
  So for the full details, just listen to the previous podcast.
• 8:38
  There's no point in me repeating the whole thing over here.
• 8:41
  Now, let me just give you guys the fallout because yesterday I
• 8:44
  made the podcast recording when I picked up the package and I
• 8:47
  made a quick recording of my own ideas about how the business
• 8:50
  owner could have taken responsibility for a number of
• 8:52
  things. Then by the time I go home now
• 8:58
  because it's closed now and you know, like most Nigerian babes,
• 9:03
  my wife loves clothes. She loves brand new clothes, of
• 9:06
  course, not as if we get to buy them every day, especially now
• 9:08
  that we have kids. You know, when we're young man,
• 9:10
  we used to live the life, you know, buy clothes, go to movies,
• 9:16
  you know, go to cinema each or my, you know, just the flex
• 9:20
  anyhow. But then you have kids, you
• 9:21
  know, you have responsibilities, you grow up.
• 9:23
  So it's not as if we buy stuff all the time.
• 9:26
  So I was thinking she was happy now she would get to see her new
• 9:28
  clothes. But by the time I go home now
• 9:31
  and I gave her the package, honestly my wife was not
• 9:35
  enthused at all. She was just, she just took it,
• 9:41
  no excitement, no nothing. She opened it should now look at
• 9:45
  it up and down. She looked at one trouser, she
• 9:49
  said OK, I wanted this one for work.
• 9:50
  She look at one shirt, I wanted this one for this.
• 9:52
  Then she now just crumpled everything and then she now
• 9:54
  threw it on the clothes pile and then that was the end of the
• 9:59
  whole thing. I repeat my wife who likes
• 10:02
  clothes only normal. What happens is when we receive
• 10:05
  a delivery, my wife would say come and sit down.
• 10:07
  She'll now do fashion parade for me.
• 10:09
  She wait, she'll walk up and down.
• 10:10
  She'll look in the mirror. She will check her side.
• 10:13
  She will check her front. She will check everything.
• 10:14
  You see how everything is. Do you like this one?
• 10:16
  You don't like this one? I can customize like I can
• 10:19
  accessorize like this. I repeat.
• 10:22
  What my wife did was she took the thing, no enthusiasm.
• 10:26
  She opened it. She look at one, she look at
• 10:27
  another. She now cropped everything.
• 10:29
  She now threw it on the clothing pile.
• 10:31
  Yeah, like that. So the question that I want to
• 10:35
  ask you now, listening to the podcast is with everything that
• 10:38
  has happened, the gist that I've given you yesterday and the gist
• 10:40
  that I gave you today, has a customer been created?
• 10:45
  That's the question I'm asking you.
• 10:46
  Has a customer been created? Or has this Instagram fashion
• 10:51
  vendor, all she's been able to do is she, has she been able to
• 10:56
  create a single transaction? That's all.
• 10:59
  Has she created a customer? Is there any customer lifetime
• 11:03
  value? Do any of you think my wife is
• 11:05
  going to buy from her again? Do any of you think my wife is
• 11:08
  ever going to refer and given that, you know, my wife and I
• 11:13
  have already blocked this person, you can say that there's
• 11:16
  already been some so an unblocked and reported, you
• 11:20
  know, some negative fallout. If you haven't listened to
• 11:24
  yesterday's episode, go and listen.
• 11:26
  There may be these questions will make more sense.
• 11:29
  But with all the story we've been saying now this fashion
• 11:33
  entrepreneur, yes, he has collected money, but has she
• 11:36
  created a customer? And is this how we should be
• 11:40
  conducting our business? Is this how we are going to be
• 11:43
  creating customers? Anyway, Like I said, you know,
• 11:47
  as far I'm a business person now, so I understand that things
• 11:50
  happen every once in a while. So I still try to maintain a
• 11:53
  cordial, you know, somehow, somehow with the woman.
• 11:56
  And so I sent her the screenshot that oh, that the phone number
• 12:01
  was off, that that was the problem.
• 12:03
  You'll believe what the lady how as far as she's concerned, her
• 12:07
  attitudes are, look, that is not my fault that the logistics
• 12:10
  person had the wrong number. That was our responsor.
• 12:14
  It's not my fault the logistics person had the wrong number.
• 12:17
  If you want to know the details, just listen to yesterday's
• 12:19
  episode. But then it brings me back to
• 12:22
  another question I keep asking on the podcast and I keep asking
• 12:25
  Nigerian business people when we meet, live in the flesh and ask
• 12:27
  them, look, are we business to make money or when business to
• 12:30
  be right? I mean, there's times when
• 12:35
  things are criminal or unethical.
• 12:37
  I mean, and in that case, yes, I will put my foot down and look,
• 12:40
  we are not going to do anything criminal here.
• 12:42
  But outside of that, look, let me frank with you, There's
• 12:45
  sometimes that I'm like, here's the customer's fault, man.
• 12:49
  I'm after this money. That's some things.
• 12:50
  I'd also look, so I can just get this money.
• 12:54
  I never overlook anything unethical or criminal.
• 13:01
  So are we in business to make money?
• 13:06
  Are we in business to be right? I've already mentioned the
• 13:10
  things that you should have taken responsibility for in a
• 13:12
  previous episode. So just listen to yesterday's
• 13:14
  episode and you will get caught up to speed.
• 13:18
  Well, now let's define a number of things that have come up
• 13:21
  since yesterday because yesterday I spoke a lot about
• 13:23
  customer service. Today, I'm now mentioning
• 13:26
  customer success as a business function and customer
• 13:29
  satisfaction as a business function.
• 13:32
  What do these things mean? What is the difference?
• 13:34
  Customer service, of course, is reactive, especially in Nigeria,
• 13:39
  customer service means yawa Dong gas.
• 13:41
  The customer is pissed, something has happened, there is
• 13:45
  a problem. We are dealing with this
• 13:47
  problem. So some people say that the
• 13:50
  definition of customer service is broader than that and I agree
• 13:53
  with you. I'm just saying that for the
• 13:54
  purposes of Nigeria, when we hear customer services, it means
• 13:58
  something has happened, Yahoo has gas, customer is angry and
• 14:04
  you know the SHIT has hit the fan and we have to resolve that.
• 14:09
  So that's what customer service means.
• 14:12
  Now customer success and customer satisfaction on the
• 14:14
  other hand are a little bit proactive.
• 14:17
  They're aimed at preventing problems or trying to figure out
• 14:21
  problems that are festering, dealing with things before they
• 14:25
  become a big issue. So customer satisfaction is the
• 14:29
  business function where we're trying to figure out auger
• 14:32
  customer, are you happy, which is what I recommended that the
• 14:37
  fashion entrepreneur from yesterday should have.
• 14:39
  In a business, you should have a customer satisfaction function.
• 14:43
  There should be somebody whose job it is to call the person to
• 14:45
  say, Madam, have you received your offer?
• 14:49
  Was your offer in one piece? Was anything damaged or stolen?
• 14:54
  Did you get all the quantities that we promised?
• 14:57
  Well, I hope you are happy. We hope everything fits.
• 15:00
  We hope you are glad. Did you get it for a birthday
• 15:03
  party and everything? I hope you look absolutely
• 15:06
  stunning on that day. Thank you very much, Ma for
• 15:09
  doing business with us. We're looking forward to wowing
• 15:12
  you some more. We hope you will come back and
• 15:15
  do business with us in the future.
• 15:17
  I hope you don't mind. I want to, I hope you don't mind
• 15:20
  to reach out to you from time to time to let you know what new
• 15:22
  things that we have in store. OK, Enjoy the rest of your day.
• 15:26
  Ma got the phone, right? That is the customer
• 15:32
  satisfaction function in the business that we all should
• 15:36
  have. Now customer success on the
• 15:39
  other hand, is the function of the business where we're trying
• 15:42
  to figure out if the brand promise of our product was our
• 15:49
  service was fulfilled is taking things a little bit further.
• 15:53
  How will I put it now, OK, when somebody buys a product or a
• 15:57
  service, the Nigerian person thinks that they're just buying
• 16:00
  one product or one service, but actually they're buying a whole
• 16:02
  lot more. Like the example that I gave a
• 16:05
  couple of days ago about the person who engages a fashion
• 16:08
  entrepreneur and she's looking for a dress because her sister
• 16:13
  is getting married. And the reason why she's doing
• 16:16
  that is because she wants to sleep like she wants to kill
• 16:19
  them at the reception. Some people will say she's
• 16:24
  buying the dress. No, she's not buying the dress.
• 16:27
  With the particular example I gave, what she's buying is an
• 16:30
  opportunity to be noticed or to upstate her sister or to cause
• 16:35
  some chaos, some good chaos on the floor because she has a
• 16:39
  right. So you know, as a fashion
• 16:42
  entrepreneur, if you call that person back, that was addressed.
• 16:46
  OK, The thing held no was OK, you're happy with it.
• 16:50
  That's customer satisfaction. But if you asked her that, I
• 16:53
  hope you I hope you killed them as in when you got there.
• 16:55
  I hope you killed them. And when the ladies like her now
• 16:59
  you should have seen me when I was there, people could not keep
• 17:03
  my eyes off me. The eyes off me.
• 17:06
  The photographer man was just taking picture of me anyhow.
• 17:08
  Anyhow, as in there you try that dress you did for me was was was
• 17:13
  one in town. By the time you're having that
• 17:16
  kind of conversation with your client.
• 17:18
  Now as a fashion designer, you have been able to exercise the
• 17:23
  customer satisfaction function. A customer is happy, you have
• 17:27
  also been able to achieve. You've also had the conversation
• 17:30
  around customer success that the brand promise was fulfilled.
• 17:35
  The reason why she bought this dress, the promise was
• 17:37
  fulfilled. So we in our businesses, we need
• 17:40
  to have these functions. It is not just the fashion
• 17:44
  entrepreneur from yesterday that had, you know, this messed up
• 17:47
  experience. You know me, her and wifey as by
• 17:50
  the delivery, but every single person, even you that you're
• 17:54
  listening. So why do all these things
• 17:58
  matter? It matters because this is a
• 18:01
  very simple formula. If you have a happy customer, by
• 18:05
  the way, we say customer means somebody that has bought
• 18:07
  something from you before. We are praying that the person
• 18:11
  will buy again, but at least person has bought something from
• 18:14
  you before. So this matters because when you
• 18:18
  have a happy customer and the brand promise was achieved,
• 18:25
  Excuse me and if there any problems the problems are
• 18:31
  resolved. It is then that we stand the
• 18:33
  chance of getting a loyal customer and a loyal customer is
• 18:36
  somebody who buys from us again and again and who also sends
• 18:39
  people that see this guy, this, this babe, this is my person.
• 18:44
  Anytime you need this and this and this go and buy from that
• 18:47
  person. It's a very, very simple
• 18:49
  formula. Is the customer happy?
• 18:51
  Yes, Plus, did we achieve the brand promise?
• 18:56
  Yes, plus were there any problems and did we resolve
• 19:01
  those problems? Yes.
• 19:02
  It now equals loyal customer. Loyal customer equals repeat
• 19:07
  purchase. They keep coming back again and
• 19:08
  again. Plus referrals.
• 19:12
  Remember what Professor Peter Drucker said that I repeated
• 19:15
  that I said again at the start of today's episode.
• 19:20
  The goal of a business is to build a customer.
• 19:23
  We want somebody who'll be coming back again and again and
• 19:26
  again. Because it doesn't matter
• 19:28
  whether you sell business consulting or whether you sell
• 19:31
  software, or whether you're a fashion entrepreneur, or whether
• 19:35
  you sell bread, or whether you sell super glue or slippers, or
• 19:40
  whether you sell podcasting services or whether you sell
• 19:43
  computers or mobile phones. If you just get one single
• 19:46
  transaction from somebody, it is not a win.
• 19:50
  The win is when you get somebody coming back again and again and
• 19:54
  again. For example, in Lagos, the first
• 20:01
  jalopy that me and my wife brought that we now carry to
• 20:04
  Abuja, it was all from the same person that we bought.
• 20:07
  We bought the car from the same place that my brother-in-law
• 20:10
  bought from the same place that my mom see bought from the same
• 20:14
  place that my brother bought one guy.
• 20:18
  Excuse me, one guy hooked us up, five people.
• 20:23
  That is the whole, that is what I'm trying to say.
• 20:25
  Where do you think big money comes from?
• 20:27
  Big money does not come from selling one car.
• 20:30
  But if you do a good job and one person is happy because the
• 20:33
  first person was my brother-in-law.
• 20:35
  And my brother-in-law says bro, come and try this guy.
• 20:38
  My brother buys a car and then he says bro, come and try this
• 20:44
  car, this guy. And then I buy a car, their
• 20:48
  mumsy also needs a car. And then we say come on by I
• 20:51
  mean can you see that the money is not in one transaction.
• 20:56
  The money is in keeping people nice and keeping people happy.
• 20:59
  Now, of course, we've not gone to buy from this guy again
• 21:01
  because you know, life happens. My brother has Jack Bar, my
• 21:06
  brother-in-law too has Jack Bar Mumsy is no longer in Lagos.
• 21:09
  Me and wifey were now in Abuja. You know, it's just one of those
• 21:12
  things but really there is no money in just selling one car.
• 21:22
  There's money when you get a loyal customer who is coming to
• 21:26
  buy from you again and who is also bringing people to come and
• 21:30
  buy from you in the future. So that is the goal.
• 21:35
  Don't be like this Lagos fashion entrepreneur who as far as she's
• 21:38
  concerned, she has collected 37K.
• 21:42
  It's not her fault, it's not it's everybody's fault, it's my
• 21:46
  wife's fault, it is my own fault, it is the logistic from
• 21:48
  it is everybody's fault apart from my own fault.
• 21:52
  As actually as consensus can collected her money.
• 21:55
  Verily verily I said on TV there's no profit in that 37
• 21:59
  round. Not real profit.
• 22:01
  The real profit would have been in my wife being happy.
• 22:05
  I know how you may not know for you May 1 is never enough, you
• 22:09
  say. And that one that I bought was
• 22:11
  was last year. It was last year Christmas or
• 22:13
  was last year on my birthday. So this year Christmas, I
• 22:16
  supposed by another one or for this best they are supposed by
• 22:18
  another one. Sorry, I'm not trying to be
• 22:20
  patronizing, you know, I'm just saying as it is, at least in
• 22:23
  this part of the world anyway. I mean for most men, one is 1.
• 22:27
  OK, I bought the shirt two years ago, but the shirt still fits me
• 22:29
  now. I wore it last year on my
• 22:30
  birthday. I can still wear it this year on
• 22:32
  my birthday. So that's a that is OK.
• 22:37
  That's what the profit is. The profit is that somebody buys
• 22:43
  now, buys on birthday, buys on Valentine, buys on Christmas,
• 22:50
  buys on no special occasion except that a deal pulled
• 22:56
  through and I have some extra money.
• 22:57
  So I saw it on your Instagram page.
• 22:59
  Let me just buy again. That's where the real money
• 23:01
  comes from. All right, so another question,
• 23:04
  since this is now 23 minutes, whose job is it to do all of
• 23:07
  this now? Because honestly, this job is
• 23:09
  plenty. Customer service now is plenty
• 23:12
  on his own customer satisfaction.
• 23:14
  You never heard of it before, but now you know it's a business
• 23:16
  function, customer success. You've never heard of it before,
• 23:19
  but now you know it's a business function.
• 23:21
  Whose job? It depends.
• 23:24
  The one that I prefer is it is the sales team's job, whoever it
• 23:29
  is that is responsible from lasting with the customer from
• 23:32
  the beginning on to when you collect deposit.
• 23:35
  In my own opinion, that's the person who should be following
• 23:38
  up on all these things from the beginning to the end.
• 23:42
  Even if you have an admin person or a customer service person who
• 23:47
  will be doing it, but still the salesperson who started this
• 23:50
  transaction from the beginning onto collection of deposit, this
• 23:53
  person should be in touch. And the reason why is because
• 23:56
  this person is the face of your company.
• 24:01
  Yes, you have built an expensive brand and everything and you're
• 24:04
  the one who is on the social media and everything.
• 24:07
  But if when the person picked up the phone and started this
• 24:10
  thing, the person was talking to Nkechi and the person has dealt
• 24:14
  with Nkechi until the end, then Nkechi is the face of your
• 24:19
  company. And so I think Nkechi is the one
• 24:22
  as a salesperson who should be doing nothing or Bio or Julius
• 24:26
  or whatever the person's name is.
• 24:29
  Now, if you're self-employed, that means not only you, the
• 24:32
  also you're the business owner, then unfortunately this is your
• 24:35
  job. You have to be doing it.
• 24:39
  But if you're making small progress, you know, maybe it's
• 24:41
  you. You don't have a salesperson,
• 24:43
  but at least you have one admin or one secretary.
• 24:45
  Well, maybe you can outsource it to admin.
• 24:48
  But remember, I really think the best thing is for the person who
• 24:52
  initiated this thing in the beginning should see the whole
• 24:54
  thing through, even if admin still will do that again as
• 24:59
  their own job is not a problem. If somebody receives 2 calls
• 25:02
  from the business to say I trust you are happy, believe me, it's
• 25:05
  not a bad thing especially in Nigeria because in Nigeria, most
• 25:10
  people are not even receiving one call from a business that
• 25:14
  will say you bought from us, were you happy?
• 25:21
  So the final thing that I'd like for us to take away from this,
• 25:25
  not just today's episode, but yesterday's episode as well is
• 25:27
  this. So the transaction was not that
• 25:31
  big, was about 37 grand if I remember correctly.
• 25:34
  But just remember the goal, remember what Professor Peter
• 25:38
  Drucker said, create a customer is now creating one of purchase.
• 25:45
  So the goal is not making 37K today in one transaction.
• 25:55
  The goal is to try and set up your business so you can make
• 25:58
  multiple 37 K transactions in the future.
• 26:04
  It's also to try and see how many other 37 K referrals can
• 26:09
  you get in the future. And then over time, how can you
• 26:13
  raise this 37 K transaction into 45K75K205K, 400K700K.
• 26:24
  Some of you say, how can somebody spend 700K on clothes?
• 26:27
  People do. You're just not moving into
• 26:28
  circles yet. People do.
• 26:31
  I was talking to one of my clients.
• 26:32
  The guy was teasing me that I do all my work from my phone
• 26:34
  because I do do all my work from my phone.
• 26:36
  And I told him that I've been seeing this tablet, this folding
• 26:39
  phone I want to buy. So my client started healing me
• 26:42
  say, ah, you've arrived. You're a big boy.
• 26:43
  I say big boy how? He said, you don't know that
• 26:45
  phone is 2.5. I shout.
• 26:47
  I say 2 point what he said, 2.5. So yes, people spend 2.5 million
• 26:54
  on the phone. You're just not rolling in those
• 26:56
  circles yet. So yes, we will spend those
• 26:58
  money on clothes. So that is the goal.
• 27:01
  It's not just to collect 37 K today.
• 27:03
  I say it's not my fault. The goal is to collect that is 7
• 27:05
  K today. See how you can get the amount
• 27:07
  to spend 37 K next month, maybe in a few months.
• 27:11
  See how you can get referrals from her.
• 27:12
  Let her send us a standing law too.
• 27:14
  Then by next year, you see how you can get DuMont to spend
• 27:19
  45-K200K. We're going up and up.
• 27:22
  That's the whole goal. Basically, we should do anything
• 27:26
  to avoid customer attrition or customer churn.
• 27:30
  Customer attrition, Customer churn just means customer loss,
• 27:33
  just means customers don't you know, customers they miss.
• 27:35
  That's what customer attrition means.
• 27:38
  Now there are some things that we can do nothing about when it
• 27:41
  comes to customer attrition because like I mentioned, some
• 27:44
  customers who attrition, some customer who just lost because
• 27:47
  he's normal. Like in my own case, me and my
• 27:50
  wife, we moved, Muncie moved away.
• 27:54
  My brother-in-law and my brother, the Jeopardy, they also
• 27:57
  moved away. So some of your customers will
• 28:00
  move. That's the reason why they're
• 28:01
  not buying from you. Again.
• 28:02
  Some of your customers priorities will change, Like
• 28:05
  take my wife and I, all those three are places and Shama
• 28:07
  places we used to go to. Priorities don't change.
• 28:09
  We have children on ground now, so we can't be eating Shama
• 28:12
  every Wednesday and Friday. So for the customers, priorities
• 28:17
  will change. What else?
• 28:21
  Then? God forbid, It's unfortunate,
• 28:22
  but you know, people also die, so some customers die.
• 28:27
  So for those ones, there's nothing we can do anything about
• 28:29
  people moving, customer priorities, changing, customers
• 28:33
  change, moving into a different phase of life and then people
• 28:35
  dying. We can do nothing about that.
• 28:38
  And we can, well, we can pray that people should hang around,
• 28:42
  but customer attrition that comes from poor customer
• 28:45
  experience, please avoid it. Customer attrition that comes
• 28:50
  from product or service issues, please avoid it.
• 28:54
  Those two in particular, please avoid it.
• 28:57
  And that is the reason why I'm making today's episode.
• 29:00
  And I think I'll just wrap this up, bring this up to a close,
• 29:04
  and I'll bring up this matter anymore.
• 29:07
  Well, Please remember, I'm not trying to badmouth anybody's
• 29:10
  business at all. It's just that I was trying to
• 29:13
  make these things practical. So rather than discuss these
• 29:16
  things in theory, when I see live cases, whether it's my own
• 29:20
  clients or whether it's something I've seen, something
• 29:22
  I've heard, I like to bring in and talk about it so that this
• 29:25
  is live are practical and relatable.
• 29:27
  So that's reason why I brought it up.
• 29:29
  And by the way, I didn't mention on the lady's name.
• 29:32
  I'm not trying to shame anyone. I'm just trying to put out some
• 29:35
  Nuggets here so that we can all grow together.
• 29:38
  So that's it and that's all. Remember if you'd love to
• 29:41
  connect then call SMS or WhatsApp me on 08064662140.
• 29:47
  Thank you for your time and attention.
• 29:48
  I'll catch you next time. Same place in your headphones or
• 29:52
  in your speakers.