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← 08-13 Keep_Physical

08-13 Keep_Physical

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Showing Revision 2 created 09/30/2015 by Udacity Robot.

  1. We've just been talking about getting customers in a physical channel, but what's really interesting is
  2. most startups kind of forget that it's much more expensive to get a customer than it is to keep one.
  3. Yet, we seem to go from order to order or user to user forgetting about thinking about all the time
  4. is how can we extract more dollars or usage or whatever is
  5. important to us from our existing customers.
  6. How we do that is the first thing we need to do is make sure our existing customers we've just gotten
  7. don't go away, and so if you're in business long enough,
  8. you'll start thinking about how to keep customers.
  9. Some examples, well the airlines are the perfect examples of keeping customers.
  10. They run something called the loyalty programs.
  11. They give you points, they give you rewards, etc. for staying with their airline.
  12. Credit card companies--boy, they love to keep you using their credit card because you know what
  13. it's just a piece of plastic and they're loaning you money--anybody can do that,
  14. but they want your business full-time, so they'll make up programs and things that make you think
  15. about--oh, it will be terrible to leave this credit card with this airline because I loose all the points.
  16. That's a great example of a loyalty program.
  17. Or product updates, here's a way to keep me loyal is instead of just this one-time purchase,
  18. I'm getting these updates or newsletters or something useful through the lifetime of the product
  19. and Smart Companies not only do loyalty and product updates, sometimes they send me
  20. newsletters and here's what's going on and here's whatever and how can we help you, etc.
  21. Even though on day 1 you're not thinking about keeping customers
  22. because you're desperately worried about getting them, just understand the next thing
  23. you're going to be doing is worrying about how to keep your most valuable customer.