Canvas customer relationships - Learn Online

Customer relationships

Lesson Details:
March 03, 2020

Video Transcription: In this video let's go over the customer relationships segment of the business model canvas and it's a really good segue from the channels because the channels are how you get your customers but really that's surface the depths of it is what are your customer relationships gonna be like and that's extremely important so let's get into it as I mentioned before most first-time entrepreneurs solely focus on getting new customers but it's also very important to facilitate good relationships so when you think about how will your customers interact are they going to get great support and get inspired by that and fall in love with all the value you're getting giving them through your product through your support app through personal assistance or is it just self-service or an automated service maybe even worse right call a company and all you get is their robotic voice support you start to hate them right it's cheaper for the company but the customer starts to hate them so there is a little bit of a push and cool here when you're new what I would recommend is that you go above and beyond because when you're new no matter how great you feel like your services generally companies that are new their service is less good than it will be in the future in the beginning when with your devotion to your customers go above and beyond in the delivery of your product and/or service and in your support that's the advantage that you can have and I'm gonna be repetitive here and I apologize for it but the quality of your product and service always strive to be better because that's how people will engage they'll buy more if it's good they are now gonna buy again if it's bad and they're gonna continue to engage as long as they're there they're getting good quality product or service and one small idea that I want to plant in your mind is when you give support and when you encourage people to in fact take support what happens is you get these real conversations with your customers and consider how important customer conversations are you can ask them about their problems how they solve the problems was liking for them nicely this is the most real feedback you will ever get on your business and on the industry and on their experience and you'll get exactly the insight for how to improve your product what features to create and all those sorts of things.

Now I'll give you a few ideas for how to extend your relationships having a large product catalog will immediately help to boost sales for example when I go to a grocery store and I see like blueberry yogurt cherry yogurt chocolate yogurt I want to try them all if it was just one flavor I would've only got one probably so just having more products on offering as long as they're not bad as long as having more products doesn't decrease the quality that's an immediate way for people to buy more from you and consume more of your products of course the add-on products for example when I sell my own SEO services guess what you can sell social media services you can sell website creation services you can create all kinds of business services but those are add-on products if the initial contact with your service was good for the client they'll buy more they'll be it's not a guarantee but they'll be much more likely to buy more and as long as you have add-on next things for your customer that's perfect of course you can charge higher prices which will immediately help you get more money from transactions form your customers and again the way you charge premium prices is by having a higher quality offering and of course one common thing you can plan for and strategize for is to have consumable products or subscriptions consumables are food is a good example of a consumable products for example when I buy the yogurt and I eat it and I have to buy it again if I like it and if I like it I like it I like it if I make it a part of my breakfast I'll buy three hundred sixty five of those yogurts per year but if I don't like it I'll just buy one and that's it and subscriptions are things that people know they need them and it's natural to sell them on a regular basis like gym memberships or or magazine subscriptions used to be popular now they're less popular now what's popular is those subscriptions where you get anything the male food or the razor shave club where you get your razor blades for shaving or book clubs or anything like that where people are consuming regularly well it's hard for them to keep buying every time that's a deterrent so creating a subscription takes away that deterrent and their credit cards are billed every month or so and so obviously they engage with your business long term and you get paid long term and you take away that barrier of them having to pay every month so subscriptions are a powerful way to extend your relationships and of course on the side of three things you can do you can provide regular free usually educational content to remain on the forefront of people's minds so that even though they might not be buying from you right now they are aware of you and when they will buy they'll think consider your company now just a quick few words of what's considered enough of a high-quality because this is very psychological.

When I started making videos all the way back in 2013 I thought they were maybe not like TV quality but I thought they were good and I thought what I was saying was good in the videos and then and by around 2016 I realized oh my god like I've been making really bad videos because I made a lot of videos low quality bad equipment no skills bad presentations you name it and I thought that by 2016 I have learned enough about how to make good videos and then by 2018 I was like oh my god the videos I made in 2016 were terrible and now I am redoing the videos from 2018 and so on and so on and so on so all the time I keep thinking wow I am good now like now it's pretty good but improving is always possible that's what I've learned and I have learned this not just through the videos I've learned this through all the products I've built through the books I've written like my business plan book I've rewritten it so many times I think it's like 20 drafts now and it's probably gonna be 20 more and I've also seen this often in my clients and my students they often release their first product and they think it's great and then I try to use it and it's full of bugs and it was hard enough for them to release it and create I understand and they tell me it's amazing I've never had anyone tell me their product or service is bad but usually it can be better usually wherever you are now if you focus on improving you will do something better later and that plight to quality it's probably the single most important key to success I'm sorry for being repetitive it's just that important it's probably one of the top lessons I've ever learned for being a business for over a long period of time now just to wrap up how do you further extend your customers relationships and get them to return there's only a few ways of course you can get their email addresses or get them to socially follow you that way you can keep up you can send them notifications and messages and things like that and they can stay in touch you can run retargeting ads if you're not familiar with that term I'm sure you've seen it online when you land on any site their ads start following you around the web I'm you've seen it on Amazon many app sites run it and you can run a - they're usually cheap to run and the leads you get from them are warmer because the only people you are retargeting are people who have already been on your site so they're relatively warm leads so these are recommended to run and people who are already consuming your product this is important quality again if they're consuming it that means they like it as soon as they see bad quality in your product they stop consuming and their customer relationships with your business essentially ends because they're not coming back if they had a bad experience but if they keep consuming not only are they super aware of your brand they might also come back again to buy more of the things they're consuming and of course branding in a larger sense will also help them to come back and remember you when they need the kind of product or service you're selling or making sure that they find you in the same way they originally found you the next time they try to shop for a similar product or service is also a good way to get people back but essentially these are the only ways or the very common ways and if you don't do these you sort of lost people because there is no way to pull them back in so that was a little bit of a long-winded video but it's really important because facilitating that customer relationship is Trump and this and it's really important.

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