Mark Clayborne here from Credit Repair … Mark Clayborne here from theclientdisputemanagersoftware.com. Now, in today’s video, guys, I want you to pay attention and to listen to this entire video because I’m going to tell you why you are losing money in your credit repair business or your credit score improvement business.
Now, here’s the number one reason why new startups are losing customers by the month, or even established credit repair business companies losing customers by the month, by the drove, we call it churn. Now, churn basically means is that a customer signs up with you, they start working with you for about two or three months, and then all of a sudden they cancel your services.
Now, when they cancel your services, what happens is, that money that you were using to pay your bills for your business or pay your employees, that money is now gone. When that money is gone, and if you can’t replace that money that you were budgeting in every single month, it’s going to cause a major problem for your company. Now, we call that churn disaster, because you don’t have any new customers coming in while these customers are churning out, right?
So there’s a couple of reasons why you lose customers when it comes to the credit score improvement business, the credit repair business, whichever title you want to give it. The number one reason is, is expectations. What I mean by that is that when you are trying to get the customer in for the first time, your expectations and their expectations are different.
You see what happens is, when the customer comes in, if you don’t control the expectations from the very beginning, meaning you don’t tell them the truth about you being able to help them improve their credit score or you being able to help them reach the credit score goal that they want, and if you give them the wrong information because you’re trying to make a quick buck, what’s going to happen is that that’s going to backfire on you.
How does it backfire? Because you can’t meet the expectation that you set for the customer. Now, that is the problem. What happens is you start the first two months, and you told your customer that you can get them to this credit score goal, and it doesn’t happen. So the customer, right then and there, believes that you are not telling the truth, as you say. So therefore, they churn out, they cancel. That’s one reason.
Now, another problem we have, what we see, is that credit repair improvement companies or credit score improvement companies are not nurturing their customer along the pipeline of the expectations. Now, what do I mean by that? If you say that it can take an average of four to five months to reach a certain credit score goal, right, so they can get approved for the home or the house, if you say that, we call that the line.
So you’ve got four to five months, to six months, to try to get the score from 460 to 590 or 600 or wherever you trying to reach it, and you’re trying to do that with your skillset, right? But you’ve got to remember, you have to nurture the customer based on the expectations that you promised them in the very beginning when they signed your agreement.
If you don’t nurture the customer across the line, the six month path, right, then what happens is the customer starts to lose interest because you lost contact with the customer, based on the expectation that you set from the very beginning. This is why churn happens so much in our industry, and not just our industry, in any other industry, is because the company is not nurturing the customers based on the life cycle of them being with you.
Now, let me give you an examples of some things you can do to do that. Now, you know that you are the credit score improvement specialist. You are the expert at what you do, right? So what you want to do is you always want to keep the customer in the loop, even if that means reaching out to them twice a month. Now, you don’t have to always contact them twice a month, but if you contacted them once a month and then you turn on the nurturing, the internal nurturing drip campaign inside of the client dispute manager, that nurturing drip campaign will automatically nurture your customers for you. You understand what I mean.
Now, on top of that, on top of that you can go one step further. You should also be sending your customer some sort of email, or e-gift, or e-greeting card on their birthday, on the holidays, Thanksgiving, Christmas. Every single time there’s some sort of holiday, you also want to contact your customer and let them know that you’ve got their back, literally.
So you always want to stay in front of your customer and you want to nurture them towards their goal, right? So you should be doing quarterly audits. Every single time, you should be doing some sort of quarterly audit with your customer. Now, you can do it monthly. You can run a new credit analysis in the client dispute manager every single month, a new one, and you can show the difference to your customer on how you are making progress for the type of money that they’re paying you every single month.
So you have to communicate, like you have to reach out a little bit harder to make the customer believe that you are doing what you promised. You understand. This is very important. If you don’t control churn, then what happens is that your business will go out of business in a year. So what I want you to do, I want you to start applying these new strategies on how to control churn.
Now lastly, what I want you to do is I want you to create a Facebook group strictly for your customers. That’s right, I want you to create a Facebook group strictly for your customers. Now, every customer that signs up for your services, you add them to your Facebook group or you send them a link and ask them to request to join.
Now, in that Facebook group, it’s an educational group. Now, in this group, you do videos, you do infographics, you do articles, and you answer questions right there in the group. So when you do that, the churn rate takes a dive because the customer now believes that you are really looking out for them and you’re not just in it to win it, and you’re not just in it to get their money.
All right, so listen, I hope that this quick coaching session really helped you understand why customers churn out. Churn is so important. It can bankrupt your business before you know it. You have to get ahold of customer success. You have to become a master at customer success.
Again, this is Mark Clayborne from theclientdisputemanagersoftware.com. Here’s what I want you to do right now. I want you to check out theclientdisputemanagersoftware.com. Like I said, we have a 30 day trial. We also have our nurturing system built in so you don’t have to use any third party program to currently nurture your customers.
Now, when I was running my credit score improvement business, the same exact emails that is inside of the Client Dispute Manager, I use those to nurture my current customers, and that’s why I was so successful at the credit improvement business, because I understand how to keep the customer, and now I’ve given you the key, and now I want you to take action.