Give Love, Get Love TURN AMAZING CUSTOMER SERVICE INTO A MAJOR REVENUE SOURCE
After spending 20 years as a lawyer, Joe Tiano was worn out by the daily grind, the long commute, and the unending office politics. So, he decided to uproot his stable career and put everything on the line to start a tech business. As Joe explains it, while he was working in law, he realized many companies didn’t have the analytic tools and data they needed to effectively price and manage the cost of legal services from outside counsel. They were either paying too much or hiring the wrong lawyers altogether! To solve this problem, Joe launched Legal Decoder, a tech company that puts legal billing data analysis at its clients’ fingertips. Joe built his first product and started selling. When he and his business partner, Christopher Miller, hit a few roadblocks to expansion, Joe sought out Brandon and Build a Business for advice. Now, with our help, Legal Decoder is growing at a furious pace. “Brandon’s actionable feedback, never-ending positivity, and guidance have helped keep me going and increase our sales,” Joe says. “His energy is contagious … The fact that he can back up advice with his own entrepreneur experiences makes his feedback invaluable. He’s lived it himself, and there is no replacement for that type of guidance.” Today, Joe can enjoy the satisfaction of being his own boss without worrying that his business is built on a shaky foundation. There’s nowhere for Legal Decoder to go but up, and we’re thrilled that we get to watch it happen. A STUDENT SUCCESS STORY Meet Joe Tiano, Founder-CEO of Legal Decoder
Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels, convincing others that your business exists and has value. But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again? It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee-customer interactions, your response to problems, your response time , and your approachability on social media. Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you.
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