To celebrate its 150th anniversary, the fundraising arm of Yellowstone National Park issued an annual pass that you won’t (read can’t) use in your lifetime. For a donation of $1500, you get an ‘Inheritance pass’ valid for entry in the year 2172 - 150 years from now!
Yellowstone’s campaign is a poignant reflection of reality amid climate change and rising sea levels. The possibility of your great-grandchildren visiting America’s oldest national park could, in actuality, directly hinge on you investing in the preservation movement; whether you want to name your incentive an ‘Inheritance pass’ or ‘global warming is irrelevant.
Retention, like preservation, can be a self-fulfilling prophecy. If you act like Yellowstone park will be around after 150 years, it most likely will. Similarly, we invest more time and attention in long-term relationships than towards people who will not be in our lives. The effort invested in relationships is always acknowledged, even if not reciprocated. We’re still talking about business, I swear ;)
Your monthly churn rate could directly depend on how you treat your customers today. People who have positive experiences with a brand form a connection and are less likely to churn. People who get a generic template response - eh, not so much.
To sum up what funnily sounds like a life lesson: If you value something, show it, don’t just say it - whether it’s the environment, your customers, or even someone in your life!
In this week’s Compass, we’re looking at customer retention and why you should drop everything and focus on it. None of us like letting people go - so what are you doing about it?