When my daughter was in Kindergarten she did after school tutoring on Tuesdays. After several months of tutoring, she came home one day and told me that she no longer wanted to do after school tutoring. I replied, “Are you sure? A lot of other kids want that slot, so if you stop going someone else will take it, and you won’t have the option to go back.”
She thought about it and changed her mind. #marketingMagic
There is this an inaccurate myth running around that claims a waitlist will chase away current & prospective customers. This myth claims that business owners will drive away existing customers if they admit to being at maximum capacity, because customers will believe that they are too busy to maintain high quality output.
But actually the opposite is true. When you are near to your capacity, it shows that you are in high-demand.
When someone hears that they will need to join a waitlist before they can start receiving your services again, they think long & hard about leaving.
- If and when a customer communicates that they are thinking about leaving just ask, “Are you sure? As you know, we only accept 4 new customers per month and we have a waitlist of 38. You will go to the bottom of that waitlist if you decide to start working with us again later.”
- Measure the impact.
- Record how many customers you retained last month, in the table below.
- Record your current gross revenue, in the other table below.
- Set a calendar reminder to go off one week (or one month) after you start using this trick.
- Record how many customers you retained.
- Record your new gross revenue. (The tables & graphs below are also on your home page.)
- Look at how using this trick has helped your business grow.
- BONUS: If you’re like me & want to see retention rates skyrocket faster, click here to see what else you can do to increase your retention rates.
Customers Retained[wpdatachart id=14] [wpdatatable id=162]
Gross Revenue[wpdatachart id=2] [wpdatatable id=138]
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