From the course: Customer Retention
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Prevent customer loss
From the course: Customer Retention
Prevent customer loss
- There's an analogy in the business world that's often used to represent customer loss. The analogy is this. I want you to imagine that your business is like a bucket under a faucet of water. The bucket represents your business and the faucet represents new customers coming into your business. Unfortunately, your bucket isn't a shiny new bucket. It's a little beaten up, and it's got a lot of holes in it. So no matter how much the faucet is on, it's always going to be leaking. Now, if the faucet is on full blast, then you're probably not going to notice the leaks too much. The water level will still rise. If the faucet is completely off, you're going to have an empty bucket pretty soon. All the water will drain out. But what happens most often is that the water from the faucet is varying, and sometimes you'll notice the leaks more than others. It's a pretty simple metaphor, right? The more water in your bucket, the…
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