For many, starting a credit repair business begins with the desire to help people and change lives for the better. Many of those same people have practical questions about their new credit repair business opportunity, such as how to generate leads for their budding business.
In addition to providing systems and software, Credit Repair Cloud offers tips to help you advance your credit repair business success. What better source to draw from than the real success stories of other credit repair entrepreneurs.
Tips from a Credit Repair Business Millionaire
Andre Coakley shares his million-dollar credit repair business training tips at the 2019 Credit Repair Expo.
Andre Coakley took the idea of a credit repair business opportunity and turned it into a thriving company – in fact, a million-dollar company. We’re sharing some of Andre’s million-dollar ideas from his inspiring talk at the 2019 Credit Repair Expo: #1 Strategy To Growing Profits Without Focusing On Leads.
When asked about his business success, Andre says what sets him apart is customer experience. The following customer experience and credit repair business training tips helped Andre boost sales and build a million-dollar business.
Focus on Customer Retention
It doesn’t matter whether you’re an experienced business owner or brand new - many credit repair entrepreneurs spend most of their time on customer acquisition. In his talk, however, Andre stresses making customer retention a priority. Andre reminds us that customer retention is just as important as winning new customers - and probably more lucrative.
When you first start your credit repair business, you’ll concentrate 100% on getting customers. As you become start gaining traction though, you should shift your focus more toward customer retention. As an established business (making ten sales per day) you should spend 50% of your efforts on customer retention.
Making sure a current customer stays a loyal customer can have major benefits. Consider the following from Andre’s talk:
- Capturing a new customer is 7 times more expensive than retaining a current one
- 55% of customers are willing to pay more for a great experience
- On average, repeat consumers spend up to 5x more than new customers
He suggests tracking your customer retention rate (CRR) on a monthly basis using the following simple formula:
CRR (as a percentage rate) = [number of customers at end of month] - [number of customers lost that month] / [number of customers at beginning of month]
Service Recovery Paradox
Have you ever had a bad experience with a company, only to end up becoming their biggest fan after the way they “made things right”? This familiar experience is the basis for the service recovery paradox which claims that a service failure if handled correctly, will result in a stronger relationship with that customer.
When things go wrong, consumers want businesses to admit the problem and take actions such as:
- Apologize for any mistakes your company made
- Offer your dissatisfied client a discount or full refund (refunds are common practice in credit repair, and also key to the CROA and other laws in place)
- Take other measures to make the customer happy
Sometimes, losing customers will be a natural part of the customer cycle. (Maybe they repaired their credit or they’re in good shape and they don’t need you anymore--yay!). But true credit heroes or the most successful credit repair business owners will go out of their way to keep as many happy, and as many long-term customers as possible.
If you do your best to make an unhappy customer happy, they will often become your biggest cheerleader. They will tell their friends all about how you made things right, and they will come back to you when they need help, not the other guy.
Credit repair millionaire Andre Coakley is a strong believer in customer retention to build your business.
Focus on Understanding the Client's Needs
Andre believes in providing excellent customer service from the start – but also in having customer retention strategies in place. That includes understanding your client’s needs.
The so-called buyer’s journey is all about getting customers to know, like, and trust you. The customer follows steps along this journey, beginning with awareness, and continuing through the phases of consideration, purchase, retention, and hopefully, loyalty.
As Andre expressed, in an early stage like awareness, 55% of marketing content should focus on understanding clients' needs.
Depending on where they are in the buyer’s journey, a client’s needs may include:
- Their emotions tied to being in debt and stressed about money
- Basic education about credit repair and positive spending habits
- What’s your client’s personal motivation for improving their credit? Are they trying to purchase a home, a car, or rent an apartment?
Andre notes many business owners focus too much on sales, instead of providing value and outstanding customer service.
Focusing on leads won't give you the sales boost you're hoping for. When you make customer satisfaction, loyalty, and referrals a priority, your customer relationships, and your credit repair business opportunities will blossom.