In my last blog post, I asked you to fill out my survey, called “You Can Lead a Horse to Water.” I’m so pleased that 38 of you have answered the 5 simple questions so far.
If you’re reading this and have not yet taken the survey, then please go there RIGHT NOW, and weigh in on this important subject with your answers, before you read this post.
The more people who answer the survey, the more powerful the results will be!
Here’s what the survey shows. There were 5 questions, so I’ll give you the results, questions by question. In all cases when I quote numbers, I’ve rounded them to the closest whole number. I find the data easier to digest that way.
Again, there were 38 respondents to this survey so far.
What does this tell us? For one thing, the fact that 80% of intelligent (they must be intelligent; they’re change agents!) people spend money on something they highly value, and then NEVER make use of it!
This is the exact figure that’s been quoted by others, without any reference or citation. Now I’ve “scientifically” shown that this is true!
So more than 25% of coaches and other change agents who took this survey have invested in 10 or more courses or programs, and never finished them!
This tells me that the coaching and training service industries have a problem. That problem is called “CLIENT RETENTION.” The longer a client or student stays with you, the more they learn, and the more they refer other clients to you. If you lose them, who knows where they’ll go?
Let me repeat, a whopping 68% estimate they have wasted more than $1000 in this way! As one person wrote, “Most of the programs I purchased were in the $97 to $197 range but there was one I purchased for $750 that I never touched and that one bums me out the most. A BIG investment I could ill afford.”
But that’s not all.
One person wrote that they have lost over $75,000 by buying programs they didn’t make use of.
Another person wrote “$20,000+ shocking.”
Notice that these are the same percentages that we found in Question 1, which was: Have you ever bought a program and never listened to or read the content?
I love when data is consistent. (Any scientists reading this, I’m aware of the confounding variables.) So a little more evidence that 80% of people don’t make full use of the programs they buy.
The big message from this data is that we’re not focusing enough on client retention. Therefore, we’re not retaining our clients long enough. A majority of them are leaving and not coming back. They never learn anything from us because they don’t even know the information we’re teaching. And they are not getting the benefits and transformations that they wanted when they invested in our programs.
This is bad news from a business point of view. It’s easier to keep clients than to get new ones. Yet clearly we’re operating from a different principle — constantly filling the pipeline and then the funnel, and not focusing on keeping the clients we do have from dropping right out of the funnel.
I’ll be exploring what we can do about this problem in later blog posts. But being aware that you are “losing” clients in this way is the first step.
Are you surprised by these results? Do they resonate? What have you noticed in your coaching practice, or as a client in a coaching group?