The True Value Of Sticky Customers
May 17, 2019 |
Want to increase the value of your business by up to 71%?
Take the 13-minute survey and get your Value Builder Score
About this episode
Subscribe:
CJ Whelan and his co-founder evolved a typically “free service” into something that customers were more than willing to pay for – and remain loyal.
In the era of easy-to-access and (often) free web conferencing solutions like Zoom and GoToMeeting, how does a service industry like teleconferencing stay competitive?
If you ask CJ Whelan, who started Adigo with his business partner in 2004, the answer is customer loyalty. By 2018, Adigo was bringing in millions of dollars in revenue and sustaining an astonishingly industry low customer churn rate of only 2% over a year.
How did he keep his customers satisfied in such a busy industry?
In this episode, you’ll learn:
- How to let go of an offer
- The woes of business partner conflict and how to avoid it
- The one thing that makes a business attractive to multiple buyers
Whelan and his business partner were able to build a loyal base of customers and predict their future growth to ensure low churn. Understanding your future growth is a key factor in building a valuable business success and is explored in Module 3 of The Value Builder System™. To find out more get started for free right now by completing Module 1.
Our guest
CJ Whelan is an accomplished entrepreneur with more than 25 years of success in the telecommunications and software development industries. Companies that he has founded or co-founded include Front Range Technology Group, a telecom and software consulting firm, and Adigo, a teleconferencing services company that saw a successful exit through acquisition in 2017.Boost the Value of Your Business
Sign up for a copy of The Subscription Economy: 9 Subscription Models Any Business Can Adopt eBook
Download Now
Related to this topic
3 Reasons Bollé Sunglasses Acquired SPY Optics
The action sports business is fuelled by big brands which is why, when SPY Optics built a style popular with irreverent teens, eyewear bemouth Bollé decided they had to own them.
Why Cracker Barrel Paid $36 Million For Maple Street Biscuit Company
When Scott Moore’s job as a VP at Winn-Dixie was eliminated in 2012, he decided to start a restaurant with his friend Gus Evans in Jacksonville, Florida. They called it The Maple Street Biscuit Company and offered what they refer to as “comfort food with a modern twist.”
How Cigar City Brewing Got Oskar Blues To Triple Their Acquisition Offer
Joey Redner started Cigar City Brewing in Tampa Bay in 2009 with a vision of being the first quality craft beer in Tampa at a time when craft beer was gaining popularity across the country.
The Atheist Bible Salesman Who Sold His Company for 5X Revenue
Trevor McKendrick had created the best-selling Spanish-language Bible app when he was approached about an acquisition. The offer was 3.5x revenue but Trevor got them to 5x with a combination of chutzpah and a knack for reading the fine print.
Luxer One went from around $1 million in sales in their first year to an incredible $37 million in 2018 without suffering the dilution of accepting a round of venture capital in part by charging property managers up front for his system. Here’s how he did it.
The Downside Of Being Upfront With Employees
In 2011 Josh Holtzman, the founder and CEO of American Data Company, gathered his employees into a conference room to announce “Fifteen Cubed”, a company-wide initiative to grow to $15 million in revenue by the year 2015.
An Interview with The E-Myth’s Michael Gerber
For the better part of 40 years, Michael Gerber has been encouraging business owners to work “on, not in” their business. Gerber’s knack for simplifying the complex art of starting and growing a company really resonates.
The key man discount can take a zero off the value of your business. Find out why and how to avoid this trap when selling your business.