WEBVTT 00:00.450 --> 00:05.670 In this video, I want to talk about the quality of your product or service and something called the 00:05.670 --> 00:06.930 Net Promoter Score. 00:06.960 --> 00:13.500 The Net Promoter score is a calculation that you can make and determine how many people are sharing 00:13.500 --> 00:14.880 your product or service. 00:14.910 --> 00:21.180 We're not going to do that here because it requires knowing how many people detract and how many people 00:21.180 --> 00:21.570 promote. 00:21.600 --> 00:26.160 For most businesses, that's not a number you can actually accurately know because you really don't 00:26.160 --> 00:30.450 know what your clients do after they consume your product or service. 00:30.450 --> 00:36.540 But there is a really valuable takeaway, and that is that there are three types of customers that are 00:36.540 --> 00:41.030 going to interact with your business, people who truly love your product or service. 00:41.040 --> 00:45.570 These are the people who will promote it, they will share it, they will talk about it with their friends. 00:45.570 --> 00:48.060 Those are the people that you want to maximize. 00:48.090 --> 00:50.610 For most businesses, there are few of them. 00:50.610 --> 00:53.070 For most businesses, the majority is in the middle. 00:53.070 --> 00:57.690 The second type of client, which is people who are lukewarm, you know, they guide your product or 00:57.690 --> 00:58.350 service. 00:58.350 --> 01:02.600 They bought it once it did its job, but they're not like wowed. 01:02.610 --> 01:04.290 They're not going to say anything bad. 01:04.290 --> 01:05.850 But they're also they're not going to talk about it. 01:05.850 --> 01:06.630 They're not going to share it. 01:06.630 --> 01:07.500 They're not going to promote it. 01:07.500 --> 01:14.040 And very likely they are not going to come back again to your business unless they really, really, 01:14.040 --> 01:16.140 really need what your business is. 01:16.140 --> 01:19.560 And absolutely nobody provides it better, which is actually rare. 01:19.560 --> 01:22.190 So in most cases they don't come back, which is bad. 01:22.200 --> 01:27.210 And then the third type of a client is people who hate your business and detract. 01:27.210 --> 01:29.040 These are people who leave bad reviews. 01:29.040 --> 01:31.110 They take refunds on the products. 01:31.110 --> 01:33.650 They do other things that are bad. 01:33.660 --> 01:35.310 You want to minimize them. 01:35.430 --> 01:43.740 In my career, this has been a really valuable way to look at clients, and my work is always to figure 01:43.740 --> 01:49.890 out how do I make the people who hate my business into lukewarm clients and the people who are lukewarm 01:49.890 --> 01:51.930 into people who love my business. 01:51.930 --> 01:56.430 And I just want to always increase people who love my business because that just does everything right. 01:56.430 --> 02:01.830 When people are happier, they do more of what you want, they do more social sharing. 02:01.830 --> 02:07.320 They invite their friends, which is essentially client referrals, and other professionals in your 02:07.320 --> 02:12.780 field are going to be more likely because of your high reputation to give you professional referrals 02:12.780 --> 02:13.590 as well. 02:13.590 --> 02:15.750 You're going to get more repeat customers. 02:15.750 --> 02:21.150 So this is something that actually boosts your revenue and everything that you improve about your product 02:21.150 --> 02:24.900 or service is going to correlate with more sharing. 02:24.900 --> 02:29.700 And if you leave it bad, if it's not that great, it decreases everything, right? 02:29.700 --> 02:32.580 Like it decreases all the effect of all your efforts. 02:32.580 --> 02:39.330 And most people, when they start, they're so focused on marketing and promotion that often the quality 02:39.330 --> 02:42.150 of the product or service gets left behind. 02:42.150 --> 02:44.970 And the entrepreneurs are always wondering like, well, what's wrong? 02:44.970 --> 02:45.930 Why don't the people love it? 02:45.930 --> 02:46.980 Why don't they come back? 02:46.980 --> 02:47.970 It's so great. 02:47.970 --> 02:50.730 Well, no, the truth is it's not that great. 02:50.730 --> 02:53.790 The greatness isn't determined by you. 02:53.790 --> 02:58.920 It's determined by how people are truly enjoying your product or service. 02:58.920 --> 03:05.400 So let's talk about some of the very common things that companies do to improve more value from the 03:05.400 --> 03:10.920 core offering is the number one thing that you can do. 03:10.950 --> 03:12.250 What does that mean? 03:12.270 --> 03:15.510 It means that you can add a ton of bells and whistles. 03:15.510 --> 03:17.580 You can do everything you want. 03:17.580 --> 03:22.530 But really, at the end of the day, the customer is there for the core value. 03:22.530 --> 03:26.700 Whatever the main thing your business provides, you has to do that amazingly. 03:26.760 --> 03:30.900 Sure, it can do other things great, but it has to do the main thing amazingly. 03:30.900 --> 03:31.980 I'll give you an example. 03:31.980 --> 03:35.280 I had an online course that I've been teaching for over five years. 03:35.280 --> 03:37.200 It stayed approximately the same. 03:37.200 --> 03:40.170 I don't want to give the name of the course because I don't want to seem like I'm promoting it. 03:40.170 --> 03:46.680 But the takeaways of that course, they stayed approximately the same, which I always thought were 03:46.680 --> 03:47.370 pretty good. 03:47.490 --> 03:50.820 That course never really like got amazing reviews. 03:50.820 --> 03:53.360 It was like always 4.1, 4.2. 03:53.370 --> 03:58.590 And then I started focusing on how do I improve the core offering. 03:58.590 --> 04:04.380 I started making better video quality, better audio quality and got better recording equipment. 04:04.380 --> 04:07.290 I improve myself as a presenter. 04:07.410 --> 04:08.910 I started doing better editing. 04:08.910 --> 04:15.120 I started putting more examples into the course and everything that students complained about I addressed 04:15.120 --> 04:19.050 and it helped them learn the thing that I was teaching. 04:19.140 --> 04:28.860 And naturally that course went from 4.1 to like 4.5 star rated, and that by itself increased revenue 04:28.860 --> 04:34.030 because people started buying because they saw, Oh wow, it's a far better course. 04:34.030 --> 04:35.730 So new customers, of course, started buying. 04:35.730 --> 04:40.830 And my current students, they're sharing it more, They're more active in it, they're completing more 04:40.830 --> 04:41.670 of the course. 04:41.670 --> 04:46.440 I focused on the delivering the core value, and that made a tremendous difference. 04:46.440 --> 04:48.930 And people might ask, well, how should I promote the course? 04:48.930 --> 04:56.160 Well, actually, I didn't do anything else other than made it better, and that was a huge part of 04:56.160 --> 04:56.940 the promotion. 04:56.940 --> 04:58.290 Now, are there things you can do? 04:58.290 --> 04:59.730 Is customer support and. 04:59.820 --> 05:00.660 Interaction. 05:00.750 --> 05:06.930 If you are proactive in helping your customers, the ones that are confused, the ones which are potentially 05:06.930 --> 05:10.770 people who might turn into people who hate your service or product because they're just not sure how 05:10.770 --> 05:11.580 to use it. 05:11.610 --> 05:16.980 If you support them, if you have them, you'll turn them into people who love it because now they understand 05:16.980 --> 05:17.880 how to use it. 05:18.000 --> 05:23.580 Also, of course, ease of use, usability, design, if that applies to your product or service, that 05:23.580 --> 05:30.240 also is very impactful to improving your net promoter score and of course more value from the price. 05:30.240 --> 05:35.700 If you do provide like more bells and whistles, more things for the same price, of course people will 05:35.700 --> 05:38.100 feel better about it and they'll be happier. 05:38.100 --> 05:39.000 It's just natural. 05:39.000 --> 05:46.110 And of course, again, shift your focus from sell, sell, sell, sell, sell to new customers to take 05:46.110 --> 05:52.950 ten or 20% of your efforts and put that effort into improving the quality of the offering that you have 05:52.980 --> 06:01.050 long term, just continue to improve and you will see that it's as strong or stronger than trying to 06:01.050 --> 06:02.640 get new sales.