Below is an Autogenerated Transcript

Customer retention, let’s say, for a bank, can be super important and become increasingly profitable over the life cycle of the client, because if that customer comes to you, stays with you, works, earns money, has children, buys a house, has six cars, bought a second house, I mean six cars over time, send kids to college, save for retirement, had some investment assets. I mean, when do you want that customer? Just want the checking account that they opened with when they were a student or do you want them all the way through to the intergenerational wealth transfer in their legacy planning, where your bank is going to be the one that’s going to keep the assets under management in the trust apart? Whoa. Right. Okay. So then when you’re interacting with that customer in each and every situation, it cannot be the only transaction. And yet each time the customer shows up, it looks like, it could look like, “Oh, I’m here to do a transaction” with a smile. But that won’t create any added value in the Ongoing Relationship category. And so, you can imagine if you actually are a bank, you want each of those transactionally involved service providers to know how to think about what else might this customer want or need next that they may or may not even know about? What are their hopes? What are their dreams? What are their fears? What are their anxieties? What do they understand? What are they ignorant about? And how can I bring them into their own well-being in the future so that they see me as a representative of this bank, as one who cares about them and is not just here to serve them now? Whoa. Okay. Now let’s go to health care. Let’s go to health care. And you start talking about everything from, you know, here’s a couple, they just got married. They want to get pregnant. They’re having issues with fertility or not. Oh, they’re pregnant. So now you’ve got from the very beginning and all the way through that cycle to birth to infancy, to toddler, to adolescent, to tween, you get your teenager, then you know all of what goes on there. And then you’ve got the next thing, all the way through to end of life. So then if you’re a health care providing organization, do you just want to treat the symptoms of what’s going on right now or should you, if you’re a responsible health care provider, that will keep that customer and their family and the positive recommendations that come from it over the course of a lifetime, then you need to be demonstrating that you care about them now and into their future.