#3: The Retention Formula: TRUST + MEANING = RETENTION

When the gurus talk about "retention"...

They usually only talk about "trust".

As if "trust" is all you need to retain a client.

It's NOT.

"Trust" is only part of the story.

I'm writing this post to show you why.

By the end of this post...

You'll see "retention" differently.

Notice I mentioned "retention" and not "client retention".

Because the principles are the same.

I've highlighted in the previous post.

Retention is retention.

It works on your team members, clients, partners, and even your spouse.

Now, let's explore how I came up with the equation:

TRUST + MEANING = RETENTION.

Generally, everyone agrees that "Trust" is required for retention.

No trust = No sale = No retention.

Without trust...

No one wants to listen to what you say.

No one wants to buy from you.

No one wants to be around you.

So if trust is eroded when clients experience disappointments repeatedly...

People start to leave.

Churn increases.

Retention rate drops.

Pretty straightforward.

But the question is...

"Is it possible for clients to leave, even if they still trust the business?"

The answer is YES.

I can tell you confidently because I've experienced it.

A few years ago, I signed up for a Neurolinguistic Programming (NLP) course.

I took the basic practitioner certification.

I also completed the advanced practitioner certification.

The coach provided an amazing experience in both programs.

I still attend the refresher trainings whenever possible... At no cost!

Do I trust the coach?

Yes.

Did he retain me as a client?

No.

Because there's nothing left for me to buy.

He didn't have more programs for us to ascend to.

A client is considered retained when they continue purchasing from you.

This coach has just demonstrated why trust alone doesn't retain people.

Something else is missing.

I discovered that "something" is... Meaning.

Humans attach meaning to everything.

When left on our free will...

We do things that are meaningful to us.

For example...

People exercise for many different reasons.

Some exercise regularly to keep themselves healthy.

Some exercise because they want to have a beautiful physique and look attractive.

Some exercise to reduce stress.

Some exercise to socialize with other like-minded people.

Can you see the different "meanings" attached to a single activity, like exercise?

Now, let's look at the different "meanings" attached to the NLP course I attended.

Some signed up because they want to be more influential.

They know they can use the skills to increase sales, progress up the corporate ladder, and become a better leader.

Their agenda is pointed towards career development.

Some signed up to be better communicators.

They want to improve relationships between family members, friends, colleagues, and with their partner.

Their agenda is pointed towards personal development.

The list is not exhaustive.

But you get the idea.

Since I've already completed the basic and advanced NLP certification courses.

And the coach has nothing else to offer me.

There's no more "meaning" for me to stay around...

Even if I still trust him.

There's no further relevance.

So there's no retention.

In conclusion...

Trust and meaning must be present for retention to occur.

When either pillar is missing...

People leave.

Retention fails.

Both pillars must be present for effective retention.

Before you continue to the next post… Pause for a moment.
Let this question sit with you:
How might your business become a place of greater meaning for those you serve?

- Herek