Definition
Insight is the ability to discern the true nature of a situation, especially by intuition. Gaining insights from others can unlock new possibilities that we could not see on our own. Insight is also gained with experience. We have experiences that teach us. We use this learning when we encounter similar situations in the future.
My Experience
Throughout my career, I’ve gained insights into so many different things that have continued to pay dividends. Once I get a new insight into something I knew nothing about before, I continue to build on that by researching, asking questions, and internalizing the learning. Gaining new insights, grows my perspective, and my experience, so I can make better decisions and have more options. The best part is being able to share those insights with others to help them grow.
An example of an insight I gained early in my career is the concept of “Customer Lifetime Value.” Customer lifetime value is the value to a business in revenue from one customer. If you have a low retention rate, then your customer lifetime value is very low. If you have a high retention rate, then your customer lifetime value is very high. It costs more, and is harder to get a new customer, then to keep the ones you have. I have been focused on customer retention in all my business roles for the last decade and continuously fight for customer satisfaction and retention – growing the customer lifetime value.
It always blows my mind when companies don’t understand this concept, or they don’t value retaining a customer. A great example of this is cable companies, I have switched providers so many times because they refused to continue to give me a decent price after my contract had expired. They get you to sign up with a contract and price for a certain amount time, but when that’s done, and you’re free to leave, they won’t give you any discounts to retain you as a customer. I guess they assume they delivered value enough to stay forever. Why would you stay, if another company is going to give you the exact same service for half the price.
This insight or new perspective of customer acquisition and retention has grown over time but continues to be a driving force in my work. I can’t imagine not knowing this information. It drives me to always find ways to get wins for customers and ensure they get value and are valued internally in my organizations. It’s also helped me form additional insights and dig deeper for understanding of attrition. We all know we can’t keep every customer, but we should always try to understand why every customer left. Some are out of our control, but some can teach us a lot about our organization and help us to get into our customers shoes more easily and more consistently. These learnings should always be examined to see if there’s something to prevent that attrition reason in the future.
Closing
What is an insight that you gained from learning and experience that has evolved over time?
What is an insight that you feel you should share that might help others?
I’m a big advocate for sharing knowledge in case someone doesn’t know and it might help them. Paying it forward doesn’t have to be big gestures or a lot of work. It can simply be sharing what you know in hopes of helping others.
If you follow me on LinkedIn, you may have noticed that I love quotes that make me think. Here’s a few that spark insights for me.
“If one is master of one thing and understands one thing well, one has at the same time, insight into and understanding of many things.”
– Vincent Van Gogh
“I desire a greatness of soul, an irradiance of mind, a deeper insight, a broader hope.”
– Richard Jefferies
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Perceptive Zeal 
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