How To Build A Fast Growing Business, Part 3: The Force Multiplier Number 1

How To Build A Fast Growing Business - PART 3

 

In the run up to DominateCon 2015, here is Parts 3 of our series on How To Build A Fast Growing Business. Parts 1 and Part 2 covered The Four Elements Of Successful Transformation (D.A.S.H) and how to leverage your knowledge and experience to attract the highest value customers.

D.A.S.H

We are now going to cover the force multiplier and how to breathe life into inactive relationships in some more depth, as a teaser for what’s to come on September 19th.

The multiplier that we’re homing on here is automation. I’m sure you’re all familiar with automation, we all experience it everyday. Which other businesses take advantage of it? Let’s look at Amazon and Uber. Both of these businesses have been disruptive to traditional businesses and their industries.

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Amazon has disrupted traditional retail, overtaking the likes of Asda, Walmart, Marks & Spencer’s, and Uber has disrupted traditional taxi services. Why is this? Because Amazon and Uber are able to use technology, automation specifically, to manage more of the customer journey. What does this mean? Let’s look at a traditional taxi company. They may need employees to answer the phone. They also need other employees to be on the radio, to direct the taxis and explain to them where different traffic jams are and other insights they feel the drivers need. That involves overheads, not just in terms of their salaries but also the offices they work out of and all associated costs there, manager’s, training, holiday cover and everything else. All of that, technically, doesn’t deliver anything of value to the end customer.

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Compare that with Uber. They use algorithms, automation in another form, to randomly assign the nearest car to where you are. There’s no staff member needed to place jobs. They then use the computer to work out where traffic is. Most of the car drivers also leverage technology and have apps such as a Waze. Waze tracks other people’s smartphones and sees how fast they’re moving in traffic. It’s able to calculate, show and educate the driver, very quickly, about where traffic is, with no other staff member involved. Uber have automatically eliminated at least two cost structures. This means you can deliver a far lower cost, but keep the same profit. This model that Uber has now developed is able to compete in ways that other businesses cannot. They’re benefiting from automation.

What about Amazon? Amazon has a really clever business model as well because it’s replacing shops. What we used to love about our shop is that, when we go to a local shop, they know us. They know what we like, they’re able to recommend other things that we like. This is all because they understand us. Amazon’s able to do this very cleverly, using technology. When you’ve bought something, it’s algorithms will then suggest to you other things that other people have bought, linked to your purchase. Amazon uses mathematics and automation to make sure it recommends additional items to you, versus a shopkeeper who may be busy or tired, and may forget to recommend other things to you. Amazon’s able to consistently offer more suggestions. Amazon also tracks delivery. What we want is predictability. If Amazon’s able to tell you when your delivery is due, exactly how many items are coming and when they will come, you’re going to feel much more comfortable about spending more money with them.

This is how Amazon and Uber are able to compete with other businesses, and just outstrip them. It’s all thanks to automation. You may say, “Yeah, but this is all well and good, but I’m not Amazon and I’m not Uber. How can my business take advantage of that?” You can, and that’s the beauty of it. That’s why DominateCon was designed; to help bring these bigger strategies to UK businesses, so that you can take advantage too. If we look at this more closely, on one side we can see marketing activities. On the other, we can see profit.

Now, to go from marketing to profit, we can see that there are a few steps that need to take place. How can automation help us here? We know that automating your marketing is possible. If somebody comes on your website, they could then automatically see your advert, again and again, thanks to retargeting. Other automation that’s possible is offering a free guide or white paper on your website. Then, when they put their name and email in, they automatically get more information from you. You could also set it up so that site visitors can automatically get videos from you or even webinars, and further content. What this means is that, automatically, they can be getting to know, like and trust you, without any time involvement and with no extra costs. You’ve already invested that in the system.

Automating your marketing is going to help you generate new potential customers. If you are just doing this one thing, automating your communication that’s usually via email, via letter, by phone call, by webinar, by video, you’re going to be much further ahead of your competitors, who are doing this manually. Of course, that’s not all you can do with automation. You can also automate the journey, to take them from being a potential new customer, when they know, like and trust you, to actually becoming a customer. Customer follow-up, proposals, demonstrations, all these things can be automated. The follow-up can be automated, which is going to make sure that they then purchase from you. You can also make sure that some of the processes to actually deliver the quality are automated.

For example, if there are three steps to delivering your service, you could make sure that there is an automatic checklist which is triggered when somebody buys, reminding your staff member to take the first action. It could ensure that somebody gets called and will increase the speed and the predictability of the service you provide. You are giving the feel of Amazon and Uber to your customers. The beauty of automation is again, it doesn’t cost more. The machine will work 24 hours a day, 7 days a week. It doesn’t get sick and doesn’t need time off. What this means is you get more happy customers and more problems solved, which leads to increased profit.

Sound good? That’s not all. You can then also automate more education and reactivation to your existing customers, to get repeat purchases. Further than that, you could automate referrals to re-engage with your customers and encourage them to write reviews for you. You can see that even though your business is not Amazon or Uber, you can take advantage of the forces at work for them just as well. You can engineer a situation where you could be attracting your highest value customers and making sure they have that experience, which is unmatched to your competitors. Making sure that the customers that come through your business, be it one or 100, have equal, replicable, high-value experiences. This is how you take advantage of automation.

Automation is The Force Multiplier Number 1. It gives you the ability to respond faster. It means that you can be 24/7 in your responses. It means that you’re available on demand. With automation, you can respond exactly when the potential customer wants it. You’re also friction-free because people can’t forget to do something and they can’t do the wrong thing as there are no people involved. There’s also a low overhead because once you’ve invested in automation, again, whether you’ve got 50 customers going through it or 1000 customers going through it, it does not cost you any extra.

Find out more about the Force Multiplier 2: Outsourcing, in the last blog of this series on How To Build A Fast Growing Business part 4 here.

You can learn more about automation, outsourcing, teams and gaining control over your time at DominateCon, but we recommend booking your tickets today to guarantee a seat!

If you have any questions about Automation leave a comment below and I’ll try to reply.

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About

Lucie & Aalok

Lucie & Aalok are husband and wife and co-founders of Click Convert Sell. When they first started to use Infusionsoft in their private dental practice in London (their marketing lab), back in 2012, they saw a constant growth in the following years. After lots of testing they refined and created a scalable and reusable system, a unique framework they now teach and plug in other businesses. They are all about delivering a premium experience and quality service through integrated solutions and the leverage of automation & outsourcing. Continue reading

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