Do You Create Results with 100% Certainty?

In the last edition of The Infinite Business Newsletter, I talked about the vital importance of innovation (aka continual improvement). 

The commitment to always be striving for new, better and different allows your company to stay relevant and service your clients even better. 

I’m always shocked to discover most businesses fail to use one of the most powerful tools in their tool box when it comes to finding out EXACTLY how to service their clients better (Maybe it’s obvious, therefore it’s often missed)...

And if you aren’t doing this to some degree in your business, it’s never too late to start…  

One of the quickest ways to innovate and take steps to improve your business is by asking the most important person or people in your business.

Who are the most important people in any business?

Your clients. 

Your clients are the BEST people to go to when you seek improvement suggestions, ideas for new products or services, or to discover future wants, needs, and desires. 

How do you really get inside the mind of your future clients? By asking your best clients…As they once were your prospect.

The wealth of invaluable information and insight you can gain just by having a conversation with a client is absolutely priceless. 

Which is why I’m so surprised more business owners don’t utilize this approach.  

One business owner I know created something called a “Client Council”.  He runs a very successful service business that specializes in HVAC.  Each year he selects 10 of his best clients and asks them if they’d like to be a part of his Client Council. As a council member, they agree to give him insight and input on anything he sends them (marketing pieces, offers, new service ideas, etc.) and they give their honest feedback.  

In exchange for their council “work” he gives them 20% off any service in his company for an entire year. He  also extends a new customer one time 20% off coupon to any friends or family that live in the area (brilliant how he wove a referral strategy into this program)!

By having this ongoing council, he gets continual insight and feedback on what he is doing, or would like to do. 

He also attains new customers from these referrals. 

What’s also important to note, is he selects new council members each year, giving him a variety of people to test his marketing on. 

The positioning is perfectly structured for his clients too.  First, it’s not a HUGE commitment (only 1 year). It also makes the client feel special to be a part of an exclusive and unique group. Let’s face it, they have probably never been asked to be a part of something like his council ever before. It also gives them the opportunity to become the hero to any friends or family that need HVAC work done…As they hold the key to getting them 20% off their first service call. 

People like to be the heroes and have solutions to help people, which is why people will go out of their way to recommend any product or service they know could help someone (especially with the added bonus of saving them some money). 

It’s a win-win-win for everyone.  

Another business owner I know takes his clients out for Client Appreciation dinners. He invites 3 or 4 clients and their spouses to a restaurant for dinner on him, as a way of thanking them for their business. In their time together, he is able to ask them as a collective group what they think about new products and services he’s thinking of offering in his business. He gets to find out what’s changing in their lives which gives him even more ideas on how to improve his business as well. He schedules these dinners twice a year, and has for the last 20 years. 

Now you might be thinking, “I don’t have the ability to meet with my clients one-on-one.”  

If you don’t have that ability to meet in person with clients, simply call them. 

Many times with our clients, I’ll randomly hop on a meeting they have scheduled with my team just to check in and ask them how they are doing. If one of these clients is someone I think would be a perfect candidate for a new program we are offering, I’ll ask them if they’d be interested in scheduling a one-on-one with me to discuss in greater detail.

Another EASY way to get insight and input from your clients is by sending them regular surveys on a consistent basis. You can send them by email or direct mail. I highly recommend implementing this strategy in your business no matter what, and in addition to any other thing you do. 

Sending out “How are we doing?” surveys on a regular basis shows your clients you really care about the level of service you provide them (that you are always looking for ways to improve). It also gets you information you need. 

It’s easy for anyone to set something like this up in their business. Remember, people want to share their experiences…They desire to feel heard. 

One last example that I couldn’t resist including because it’s so good… 

I heard about this approach from a mastermind I attended. The business owner ran live events at least twice a year for high school students interested in the field of medicine.

His main marketing vehicle was direct mail. His company established a successful “control” and had tested a few new strategies and vehicles to no avail in beating their existing “control”. 

One day as he was talking to his CMO about what to test next, and she suggested it was time to start testing different messaging. Messaging that really resonated with the parents and the students. 

“How would we know what to test?,” He said. She then said, “We ask them.” A bit confused, he asked, “Who?”she said, “Our prospects”.  

Here’s where it gets interesting…

They brainstormed various ways to attain all the relevant information they would need to guide them to create the perfect messaging. They knew in order to get it right, with 100% certainty (and in the shortest amount of time before the next event), they would need to do something extreme. 

They landed on what they called a “Prospect Tour”. They chose 10 prospects at random that agreed to meet with both of them in person. They then flew around the country to visit each of the prospects and their families.   

Extreme? Yes. 

But what they were able to discover in a few weeks of talking to prospects one-on-one was absolutely eye-opening. Not only did they gain insight on objections they never considered, they achieved their ultimate goal (which was to collect exact verbiage directly from their prospects that they could use in their copy).  Messaging that ended up resonating on such a deeper level with their prospective audience. 

I hope these examples gave you some ideas on how you too can gain insight quite easily from prospective clients and existing clients to help propel your business forward. 

Think about integrating any one of these strategies (or variations of them) in your marketing efforts.  At the very least, get a survey out to your clients every 6 months, even if it's just one question you ask them. It’ll pay dividends in the long run, and quickly elevates your business to new heights if you take what you learn and make necessary changes to continually improve. 

To your success, 

David

ActiveCampaign Certified

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Hidden Costs of Lost or Stolen Workforce Devices and the Benefits of Tracking Systems

In the bustling world of warehousing and retail, mobile computing devices play a critical role in inventory management, logistics, sales, and overall operational efficiency. From handheld scanners and tablets to laptops and mobile phones, these devices have become essential tools in the modern business landscape. However, they are often susceptible to loss or theft, an issue that bears significant costs for companies.

The Cost of Lost or Stolen Devices

The cost of lost or stolen devices is not merely limited to the financial value of the device itself. It goes beyond that to include several hidden costs that can compound over time. The first of these hidden costs is downtime. When a device is lost or stolen, the resulting disruption in operations can cause significant productivity losses. Workers may need to manually record data or perform tasks, significantly slowing down processes and leading to errors.

Next, there's the cost of data loss. Many workforce devices store valuable business data, some of which may not be backed up. The loss of this data can lead to missed sales opportunities, mismanaged inventories, and the potential loss of sensitive or proprietary information.

Moreover, there's a cost associated with the risk of data breaches. In the wrong hands, these devices can provide access to confidential business, employee, or customer data, leading to potential legal liabilities and damage to a company's reputation.

The cumulative financial impact of these hidden costs is often many times the cost of the device itself, reinforcing the need for businesses to implement effective measures to prevent and manage device loss or theft.

Advantages of Device Tracking

One such measure that has proven particularly beneficial in the warehousing and retail sectors is the implementation of device tracker or finder systems. These systems use technology such as GPS, Bluetooth, or Wi-Fi to locate lost or stolen devices, offering several advantages to businesses.

The most obvious benefit is the ability to quickly locate and recover lost or stolen devices. This can significantly reduce downtime and the associated productivity losses, as well as minimize the risk of data loss or breaches.

Moreover, many device tracker systems come with features that allow remote locking or wiping of data. In the event of theft, these features can be used to secure sensitive data, reducing the risk of data breaches and potential legal liabilities.

Furthermore, these tracking systems can generate usage and location data that provide insights into how devices are being used. This data can help businesses identify patterns, streamline operations, and even deter theft by holding employees accountable for device use and handling.

In the context of the warehousing and retail sectors, with their high reliance on mobile computing devices, the benefits of device tracking systems can be even more pronounced. In these sectors, the smooth functioning of operations is heavily dependent on these devices. A reliable tracking system can ensure these essential tools are always available when needed, enhancing productivity, data security, and overall operational efficiency.

Conclusion

In conclusion, the cost of lost or stolen workforce devices in the warehousing and retail sectors is significant and multi-faceted, extending beyond the mere replacement cost of the device. Implementing a device tracker or finder system can help mitigate these costs, offering numerous advantages including quicker recovery, enhanced data security, and valuable usage insights. As businesses continue to navigate the challenges of the modern commercial landscape, embracing such technology becomes not just an option, but a necessity.

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The Future of Marketing: Embracing Algorithmic Attribution for Success

Algorithmic Attribution, or AA, is one of the most efficient methods marketers can use to measure and optimize the effectiveness of each of their channels for marketing. AA helps marketers increase their ROI by making better investments for every dollar spent.

Not all businesses are qualified for algorithmic attribution even though it has many advantages. There are many who do not have access Google Analytics 360/Premium Accounts, which can make algorithmic attribution feasible.

The benefits of Algorithmic Attribution

Algorithmic attribution (or Attribute Evaluation Optimization or AAE) is an effective, data-driven method for evaluating and optimizing marketing channels. It aids marketers to determine which channels are most efficient in driving conversions, and at the same time optimizes budget for all media channels.

Algorithmic Attribution Models (AAMs) are built using Machine Learning and can be continuously updated and improved for increased accuracy. They can gain knowledge from new data sources, while also adapting their models to reflect modifications in marketing strategy or products offered.

Marketers that use algorithmic allocation have seen greater rates of conversion, and an increase in the value of their advertising budgets. Marketing data can be improved by marketers who are able adapt quickly to changes in the market and keep up with their competitors strategy.

Algorithmic Attribution is another tool that can help marketers determine content that converts and help them prioritize their marketing efforts that bring in the most revenue while reducing those which don't.

The Drawbacks Of Algorithmic Attribution

Algorithmic Attribution (AA) is the modern approach to attributing marketing efforts. It employs advanced machines and statistical techniques to quantify objectively all marketing activities that occur during the journey towards conversion.

Marketers can assess the impact of their campaigns and identify high-yield conversion catalysts using this information, as well as planning budgets more effectively and prioritizing channels.

Many companies are struggling to implement this type of analysis as algorithmic attribution demands large amounts of data and numerous sources.

The most common reason is due to companies not having enough data or the required technology to effectively mine the data.

Solution: A cloud-based integrated data warehouse is the only source of absolute truth for marketing data. Through providing a comprehensive overview of customer interactions and touchpoints which allows for faster insight, increased relevancy and more accurate attributing results.

The Advantages of Last-Click Attribution

It's no surprise that last-click attribution is fast become one of the most sought-after options for attribution. This model allows credit to be granted to the most recent ad, campaign or keyword that led to the most conversion. It is easy to implement and doesn't need any data interpretation from marketers.

However, this attribution model does not provide a complete picture of customer journey. It ignores any marketing interaction prior to conversion as a barrier and could be costly due to lost conversions.

These models will help you get an improved understanding of your buyer's journey. They can also aid you in determining which marketing channels will be most effective in converting your clients. These models cover linear, time decay, as well as data-driven attribution.

The disadvantages of Last Click Attribution

Last-click attribution technology has become one of the most commonly used methods of attribution used by marketing teams. It's an ideal choice for marketers looking for an easy method of determining which channels contribute most directly to conversions. However, its use must be considered with care prior to it being implemented.

Last-click attribute is a marketing technique that allows marketers to only give credit to the point of contact with a client prior to conversion. This could result in incorrect and biased performance metrics.

First click attribution takes a different strategy, which rewards the customer's initial contact with marketing before making the purchase.

On a small scale, this approach can be helpful, but can become misleading when trying to optimize campaigns and prove worth to the stakeholders.

As this method only considers the effects of one marketing contact point, it is not able to provide important information regarding the brand awareness campaign's efficacy.

Essential AND Attainable for every Entrepreneur

Innovation is essential in any business…It’s a key component to differentiating yourself from your competition, and giving you a unique competitive advantage. 

Striving to be new, better and different allows your company to stay relevant and service your clients even better. 

Innovation also helps to distinguish between the leaders and the followers. 

It helps you achieve optimal market advantages and uncover new opportunities. 

Innovation also leads to change. 

Which in turn causes angst and resistance among many business stakeholders and/or team members. 

When I sense someone fears change, I simply reposition what innovation really means…

Continual improvement. 

When you think about it this way, it doesn’t seem so overwhelming, does it? 

What business owner doesn’t have at least one thing they’d like to improve in their business?

I don’t know one who doesn’t. 

No matter how big or small it is… Always remember that the smallest hinges can swing the biggest doors. 

The truth is, it really takes VERY LITTLE effort (on a consistent basis) to improve significantly over time. 

If you just improve one percent every day, over time that progress compounds (just like money earning interest). 

Here’s the only trick to this simple formula…

It’s only the ones who are committed to those small percentages each day that achieve the big results at the end. 

One of the best ways to ignite changes you’d like to see in your business is by collaborating with your team. 

Trust me, they know more about improvements that could and probably should be made in your business more than almost anyone else would. 

Keep in mind, your team is also pivotal in realistically achieving any kind of innovation in your business. 

These are the people who are going to make it happen. 

So RENEW your vision and rally your team! 

Share your vision and purpose with them. 

Convey the deep passion you feel for that purpose. 

Many don’t know this, but passion is a HUGE driving force that will inspire your team to make your vision and purpose a reality…To make those small strides toward continual improvement. 

Having a purpose is vital, however without knowing the direction you want to head, you could be driving that purpose in circles.  Because of this, it’s important to think of your company’s purpose as the compass, (always guiding your company in the right direction), and think of passion as the powerful and compelling force that gets you there.  

Those who become passionate about your shared purpose will contribute the most to your company’s success. 

Passionate team members take initiative and constantly strive to improve their performance and the company as a whole. 

These are the people who speak up and share their ideas and create new resources or ways of doing things.

When they feel they’re making a difference with their work, they become emotionally engaged in the outcome.

This is how they become a part of your mission.    

Acknowledge those that show their passion, give them opportunities to improve their knowledge, skills, and performance, capitalize on the fact that passionate team members often inspire their peers to step up their game too.

  You can’t create passion in a team member, but you sure can nurture it.

Next, is your company ready to handle changes and innovation? 

Many times companies will integrate new products, services, processes, or systems before ensuring they have the proper infrastructure set up to successfully support it on all levels. 

Here are 5 elements to consider:  

1. Clear Intentions

Are goals and objectives clear to everyone involved? Have all steps been thought through and laid out? 

 2. Innovation Sphere

What is the desired result? Where do we want this to position us in the marketplace? What becomes our unique competitive advantage? 

3. Success Measurement

What will we measure to track success milestones? How will we know if we are on the right track? 

4. Infrastructure Strength Test

Are all the necessary processes, systems and people in place to successfully support the objectives and initiatives from start to finish? 

5. Culture and Talent

Is this aligned with our culture, and will it attract more of the “right” talent? 

I’d love to hear an improvement you’ve made that really made a remarkable difference in your company. No matter how big or small…a win is a win! I’m always curious to hear new and better ways of doing something. 

Simply comment below.  

To your success, 

David

Clickfunnels expert