Renowned business author and marketing expert, Jay Baer, discusses the importance of speed in business, the concept of speed in relation to collectibles and brands, bridging the gap between businesses and customers, and the introduction of his book 'Time to Win'. They also explore the format and potential of the mini book, as well as the differences between B2B and B2C influence.
Customers prioritize speed and responsiveness as much as price, making it a competitive advantage for businesses in the customer journey.
Speed and quality are essential elements of the customer experience, necessitating businesses to set realistic expectations, exceed them, and prioritize both aspects.
By providing updates, sharing data, and involving customers in the process, businesses can bridge the uncertainty gap, reduce anxiety, and build trust to enhance the customer experience.
Deep dives
The Importance of Speed in Business
The podcast explores the significance of speed in today's business landscape. The speaker points out that time has become a valuable currency, and customers now prioritize responsiveness and quick service. Research shows that speed is as important as price for two-thirds of customers. The pandemic has heightened our awareness of time and the need to use it efficiently. Businesses can use speed and responsiveness as a competitive advantage by setting clear expectations and keeping customers informed throughout the entire customer journey.
The Relationship Between Speed and Revenue
The episode discusses the relationship between speed, responsiveness, and revenue. The speaker emphasizes that customers now interpret speed as a sign of care and respect from businesses. Being fast and good is seen as an essential element of the customer experience. Businesses need to prioritize both speed and quality to succeed. The podcast highlights the importance of setting realistic expectations and continuously exceeding them to create customer loyalty. This applies not only to consumer-based businesses but also to B2B companies, where speed can be a vital factor in winning customer trust and renewing purchases.
Closing the Uncertainty Gap and Giving Customers Access
The episode explores the concept of the uncertainty gap and how businesses can bridge it to enhance the customer experience. Customers crave access to information and want to know the progress of their orders or requests. Businesses can meet these expectations by providing updates, sharing data, and involving customers in the process. The episode highlights examples of companies that effectively communicate with customers to reduce anxiety and build trust. By giving customers access to data and insights, businesses can overcome delays in speed and still provide a positive customer experience.
Improving Organization Efficiency
The podcast highlights that most organizations are not operating at peak efficiency due to factors such as technology limitations and ineffective delegation strategies. The speaker emphasizes the need to continuously improve within the organization to avoid overwhelming employees. By implementing the right systems and being proactive, organizations can enhance their speed and responsiveness without increasing stress levels. For example, instead of leaving unanswered questions, the speaker suggests immediately acknowledging the question, informing the person that you will find the answer, and providing a timeline for response. This simple change can significantly improve customers' perception of responsiveness and buy more time for a thorough response.
The Importance of Self-Service and Predictable Speed
The podcast discusses the growing preference for self-service in various industries, especially among younger consumers. It emphasizes the need for businesses to make information easily accessible, reducing the effort customers need to make to obtain the information they need. By providing self-service platforms and databases, businesses can enhance their speed and responsiveness. The example of Domino's Pizza Tracker is mentioned, where customers can track the progress of their order, setting their expectations and reducing anxiety. Additionally, loyalty programs that prioritize time-saving elements, such as faster service, can build stronger connections with customers and create a unique differentiator in the market. The importance of patience in building influence and the need to focus on creating valuable content rather than self-promotion is also discussed.
Welcome to episode #911 of Six Pixels of Separation - The ThinkersOne Podcast.
Here it is: Six Pixels of Separation - The ThinkersOne Podcast - Episode #911. Renowned business author, marketing expert and old friend, Jay Baer, has carved a unique niche in the business world, combining a sharp research spirit with a deep understanding of customer experience and marketing. Jay is a 7th-generation entrepreneur, and has founded five companies. During that time he has authored seven business books, contributing significantly to the literature on marketing and customer experience. His expertise as an author has made him a New York Times best-selling writer. His role as a trusted business growth advisor extends to over 700 brands, including 40 Fortune 500 companies, underlining his influence in shaping modern marketing strategies. As a Hall of Fame keynote speaker and emcee, Jay has delivered thousands of presentations globally. His ability to engage and inspire audiences is well-recognized... and he is a hoot to watch. Jay started off as a direct mail specialist, followed by roles in government and environmental services. His early interaction with the internet led to the creation and sale of multiple digital marketing and customer experience companies, including Convince & Convert. Co-creator and co-host of the Social Pros podcast, Jay has been instrumental in delivering enterprise social media strategies through this platform. The podcast's recognition as the best marketing podcast in the 2022 Content Marketing Awards is a testament to this. Jay's latest book, The Time To Win, is a reflection of his continued commitment to providing deep insights into customer service, customer experience, and digital marketing. This new book (based on original research) is the complete guide to exceeding customers’ need for speed. If that were not enough, Jay is also one of the world’s top tequila educators and influencers, including live tequila tastings at corporate events. Enjoy the conversation...
