Jay Baer is a marketing and customer experience author, researcher, advisor and a 7th generation entrepreneur. He is an author of 6 best-selling books, founder of five multi-million dollar companies, Hall of Fame keynote speaker and the world’s second most-popular non-celebrity tequila influencer.
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Guest Resource
TheTimeToWin.com – How Fast is Fast Enough for Today’s Demanding Consumers? Download bonus content for free!
3 Value Bombs
1) If you are slower than your customers expect, how it feels to your customers is that you are stealing time from them. And if you are faster than your customers expect, it feels that you are giving them a gift: the gift of time.
2) Offer your clients a fast pass. 25% of your customers will pay 50% more for immediate service. The data shows that you can increase revenue by 12.5%. If you give your clients an option to not wait, not all of them will want it, but those who want it want it badly.
3) Right now is the perfect interval. In every customer or prospective customer interaction, it’s the “Goldilocks Zone”: “right now” is slightly faster than they expect.
Sponsors
HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Ziprecruiter: Keep your team growing strong! Visit ZipRecruiter.com/fire to try ZipRecruiter for free! ZipRecruiter. The smartest way to hire.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: You Can’t Have the Fire without First Being Fast
[1:18] – Jay shares something that he believes about becoming successful that most people disagree with.
- Responsiveness is the best way to create revenue. The faster you are, the more money you’ll make. Doesn’t matter what you charge, and it doesn’t matter the quality – speed is the most important aspect to business success.
[1:53] – Jay talks about being the world’s second most popular non-celebrity tequila influencer.
- He decided to create some content to teach people about the wonders of tequila, then obtained hundreds of thousands of followers! Now people send him free tequila all the time.
[3:02] – The reason why time is more important now, post-pandemic, than ever before.
- The pandemic changed a lot of things, obviously, but one thing it did for all of us is it made us realize just how precious time is.
- It turns out that we all have 1,440 minutes in a day, and there’s nothing you can do about that. Time is truly the only thing on this planet that we all share equally.
- If you are slower than your customers expect, how it feels to your customers is that you are stealing time from them. And if you are faster than your customers expect, it feels that you are giving them a gift: the gift of time.
[4:40] – Is speed the most important element of the customer experience?
- Speed is more important than price.
- We equate speed with caring. What we think is: if it’s hard to get ahold of this person before you’ve given them money, then how hard is it going to be to get ahold of them once they already have your money?
[6:47] – How being faster assists with goals of happier customers and more revenue.
- If you are faster than customers expect, then the data show that those customers are happier. They feel more respected. They are more likely to spend money, and they’re more likely to be loyal to your brand.
- If you’re slower than they expect, then all the bad things happen. They feel disrespected, they feel angry, they don’t spend as much money, and they’re not as loyal.
[8:00] – A timeout to thank our sponsors!
- Ziprecruiter: Keep your team growing strong! Visit ZipRecruiter.com/fire to try ZipRecruiter for free! ZipRecruiter. The smartest way to hire.
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[10:23] – Is there such a thing as being too fast?
- Sometimes service is so quick, you lose credibility. There are circumstances where speed actually reduces trust.
- “Right now” is the perfect interval. In every customer or prospective customer interaction, it is the “Goldilocks Zone”.
[13:51] – How can we test to see if we are fast enough for our customers?
- Figure out what your actual response time is today for your key customer interactions, and then optimize one of those touch points. Then, measure the impact it has on customer loyalty, revenue performance, etc.
- What gets measured gets improved.
- Understand that customers have a set of expectations every time they interact with a business.
- Anytime your customers have to wait – doesn’t matter if it’s two minutes or two months – the best thing you can do is give them some sense of where they’re at in the process.
[18:23] – Jay’s key take away and call to action.
- Offer your clients a fast pass. 25% of your customers will pay 50% more for immediate service. The data shows that you can increase revenue by 12.5%. If you give your clients an option to not wait, not all of them will want it, but those who want it want it badly.
- TheTimeToWin.com – How Fast is Fast Enough for Today’s Demanding Consumers? Download bonus content for free!
[20:14] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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