Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

How to Win in Business

How to Win in Business

FromWizard of Ads Monday Morning Memo


How to Win in Business

FromWizard of Ads Monday Morning Memo

ratings:
Length:
10 minutes
Released:
Mar 28, 2022
Format:
Podcast episode

Description

The great game of BUSINESS does not come with an instruction manual.The assumption of most players is that Customer Acquisition – lead generation – sales opportunities – is how you win the game.But the understanding of a Highly Skilled Player goes 2 levels deeper:Customer Acquisition (lead gen)Conversion (closing the sale)Remove the Friction (from the buying experience)Highly Skilled Players understand that exponential growth is unleashed by improving the conversion rate. Big differences in top-line sales and bottom-line profits flow from small improvements in Conversion.Highly Skilled Players are usually successful, but the Master Players – the paradigm shifters – the system disruptors – the Kings and Queens of their Categories – turn this Highly Skilled Order of Operations upside down.This is the methodology of every Master Player:Remove the FrictionCustomer AcquisitionConversionWithout exception, every one of the 26 Mammoth Successes in which I have played a part was triggered by Removing the Friction.When you remove the friction, you differentiate yourself in a profound and meaningful way. Customer Acquisition accelerates and Conversion Rate climbs.The friction in your customer’s Buying Experience is hard to see, but you can feel it in the reluctance of your customer.A customer survey will only add to your confusion because customers cannot consciously tell you what they subconsciously feel. You will read the results of your survey, do what your customers told you they wanted, but it won’t help you in the slightest.Let’s review:You need to remove the friction that creates Customer Reluctance.This is felt as a lack of sales opportunities, but you cannot identify the cause.Because it is subconscious, not even your customers can tell you the cause.Wait. It gets worse.When you were a kid, did you ever call “dibs”? If there was only one piece of cake and you wanted the right to eat that cake, you would call “dibs” on it. You had a preference and you wanted to impose that preference on others before they could impose their preference on you.Now that you are an adult, there is a new kind of DIBs – Data Information Bias – and it is far more costly than the loss of a piece of cake.I have a client who was successful long before they met me, but their Data Information Bias was impeding their ability to jump to a higher level. I recognized their DIBs when they told me to write ads that would drive sales opportunities to the telephone. Their data clearly indicated their conversion rate was much higher on the telephone than on their website.I said, “You have an extraverted sales assumption, a preference for listening and talking rather than reading and writing. And you assume that everyone else is like you. But it isn’t true. Your data isn’t telling you to drive your customers to the telephones, it is telling you to fix your website.”They believed me. They fixed it. And their sales volume doubled. Then we doubled the double by removing the friction in their mass media. That company is now approaching 10x the sales volume and profitability that was previously considered “successful.”You have already told yourself that you would have interpreted their data correctly. Am I right?Perhaps you would have. But that company’s data isn’t what is holding you back. Your own data and your own Data Information Bias is holding you back, but you can’t see it because it is hiding in your blind spot.If you knew it was there, they wouldn’t call it a blind spot.This last little bit that I am going to tell you – if I can figure out how to communicate it clearly – will resolve the final two mysteries that are lingering in your mind.If I am correct, you are wondering:“Why
Released:
Mar 28, 2022
Format:
Podcast episode

Titles in the series (100)

Thousands of people are starting their workweeks with smiles of invigoration as they log on to their computers to find their Monday Morning Memo just waiting to be devoured. Straight from the middle-of-the-night keystrokes of Roy H. Williams, the MMMemo is an insightful and provocative series of well-crafted thoughts about the life of business and the business of life.