In this episode we discussed revenue blindspots and what they really could mean to your business.
According to Bryan:- “Anywhere from 20-60% of the revenue is being left on the table!” Bryan calls these revenue blindspots and Bryan explains a lot of different problems businesses have and the biased view of the world that some business leaders have and has worked to help businesses for over two decades to understand what they are leaving on the table.
They have helped companies and in some cases just from one small change to improve the bottom line by 5% after spotting their revenue blindspot.
Daily deaths by a thousand cuts have caused a lot of businesses to fold and these little revenue blindspots have in some cases caused the loss of lots of jobs.
The persuasive momentum framework that Buyer legends use is designed to seek out their revenue blindspots and help them to fix them.
He explains about the persuasive momentum framework that he uses in his business.
It has two main functions :-
Reduce friction in the customer experience
Friction can be internal or external, Bryan discusses Amazon and Walmart and the struggles they have in building a digital DNA.
We discuss these “friction” points within physical retail and innovation and why Amazon have innovated so fast and the reason they have succeeded, they take data to be truly “customer centric.”
Amazon Prime became so successful when the iPhone was launched, serving the customer what they need when they needed it.
We spend time shopping when we are taking breaks or are running away from our other halves and use our phones in the toilet.
Bryan tells me about why your bathroom stinks haha…he explains about Febreeze and why it was successful.
Finding the real source of friction and eliminating it is the advantage, gaining you momentum and naturally spotting the revenue blindspot is key.
If we go back to Steve Jobs and the launch of the iPhone and how all the new apps were launched to increase the motivation to get an iPhone.
Now everything we see that Apple does is an incremental improvement, the key is to have a system where you are both reducing friction and increasing motovation.
Customer led innovation and great operations and contiuously improving those operaritons, like an octypous with loads of teams imrpoving the business.
Companies think they are customer centric but in order for them to be really competing with Amazon they need to be like them.
Bryan and I think so alike and we both agreed that not a lot has really changed in business, except that there is more data, faster analysis of data and decisions can be made faster based upon the data.
Business principles are the same. Customer always wants producsts to be dleivered faster and want them cheaper.
Customer expectations have changed and Bryan explains that he was in a Jewelery store and how the company try to respond within 24 hours, so Bryan’s brother orders a delivery within an hour and he mentions this in the meeting about this and how they can expect to succeed if these things are now possible.
People expect more and with a smile, great product and fast, if you can produce this and build a great experience then you are going to hang on to those customers, you will hang on to them.
But remembering customers are fickle they are like cats and not loyal like dogs.
If you want to reach Bryan then visit www.buyerlegends.com
Or his personal website https://www.bryaneisenberg.com/
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