The Mackey Money Minute - 3 Rs to Recovery - Revenue Friction

Friction is anything that makes it harder for someone to buy from you. As you recover revenue, how can you reduce friction in your sales, marketing, and production processes?

Think Amazon one click. Find what you want, one click and it arrives at your door. How can you embrace technology to make it easier than ever for clients and customers to buy what they need, from you?

Examples of simple new technology tools that reduce friction are proposal software that gives instant and consistent feedback, calendar software making appointments easier to set up, auto billing software, content sharing and management tools, sales engagement, and of course, communication and conferencing software.

Begin looking for places to reduce friction by mapping your process from marketing to sales, to production. Determine the current cost and time in each bucket. What is your 80/20 here? What 20% of your marketing, sales and production process is dragging 80% of your cost and increasing time and friction? Begin here as these are your most significant drags on profits. Gather a cross-functional team and begin to deploy new ideas and technology. Keep asking, what makes it easier and faster for clients and customers to work with us?

Right now, change is easier. With social distancing and business closures, everyone’s life has been impacted in some way. Change is no longer slow, it is fast and constant. Your clients and customers are expecting change. And they are more willing to forgive you if things don’t go well the first time out of the box with a new change.

For retailers, most bars, restaurants, and entertainment venues, the journey from a customer’s home to your location is friction. If this is you, health and safety may be your biggest challenge in reducing friction. Over communicate and make your safety process front and center to the client experience.

Spend a few minutes right now to capture your first thoughts on areas of friction in your process. Who are the best team members to gather for your cross-functional team? Make notes now while things are on your mind. Set a timeline for getting started.

Join us next for a look at Resilient Revenue.

Mackey