In this episode, Jay Baer explains the twin themes for his new book The Time to Win: How to Exceed Your Customers’ Need for Speed. “If you give your customers time, they will give you money. If you cost your customers time, it will cost you money.”
Winning Tips from Jay:
The Importance of Speed in Business: In Jay’s latest book, “The Time to Win,” he discusses the critical role of speed in customer service and business operations. He emphasizes that customers now value speed as much as price, making it a key differentiator in today’s market.
Evolution of Customer Expectations: Customer expectations, especially regarding responsiveness and speed, have consistently risen over time. What was considered fast a few years ago is now seen as slow, urging businesses to continuously adapt.
The Window of Competitive Advantage: Businesses have a two-year window to prioritize and improve their speed of service before it becomes a standard industry practice. By doing so, they can gain a significant competitive advantage.
Changing Priorities for Small Businesses: Business owners must prioritize new trends like speed and responsiveness. They need to allocate time and resources to areas that will bring the most customer satisfaction and business growth.
Customer-Driven Importance of Time: The importance of time in business has shifted from being marketing-driven to customer-driven. This change is attributed to evolving customer expectations, influenced by companies like Amazon, which have set new standards for speed and convenience.
Closing the Uncertainty Gap: Baer discusses the concept of the ‘uncertainty gap’, which is the difference between what a business knows and what a customer knows. He suggests that businesses should proactively provide information to customers, reducing the gap and the anxiety that comes with it. This proactive approach can lead to a perception of increased responsiveness.
Respond Without Answers: If a question is asked and the answer isn’t immediately known, the initial response should be to acknowledge the question and inform the asker that you’re working on getting the answer. This strategy helps reduce the anxiety and uncertainty for the person who asked the question.