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Boost Your Revenue with

this Key to Discovering and

Eliminating Friction Points

· Increase Revenue,Revenue Boost,Sales,Friction Points,Grow Retreat

Greater customer rapport equals greater revenue, whether that is because they’re making more purchases with you or giving you warm leads and referrals.

In our last blog, we took a dive into Jesse Cole’s concept of Friction Points in business to speed up your growth (Check it out here!). This time, we’re looking at how Mike Michalowicz taught us how to discover and resolve those friction points in order to create greater rapport with your customers. If you can eliminate friction points, you’ll often end up not just with improved current customer purchases but often more referrals for new avenues of revenue.

Discovering Friction Points

Set up a meeting with your top customer.

In his workshop at Grow2020, Mike had everyone sit down and think of their top customer. Not their top revenue producing customer, but the customer they would want to have more of. Reach out to them and let them know you want to improve how you serve them. More often than not, they’ll often happily make time to meet you somewhere to talk.

A big part of what Mike had Grow2020 attendees plan for that meeting was this question: “What are the top 1-2 things that frustrate you about people in ______(my) industry?”

The key here is to make it about someone outside of the room: not you.

When you ask someone about how you are doing specifically, they want to avoid conflict so they pat you on the back: they won’t be honest about what you’re doing that’s driving them nuts. But if I’m an internet provider and I ask you what frustrates you about a company like Spectrum, you’ll likely be more than happy to tell me all the things that Spectrum did to offend you most recently.

When you ask people about someone who isn’t in the room, they feel more comfortable being honest with you.

Whatever it is that your customer tells you bothers them the most, those are your greatest industry friction points. Whether it’s clunkiness of the websites or feeling like an impersonal paycheck in a huge company’s pocket, you’ve now discovered the greatest friction points of your industry.

Resolving Friction Points

Resolving friction points requires a lot of ingenuity and self-inspection.

To resolve them, you have to take the friction points you’ve learned about in your industry and discover exactly and unbiasedly how your company is doing in those areas. Additionally, you have to come up with creative solutions to those friction points. If your industry’s major friction point is service providing workers showing up looking like they just came in off the streets and don’t belong to a company, you have to find some sort of solution that improves the appearance of your workers.

One great way to develop creative solutions to these industry friction points is to get involved with a mastermind group. The awesome thing about masterminds is that a half-formed idea in your mind might become a fully-fledged improvement plan once you’ve talked it over with other business owners. If you’re interested in getting involved with our masterminds to work on coming up with creative solutions, check out the page here!

Bonus: Improve What You’re Already Doing Well

One other concept that Mike laid out for us at Grow2020 was the idea of improving what you’re already doing well by asking about it at the meeting with your customer.

As opposed to earlier when you wanted to make it about someone outside the room, this time you want to ask specifically about what you’re already doing well. Whatever answer you’re given, you want to then take that area of your business and make substantial improvements to it. If you can do that, you’ll blow them out of the water!

This one can be tricky, because you’re already doing well in that area. Which is why I strongly recommend getting involved with a mastermind for improvement if you haven’t for the friction points.

All in all...

Using this process doesn’t just improve your company and help you get an edge on others in your industry.

Beyond removing friction points, the process Mike gave us takes one of your already valued customers and shows them that you value them even more! Because you’re not just taking time to sit down and see how you can better serve them, you’re implementing the things they’ve commented on and they will notice the next time they make a purchase.

Want two days full of content like this and intimate access to the speakers? Make sure you sign up for an interview for Grow2021:Impact here! It promises to be even better than last year…

About the Author:

Susannah Scheller has been part of the workforce since childhood filling a verity of part-time jobs until she found the world of Social Media, content creation and marketing strategy execution in 2015 and fell in love. Susannah grew up surrounded by successful entrepreneurs and dedicated herself to learning from Stephanie by watching and listening and was rewarded by becoming one of the first permanent hires for Grow Disrupt in 2016 to work directly under Stephanie's coaching & training. Susannah is currently pursuing her Bachelor of Music in Fort Worth, Texas while managing the Social Media & content creation and distribution for Grow Disrupt. Beyond her degree and tutelage under Stephanie, Susannah regularly educates herself with business blogs, books, and by using her sparse moments of free time while running the AV for Grow Disrupt events to learn from the speakers!

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