Welcome back to another episode with Kenny Harper, author of Amplified Business Breakthroughs. In the last episode, we discussed five easy and effective ways to maximize our profits. Today, we’re going to talk about three ways we can create predictable growth.
We will cover the following key takeaways:
- By documenting the customer journey, we will better understand our customers’ patterns of behaviour.
- By tracking our metrics, we can discover trends so we can predict the results of our actions.
- We should identify our weak spots and then narrow our focus on those until they are fixed. Then we can move onto the next thing.
- If we compete on price, we are likely going to lose. We have to find something that differentiates us that isn’t just price.
Predictability and the Growth Triad
Wouldn’t it be nice to predict the results we will get from our marketing efforts? This is actually very possible. We can calculate what will happen by leveraging what Kenny calls the growth triade: the documented journey, actionable metrics, and tools & metrics.
1. The Documented Journey
The documented journey is an outline of the steps a customer goes through before they make a purchase. How do we get a customer from the awareness stage to making a purchase? How can we guide them along the way so that they continually progress?
By documenting the customer journey we create a journey of predictability. We will start to understand our customers’ patterns of behaviour. For example, if our customers consistently give us their email in exchange for free value, we know a free product will result in a lead.
If our customers always buy low ticket items before they purchase a high ticket item, we know that selling more low ticket items will lead them towards a higher ticket product.
Consistent actions are key. On the documented journey we have to pay attention to consistency as it allows us to predict what will happen next.
“Consistency builds momentum,” Kenney said. “The [businesses] who are succeeding are the ones who are being really consistent. The other benefit of being consistent in documenting your journey is that by following a consistent recipe, you’re going to get consistent results.”
When we are focused on documenting our journey, we can get really good at seeing what will happen next.
2. Actionable Metrics
What are the actions we can take that will influence and predict a result? By tracking our metrics, we can discover trends. This helps us determine what actions we need to take to get certain results. This creates predictability.
“If you track the metrics and see what’s happening, you can begin to identify where [your] strong points are and the areas that [you] need to put some attention to,” Kenny said. “When you’re following a consistent process, you’re going to get a pretty consistent result. It does become about math.”
By viewing each stage as part of a larger process, we can find areas we need to improve on and areas that are creating bottlenecks. We may ask ourselves, “What is the one area that if we improve, would make everything else run smoother?”
“When you’re being really focused, following your documented journey, you can get really solid data of what’s working and what’s not,” Kenny said. “Then we help our clients build out a good scorecard based on the customer value journey . . . so they can clearly see where the bottlenecks are.”
For example, if we want to close more sales, we should dive into our metrics to find which action will directly influence our sales the most. Maybe it is our email campaigns or direct messages. We won’t know this unless we look at our metrics.
One thing that really helps me is turning the data and numbers into conversion percentages. I look at the percentage from each step that converts and that seems to make it a lot easier for me to see where the problem is. I don’t care that this number is 12. I care about the percentage of the people that came to this step of the process. Conversion rates are a great metric to track.
3. Tools and Tactics
The third pillar of the growth triad is tools and tactics. We can use different software tools to help us predict the outcome of our actions. For example, Google Analytics can take our data and put it into a trend sheet.
We can also use certain tactics to help us. As we look at our metrics and the customer journey, Kenny recommends that we try to focus on one area at a time. He said, “Focus on one area, identify where that weak spot is, what’s the one area that if you improve would make everything else flow smoother, and then just focus on that first.”
Russell Brunson calls this tactic the big Domino. What’s the one domino that if tipped is going to knock down a whole bunch of other dominoes in my chain? What is the one key habit that can impact our other habits? For example, if I exercise, I will likely try to eat healthier, I will sleep better, my mental health will improve, etc.
The other concept we discussed in this episode was pricing.
Kenny worked with an attorney who was providing his service at an hourly rate and competing with other attorneys who provided the same service at an hourly rate. Kenny explained, “If you’re providing the same service, then you’re basically going to be looking at more of a commodity, right? The only thing that’s going to be differentiating is price.”
When we compete solely on price, we are likely going to lose. Because these attorneys offered the same service, the smartest thing for a customer to do is simply go with the one who offers the cheaper service. In order to gain the competitive advantage, we have to find something that differentiates us that isn’t just price.
“Can you create a bundle that differentiates your product?” Kenny said. “By adding more to an offer, you’re creating more value to provide more transformation. [Then] you can also afford raising your price because you’re providing more value.”
Instead of just offering one thing, we should offer a broader package of services and find something that differentiates us from our competitors. By adding more value and being unique, our customers will be more likely to choose us. In addition to that, we can charge more.
Connect with Kenny
Thank you so much Kenny for sharing your stories and insights with us today. To learn more about or connect with Kenny: