We all hear the term “Passive Income” and think it’s all passive & although the name sounds sexy, it does not provide context to what you are actually doing or creating. Today I want to increase clarity on this topic & help you to start working on your first Asset.
What is an Asset?
- ChatGPT describes an "asset" as something of value that an entity or individual controls with the expectation that it will provide future benefit. Although is true, I want to be more specific. When I grew up, I only thought of a house or an entire business as an asset. However many things can be an asset and when we are starting out, often the smaller assets create the stepping stones for our business to grow.
Questions: “What Asset can I create with my current skills today, that can be used to grow my business with minimal effort moving forward”?
Write out a list or use this DOC to get you started. I like to start with customer success assets first, however I’m sure you can think of others.
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What does your customer have to believe in order to value your product or service?
- You could produce a wealth of content highlighting the problems & solutions available to your customer
- You could package that content neatly into a book
- You could design a survey with Google forms to help the customer make an informed decision
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What asset could qualify a lead before our initial meeting?
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I needed to find an accountant the other day & there is very little you can do as a customer to figure out which accountant to go with other than to have a bunch of meetings where you feel like a robot on repeat.
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The customer experience here can easily be improved by building an onboarding process for your customers, where the customer qualify themselves. That way you know the people you are talking to are ready to purchase.
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A great example of this process was BlueRock.com.au after you fill out the form to contact them an automatic email is set to you to fill out this form.
- This page could be improved by providing per-recorded videos depending on how the customer fills out the form questions
- In the future AI be able to generate custom videos based on form data in real time, saving $1000’s per year for businesses.
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To further this experience you have connections in your industry that you can point the customer to if they aren’t the right match.
- What a wasted opportunity it is to not offer your customer a referral opportunity. Doing this with strengthen industry connections for you & builds trust in the customer, giving them reason to recommend your business or purchase from you in the future.
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Could you improve the sales experience by improving the offer
- Up sell → Upgrade to the current offer you are selling
- Cross sell → Products or services that compliment the current offer
- Bundle → How could you bundle together products that compliment each other
- Down sell → Downgrade the current offer to something less that still helps your customer on their journey
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What assets could you create to improve stickiness & loyalty post sale
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The correct mindset here is to think about what the customer values after purchasing your product or service?
- If you are selling an AirBnb stay, you could create a list of local experiences around your accommodation (Bonus create a unique coupon that the customer can present to get exclusive offers) or bundle an offering that the customer can buy a head of time that way locking in future purchases within the community
- If you have are a plumbing business create a month subscription service that offers priority service when things go wrong (Commercial Customers will jump at this offer)
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What customer relationship management (CRM) tools are you using?
- You could build a CRM to record special events with your customers & celebrate this milestone, example: Birthdays, Achievements or Special Events unique to your business.
All the topics mentioned focus on creating assets to improve your customers experience. However building assets to improve your staff’s experience is what excites me. If you are interested in learning more about how to do this, let me & I will make it a priority to give this to you.