Tech led the markets in 2020, and without that sector, the S&P and DOW would likely have been flat or down. Roland sees tech as continuing to be strong in 2021, in particular areas like software as a service, the internet of things, augmented and virtual reality, as well as tech enablement.
- There will also be several lasting changes as a result of Covid because of the increased rate of adoption of technologies that became a requirement to conduct business.
- We are going to see less of a budget for fulfillment, content delivery, and meetings. We'll also see a reduction in travel expenses as meeting people and having conversations via Zoom becomes the standard.
- As a service provider, it's going to be important to be able to deliver your services by embracing the technologies that your customers have been forced to adopt. You need to be on board with the evolution of how we are doing business or you will lose out to competitors that are.
- If you can humanize the existing tech experience within the tax resolution space it will be a major advantage.
- New platforms are always coming up. Clubhouse went from 3500 members at the beginning of 2020 to 1 million at the end of 2020. It's important to be on places like Clubhouse, TikTok, Instagram, YouTube, and platforms like them even if it's not a lead source for your business. The credibility of meeting your customers where they are and joining the conversation is going to be very important for the growth of practices going forward.
- Technology platforms can be even better than meeting clients in real life because it's easier to control the environment. Instead of the standard presentation, platforms like Zoom can go beyond just broadcasting.
- Building a studio or investing in some basic equipment can take your ability to create virtual events to the next level, and if used well can pay off handsomely.
- In 2020, Roland closed over $2 million in sales at a completely virtual event by using Zoom breakout rooms.
- Hospitality will make a comeback in the future but it will require those businesses to increase the level of their service, if they don't it's not likely that they will survive.
- Tax practices are notorious for not communicating with their clients. It's crucial to keep the lines of communication open and a lot of practices are starting to realize this.
- Not only should you be communicating, but you should be communicating to start a conversation so that you create an interaction that can lead to a sale. Breathe some personality into your communications and that can lead to generating 2x-3x the revenue.
- Measuring your Net Promoter Score and Customer Satisfaction is very valuable information that businesses should be paying attention to. If you're open to it, that information can reveal where your business is falling short.
- An existing customer is worth 9 times more than a new customer, if you're not focused on your existing customers you're missing a huge opportunity. The magic is the people already within your tribe.
- Get someone to do your content for you, but answer all your messages personally.
- You must take massive action if you want to see big results.
Mentioned in this episode:
Michael Rozbruch's Tax & Business Solutions Academy
Roland Frasier's Business Lunch Podcast - businesslunchpodcast.com
facebook.com/RolandFrasierPage
twitter.com/rolandfrasier
linkedin.com/in/rolandfrasier
Roland Frasier's YouTube Channel - youtube.com/channel/UC9cUjWtqawvdM6K632PvGow
instagram.com/rolandfrasier
