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The Customer-Centric Enterprise
Danny Breadmaker
March 07, 2024
www.DannyBreadmaker.com
Business Newsletter & Business eBook Library
🍞
Strategies for Building Loyalty and Trust
Table of Contents
Feature Article
The Customer-Centric Enterprise
In Audiobook, PDF and EPUB formats.
Audio Article Length: 12 minutes
Free Download Link to the eBook article in PDF format (1,518 words):
https://drive.google.com/file/d/1fibySFTyF4YvjCWDE7ACiAjXMhLXiKAJ/view?usp=sharing
Free Download Link to the eBook article in EPUB format (1,518 words):
https://drive.google.com/file/d/1VllgvWwBEEiDD0S9nQn7MBJM9H4ItP4J/view?usp=sharing
Is it Worth it?🤑
Virtual Queue Management Systems
With businesses and public services looking to improve customer experience and reduce wait times, companies offering virtual queuing solutions are in high demand.
Initial Investment: Launching a virtual queue management system business generally requires a significant initial investment, often ranging from $20,000 to $100,000, to cover software development, hardware for testing, server costs, and initial marketing efforts.
Key Steps to Scale: To scale a virtual queue management business, enhance your technology to support a larger number of clients simultaneously, expand into new markets or industries, increase your sales and marketing efforts, and continuously improve customer service to retain clients and encourage referrals.
Revenue and Profits: Companies specializing in virtual queue management systems can generate substantial revenue, with annual figures potentially ranging from hundreds of thousands to several million dollars, depending on the scale of operations and client base. Profit margins in this industry can be high, often ranging from 30% to 50%, as the costs associated with delivering the service, after initial development and setup, are relatively low.
Innovations and Sustainability: Innovations focus on integrating advanced technologies such as AI for predictive wait time management, IoT for seamless customer experience across devices, and mobile applications for increased accessibility. Sustainability efforts may include minimizing the carbon footprint by reducing the need for physical infrastructure and promoting remote access solutions.
Challenges: The main challenges include keeping up with rapidly changing technology, ensuring data security and privacy for users, managing high customer expectations for seamless and immediate service, and facing competition from established players and new entrants.
Looking Ahead: The future looks promising for virtual queue management systems, with potential growth driven by increasing demand for improved customer experience, the expansion of remote services, and the integration of these systems into a broader range of industries, including healthcare, retail, and government services.
Business Tips & Tricks
Innovation vs. Core Business Focus
Balancing the need to innovate with the necessity of focusing on the core business operations can lead to tension and misallocation of resources.
Problem: The challenge of balancing innovation with core business focus arises when companies strive to introduce new ideas and technologies without derailing the efficiency and effectiveness of their existing operations, potentially leading to strained resources and diluted efforts. This tension can inhibit growth and innovation if not managed properly, as companies might either become too risk-averse, sticking rigidly to their core operations, or dissipate their focus by chasing after every new trend.
Solution: A solution involves establishing a dedicated innovation team or department that operates semi-autonomously, allowing for exploration and development of new ideas without disrupting the main business operations. Additionally, setting clear boundaries for innovation projects in terms of budget, time, and resources, coupled with regular reviews and alignments with core business goals, can ensure that innovation efforts complement rather than compete with the company's primary focus.
Side Hustle💰
Mobile Notary Public
Offering notary services outside of traditional office hours can fill a niche market for those needing notarization during non-business hours.
Get Certified: Research your state's requirements for becoming a notary public and complete any necessary training or exams.
Purchase Supplies: Buy the required notary supplies, such as a notary seal, stamp, and logbook.
Obtain Insurance: Consider getting liability insurance to protect yourself in case of any mistakes or legal issues.
Register Your Business: If required, register your mobile notary service as a business with your local or state government.
Set Your Hours: Decide on your operating hours, emphasizing availability during early mornings, evenings, or weekends to attract clients needing outside regular business hours services.
Create a Pricing Strategy: Establish your fees for notary services, including potential travel fees for mobile services.
Market Your Services: Use social media, create a website, and network with local businesses like law firms, real estate offices, and banks to promote your services.
Offer Additional Services: To differentiate and add value, consider offering related services such as loan signing agent services for real estate transactions.
Keep Records: Maintain detailed records of all notarial acts performed, as required by law.
Continuously Learn: Stay updated on notary laws and best practices in your state to provide knowledgeable and compliant services.
Part-Time: Part-time earnings for a mobile notary can vary widely based on demand and location, but they can range from $500 to $2,000 per month.
Full-Time: Full-time earnings can significantly increase, potentially reaching $4,000 to $10,000 or more per month, especially if you expand your services to include specialized notary services like loan signings, which tend to command higher fees.
Quote of The Day
"People don't buy what you do; they buy why you do it. And what you do simply proves what you believe." - Simon Sinek
Simon Sinek's quote underscores the importance of conveying the purpose and belief behind a product or service, suggesting that consumers are primarily motivated by a company's underlying mission rather than the product itself. Simon Sinek is an author, motivational speaker, and organizational consultant known for popularizing the concept of "The Golden Circle" and the significance of "Start With Why," with his book of the same name becoming a major influence on leadership and business strategy.
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DISCLAIMER: This newsletter is for educational purposes only and does not constitute financial advice. We do not provide investment advice or advocate buying or selling any assets. We encourage readers to conduct their own research before making any financial decisions.