Call them. Leave message. Wait. Guy may or may not call you back. Quote by phone or email. Scan signed contract.
A self storage facility we purchased recently had a lot of this.
Drive across town M-F 9-5. Spend 20 mins. Sign paper lease.
Customer friction is a huge part of running a biz.
How hard is it to engage a company to work with you?
Data-driven companies obsess over reducing this friction.
Mom-and-pop operators SUCK at this and it’s costing them millions.
Here’s what I’ve learned 👇👇👇
Call them. Leave message. Wait. Guy may or may not call you back. Quote by phone or email. Scan signed contract.
A self storage facility we purchased recently had a lot of this.
Drive across town M-F 9-5. Spend 20 mins. Sign paper lease.
Owner charged $52 a month for a 10x10. Completely full.
We instantly setup software for online rental.
No phone call necessary. Rent a unit in 4 mins from your browser.
Go straight to your unit 24/7. Type in gate key that was sent to you by text. Lock and key waiting in unit.
We can now charge $77 a mo for the same unit. $25 more. And we rent MORE units faster.
That $25 increase per unit across the board turns out to be a 35% increase in revenue.
That takes revenue from $14k a month when I buy it to $18.9k a few months later.
An extra $58k to the bottom line over the course of 12 months.
By making one simple change.
The property goes from being worth $1.3MM to $2.08MM.
And I can refinance out all of my initial cash 12 months later and keep the cashflowing property.
One of my coaching clients runs a pooper scooper biz in Minneapolis.
The first thing I noticed was his signup form was clunky.
No language to help get customers to finalize the appointment. He also requested a credit card off the bat.
Since we made that change new signups have DOUBLED.
Less than 10 clients have taken advantage of a free yard clean without paying and staying on.
With one change that took 10 minutes to make.
It’s a bigger deal than you think.
How hard is it to become one of your customers?
Facebook and Twitter obsess over the user experience. Reducing friction on things they want you to do. Spending millions to speed up the app by .001 seconds.
More from Nick Huber
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1/An interesting thing happened tonight. I was scrolling through clubhouse and found WileyCEO, Godfather of Grime (kicked off Twitter in July for antisemitic tweets) speaking. So I tweeted this (and included a screen shot, later deleted as I found out TOS don't allow it ...
2/ ... and several folks also asked me to remove it which I promptly did afterwards).... Coming into the CH room, I fully intended to confront him about how hurtful his comments in July were. But as I listened to the folks in the room, I decided to go a different direction ....
3/ the conversation jumped around, covered many topics and there were between 8-14 people up on stage. But a recurring thread was discussion of racism, bigotry, comparison of it in the US vs UK vs elsewhere.
4/ when I got a chance to speak, I had 5 bullets written down: a) we should harness technology and capitalism to make reparations for what America did to Black people. I gave https://t.co/SlrW8zCd58 (a project a couple friends co-started) as an example) ...
5/ b) capitalism and product know-how and technology can be harnessed for social justice c) historically oppressed minorities need to stick together and lastly, d) "Wiley, how could you say such hurtful things about Jews as a people?" That's what I had ready to say, anyway.
2/ ... and several folks also asked me to remove it which I promptly did afterwards).... Coming into the CH room, I fully intended to confront him about how hurtful his comments in July were. But as I listened to the folks in the room, I decided to go a different direction ....
3/ the conversation jumped around, covered many topics and there were between 8-14 people up on stage. But a recurring thread was discussion of racism, bigotry, comparison of it in the US vs UK vs elsewhere.
4/ when I got a chance to speak, I had 5 bullets written down: a) we should harness technology and capitalism to make reparations for what America did to Black people. I gave https://t.co/SlrW8zCd58 (a project a couple friends co-started) as an example) ...
5/ b) capitalism and product know-how and technology can be harnessed for social justice c) historically oppressed minorities need to stick together and lastly, d) "Wiley, how could you say such hurtful things about Jews as a people?" That's what I had ready to say, anyway.
This is a GREAT argument to pull up when talking to people about minimum wage. Some others nested below
A large number of new jobs being created are minimum to low wage, so looking for a new job generally won’t increase pay.
Raising minimum wage helps things not directly related.
Helps Infant mortality? Yup.
Lowers Suicide? Yup.
Reduce smoking rates? You bet.
It also boosts the local economy! Minimum to low wage earners spend more % of their money, so an increase means more is spent, often in community!
Low paying jobs are often in sectors which would gain from this. More people spending money in your shop makes your business more money! Now you have more profits and increased labor costs are covered.
"it doesn't affect me if companies pay low wages"
— Dan Price (@DanPriceSeattle) February 11, 2021
In reality, you're paying for it. Over 50% of people on food stamps are actively working. The leading employers are Walmart, McDonald's and Amazon.
As taxpayers, you're subsidizing corporations to pay literal poverty wages.
A large number of new jobs being created are minimum to low wage, so looking for a new job generally won’t increase pay.
Raising minimum wage helps things not directly related.
Helps Infant mortality? Yup.
Lowers Suicide? Yup.
Reduce smoking rates? You bet.
It also boosts the local economy! Minimum to low wage earners spend more % of their money, so an increase means more is spent, often in community!
Low paying jobs are often in sectors which would gain from this. More people spending money in your shop makes your business more money! Now you have more profits and increased labor costs are covered.
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One of the most successful stock trader with special focus on cash stocks and who has a very creative mind to look out for opportunities in dark times
Covering one of the most unique set ups: Extended moves & Reversal plays
Time for a 🧵 to learn the above from @iManasArora
What qualifies for an extended move?
30-40% move in just 5-6 days is one example of extended move
How Manas used this info to book
Post that the plight of the
Example 2: Booking profits when the stock is extended from 10WMA
10WMA =
Another hack to identify extended move in a stock:
Too many green days!
Read
Covering one of the most unique set ups: Extended moves & Reversal plays
Time for a 🧵 to learn the above from @iManasArora
What qualifies for an extended move?
30-40% move in just 5-6 days is one example of extended move
How Manas used this info to book
The stock exploded & went up as much as 63% from my price.
— Manas Arora (@iManasArora) June 22, 2020
Closed my position entirely today!#BroTip pic.twitter.com/CRbQh3kvMM
Post that the plight of the
What an extended (away from averages) move looks like!!
— Manas Arora (@iManasArora) June 24, 2020
If you don't learn to sell into strength, be ready to give away the majority of your gains.#GLENMARK pic.twitter.com/5DsRTUaGO2
Example 2: Booking profits when the stock is extended from 10WMA
10WMA =
#HIKAL
— Manas Arora (@iManasArora) July 2, 2021
Closed remaining at 560
Reason: It is 40+% from 10wma. Super extended
Total revenue: 11R * 0.25 (size) = 2.75% on portfolio
Trade closed pic.twitter.com/YDDvhz8swT
Another hack to identify extended move in a stock:
Too many green days!
Read
When you see 15 green weeks in a row, that's the end of the move. *Extended*
— Manas Arora (@iManasArora) August 26, 2019
Simple price action analysis.#Seamecltd https://t.co/gR9xzgeb9K
