The Five Core Functions of a Business

The 5 Core Functions of a Business

SUMMARY KEYWORDS

customer lifecycle, core functions, customer acquisition, inevitably, customer, customer retention, business, organization, lead, order, talk, ascension, automation, process, lead generation, sales, remarketing, nature, nurturing, lead nurturing campaign

SPEAKER: Jesse Razo

00:00 – Intro to the 5 Core Functions of Business

Generating leads for your sales organization is incredibly powerful in order to build profitability and sustainability in the actual organization itself.

Hey guys, Jesse’s here, once again, I got another quick training for you. Today, I’m going to talk with you about the five core functions of a business. And, on how that applies to customer lifecycle automation. Now, for those of you who don’t know me, my name is Jesse, and I’m the lead designer at razor-sharp. And, for the past decade, we’ve been helping our clients, optimize their online environment and automate their customer lifecycle.

Today, I’m going to talk with you about a conversation that I had with one of our customers. And, this is regarding where to focus their efforts. Now, the five core functions of businesses are a great way to organize this. So, what it does is it gives you a framework that you can follow to understand the customer lifecycle. And, we’re people are at in that process.

So, as a business, you should be tackling or removing from your organization as a constraint. And, it is to give your business what it needs to grow. So I’m going to go through those five core functions and talk with you a little bit about each one.

01:18 – Subscribe & Set up Notifications

And then inevitably, if you’re interested in receiving more information, you can jump over to our YouTube channel. And, subscribe and set up notifications so you don’t miss future training on these five core functions.

01:30 – Step 1 – The Lead Generation

So, if you’ve been with us for a while, you know that customer lifecycle automation was originally a three-step framework. And, it is with a focus on lead generation, customer acquisition, and customer retention. Then, we had some sub-categories within those as well. Over time, those things have evolved and changed and the framework has been updated into a five-step process.

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So, it just seems like the thing to do is to get a little bit more granular in regard to our project focuses. And, it’s the way that we help our clients. So, I’m going to talk with you about those.

Now, these are the five core areas that we focus on as a business when it comes to automation. Also, it is when it comes to advertising for our clients. So, first and foremost, you have lead generation.

And, having a predictable scalable methodology around generating leads for your sales organization is incredibly powerful. This is also in order to build profitability and sustainability into the actual organization itself.

02:40 – Step 2 – The Lead Nurturing

Now, we know that not all leads are going to convert at the very first touch, first phone call, and first email. Therefore, we need to roll in from lead generation to lead nurturing. And, having processes in place in order to remain or stay in contact with prospective customers is incredibly important.

So, it’s whether that’s through your remarketing efforts, retargeting efforts, or digital advertising. Now, remarketing would be email marketing, SMS, text messaging, direct mail, and things of that nature. And, retargeting would be, of course, through digital advertising and people that have engaged with your business or your brand.

03:26 – Step 3 – The Sales & Customer Acquisition

So, when you get those two things worked out, inevitably the next business function that should be a focal point is sales and customer acquisition. And, the sales process could be an online sales process. Or, it could be telemarketing, like, a sales team, depending on your price points and things of this nature. Also, it could be a receptionist that handles inbound calls with a live answer.

Then, you could drive those inbounds to an outbound call center. And, there are different ways that you can formulate your customer acquisition or sales program in order to convert more business. But inevitably, as you can see, those leads go into a lead nurturing campaign. And, that goes into a customer acquisition campaign.

04:18 – Step 4 – The Product Fulfillment & delivery

Inevitably, once you close on that new customer, you’re going to be rolling into your product fulfillment or product delivery process. I heard this online, I can’t remember who told me, but they say that contacts within the first 24 hours will make a decision. And, it’s whether or not they’re going to do business with you in the future.

This means that if you make their experience or reinforce their buying decision with some type of confirmation. And, it was Alex Hormozi and he has his gym launch program. So, what they do is sell weight loss. So, the first thing they do within the first 24 hours is welcome people to the team.

Then, they’ll have their weight loss coach, reach out to them, and they’ll have them welcome them to the team. And, reinforce their buying decision and then move them on to the next step. So, that’s the product delivery process.

05:18 – Step 5 – The Customer Retention & Ascension

And then, the next step would be customer retention. So, it’s making their user buyer experience more valuable than they can get anywhere else in the marketplace. And then, of course, ascension, which builds profitability. So customer retention and ascension are the fifth and final steps of the five core functions in any business. And what it does is it gives us the ability to maximize the relationship with any new customer.

Now, we believe that you should focus on customer retention and ascension if you’re a pre-existing business. If you’re a brand new business, of course, starting at the top, lead generation, lead nurturing, and things like that would be ideal. But, if you have a core business, we think that maximizing your current customer relationships is always the way.

Or, the hidden gold within any organization is not customer retention, but customer re-engagement. Most companies that we work with and our experiences tell us. And that most of them don’t have any type of customer re-engagement campaign. This would be your selling for reviews, having a sound referral program, or a partner affiliate program. And then inevitably, it’s having some way to ascend them up your value ladder.

As a result, they can spend more money with your organization. So, that’s all I got for you, a real quick training. I told you, I wouldn’t waste a single minute. And, I wanted to talk with you about those five core functions. The lead generation, lead nurturing, sales and customer acquisition, product fulfillment & delivery, and then inevitably, customer retention and ascension.

07:06 – Leave us some Comments, Feedback is the Key!

So, that’s all I got for you today. Hopefully, you got some value out of that. And, if you have any questions about those five core functions, customer lifecycle automation. Or, anything else, as it applies to your online marketing campaign, or automating your customer lifecycle.

Go ahead and meet me in the comment section, and I’ll get those answered for you. Then, until the next time we speak makes today and every day a fantastic day. We’ll talk with you real soon.