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BuckheadFunds > Leadership > 5 Secrets For Brokers To Build A Thriving Business

5 Secrets For Brokers To Build A Thriving Business

News Room By News Room September 12, 2023 8 Min Read
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Modern commerce creates room for the service-oriented middlemen— connectors. Positioned between producers and consumers, the connector orchestrates the flow of goods, services, and information. They connect businesses to consumers for a fee.

While Columbia law professor Kathryn Judge advocates that middlemen are the backbone of capitalism, there’s a growing niche for these connectors in service industries. Connectors form strategic partnerships with providers while marketing to the end user. Websites like Upwork and Fiverr are examples of service connectors: they connect people who need a logo, marketing material, or content with professionals who perform those services … for a fee.

The moving industry is no exception.

Joey Sasson, CEO and co-founder of Moving APT has been connecting movers with industry professionals for more than 20 years. Moving APT is a moving brokerage company — a connector. They’ve carved their niche by providing stellar customer service that’s earned them Angie’s List Super Service Awards in 2019, 2020, and 2021.

How did Sasson do this?

Well, he understands that too much information causes decision paralysis. The 2023 Decision Dilemma study found that 72% of respondents reported too many choices prevented them from being able to make a decision. The Cleveland Clinic points out that something as simple as booking a flight can lead to hyper-indecisiveness. With moving listed as a top ten most stressful life events, imagine the added stress of having to choose between a multitude of moving options.

That is exactly what Sasson and his partners navigated in their innovation. And today, they connect customers with reliable local moving partners to provide a seamless and efficient moving experience.

Here is what they’ve learned along the way.

1. Understand your industry and current market trends.

Industry dynamics change with time. “Staying informed of the latest trends, regulations, and competition enable a business to stay ahead of the curve,” explains Sasson.

First movers are products or services that experience a competitive advantage by being first out of the gate. Being first builds brand recognition, for example, Coca-Cola dominates the soft drink industry … Coca-Cola was a first mover. Amazon is an example of a service-based connector and first mover. Forbes ranked Amazon second on their list of The World’s Most Innovative Companies.

Part of staying ahead of the curve and establishing yourself as a first mover is jumping on new opportunities. Yet, Harvard Business Review research found that just 34% of companies believed in the benefits of adopting new technologies and first-mover advantage.

Moving APT is proud not to be part of that percentage. They constantly adopt modern tools to meet the needs of their customers and build an unparalleled national network of partners.

2. Address the pain points of your customers.

Customer pain points are specific problems your customers needs to be solved, and they change with time. Pain points come in four types: financial, productivity, process, and support.

  • Financial pain points involved spending too much money on current solutions. Consumers don’t want to waste their money.
  • Productivity pain points relate to time. Time is the most precious commodity, and your customers want more of theirs.
  • Process pain points have to do with red tape — and how long it takes to do something.
  • Support pain points are all about the customer journey. Understanding the sticky moments throughout the consumer paves the path in addressing support pain points.

Moving APT has had to adapt its services over the last 20 years to compete with new technologies and customers now request services like moving cost calculators … something that was virtually unheard of in 2000. Moving APT’s website includes checklists, tips, and a comprehensive library of information to help customers move with ease. Through addressing the pain points of its customers, Moving APT successfully navigated all four types to save its customers money and time while providing exceptional customer care.

In essence, Moving APT is the one-stop-shop for every possible moving need.

3. Invest in your team.

Your team is the backbone of your company and every member plays an integral part in keeping business running smoothly. Sasson provides its employees with the right training and tools in a supportive environment. He understands that a well-trained and motivated team equates to satisfied customers.

Studies confirm Sassons’ experience. One of the leading contributors to customer satisfaction is employee satisfaction and engagement. Companies with engaged employees have a two-fold boost in customer loyalty. While customer service influences 73% of purchasing decisions. Customers will pay more for convenience, infused with welcoming, and positive experiences.

4. Build strong relationships with your network.

Moving APT is a double-sided marketplace, it must ensure the satisfaction of its customers as well as the quality of its network. Moving APT developed strict qualifications and guidelines to ensure the quality of its network. The company understand that its partners, suppliers, and stakeholders are key to its success.

Long-term success hinges on your reputation. Positive relationships with your network cements that reputation — positively or negatively — and friendliness and courtesy are the cornerstones of building relationships. Psychologist Rick Hanson at University of California, Berkeley found that being friendly makes people feel included, comfortable, and at ease. This builts trust. And trust builds referrals.

You’re more likely to build a reliable and trustworthy network of professionals through referrals. As much as 88% of B2B decision makers rely on word-of-mouth for information and advice. In the moving business — and any service-oriented connector business —this is a gamechanger. And yet, your network will evolve with time. Businesses will close, sell, or change focus. When you rely on your network for your success, building strong referral relationships is crucial.

5. Create a business based on ethics and integrity.

Integrity builds trust, which is paramount in any business. Sasson emphasizes that businesses must conduct themselves with the highest level of integrity, both with their clients and partners. Building trust is what has enhanced Moving APT’s reputation in the industry. Integris businesses lead by example, take responsibility, and are respectful. They operate under a business code of ethics, which serve as guiding practices and policies used to make decisions.

Connectors are pivotal intermediaries, linking producers and consumers. Service-oriented connectors orchestrate partnerships to help alleviate decision overload and paralysis. Moving APT exemplifies the significance of adapting to industry shifts to meet customer needs through embracing innovation, addressing pain points, nurturing teams, fostering networks, and upholding ethics and integrity.

In an evolving marketplace, these principles illuminate a path for sustained growth, customer satisfaction, and lasting reputation.

Read the full article here

News Room September 12, 2023 September 12, 2023
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