The Right Time for Brokers to Introduce Retention Automation
- Automation becomes a critical necessity as brokers grow in size.
The bottom line is that retention Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term is always needed to help brokers generate more volume when CPA (Cost per Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term) grows higher and higher. But brokers have changing needs and today I would like to elaborate on the rationale of automation and timing. This could help brokers in different stages to introduce automation properly.
Every broker differs from another but I would like to simplify the evolution of brokers in 5 major stages (see table below), according to our experience, and then discuss the various meanings of automation in each stage:
At each stage, brokers face different challenges and to save you reading long paragraphs, the following table summarizes the pros and cons for retention automation:
I would like to emphasize that according to this logic, when a broker is in growth process and prepares for the “next stage” (e.g. moving from Small Business to Medium size) he should consider the implications. Meaning, that the growing number of clients will increase revenues and naturally the broker will seek more Account Managers. But this can not be linear: growth should also mean better technology and more retention automation. Perhaps with less manpower.
Now, let’s move on to final statements: automation becomes a critical necessity as brokers grow in size. In their earlier stages there could be some dilemmas as to whether automation should be introduced, but in today's market conditions, when CPA is very high, brokers need to use retention automation as a means of maintaining high productivity on one hand, while reducing operational costs on the other. Sometimes the process can take long, but in a time perspective sticking to old retention traditions could lead to stagnation and even inability to provide proper customer care.
The bottom line is that retention Automation Automation Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Automation is defined as the procedure of making an apparatus, a process, or a system to operate by mechanical or electronic devices that replace human labor. Additionally, automation is also sometimes referred to as mechanization or robotization. For example, employees have many costly needs, including government regulations. However, robotic workers don’t need much other than some routine maintenance and the occasional bug fix for an equipment malfunction or software bug. There is no overtime Read this Term is always needed to help brokers generate more volume when CPA (Cost per Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term) grows higher and higher. But brokers have changing needs and today I would like to elaborate on the rationale of automation and timing. This could help brokers in different stages to introduce automation properly.
Every broker differs from another but I would like to simplify the evolution of brokers in 5 major stages (see table below), according to our experience, and then discuss the various meanings of automation in each stage:
At each stage, brokers face different challenges and to save you reading long paragraphs, the following table summarizes the pros and cons for retention automation:
I would like to emphasize that according to this logic, when a broker is in growth process and prepares for the “next stage” (e.g. moving from Small Business to Medium size) he should consider the implications. Meaning, that the growing number of clients will increase revenues and naturally the broker will seek more Account Managers. But this can not be linear: growth should also mean better technology and more retention automation. Perhaps with less manpower.
Now, let’s move on to final statements: automation becomes a critical necessity as brokers grow in size. In their earlier stages there could be some dilemmas as to whether automation should be introduced, but in today's market conditions, when CPA is very high, brokers need to use retention automation as a means of maintaining high productivity on one hand, while reducing operational costs on the other. Sometimes the process can take long, but in a time perspective sticking to old retention traditions could lead to stagnation and even inability to provide proper customer care.