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Two Great Insights
Competition is a part of life, and it should never be the focus of a business. John Moore of Brand Autopsy highlights a recent interview with Katie Couric as well as Tom Peters’ comments. Read it.
My favorite blogger, Spike Jones, of Brains on Fire gives some scary numbers regarding what people know about their customers. Click here and make sure you don’t fall amongst the ignorant.
Happy Birthday To A Fast-Growth One-Year-Old
Time certainly does fly when you are having fun. I’m reminded of this fact as I realize that The Fast-Growth Blog has been up and running for over a year now. What a year it’s been!
I knew that I would enjoy posting ideas on the blog. After all I love writing, I love sharing ideas and the opportunity to serve as my own editor seemed like too much to pass up. What I had no idea about what the impact this blog would have – on both my company and on readers. I’ve received tremendous feedback.
Last year has been more enjoyable that I could have ever imagined when I began the blog, and I expect the next year to be even better. I’d love to hear what insights you’ve gained from The Fast Growth Blog (just e-mail doug at imaginellc.com).
Here are the five insights I’ve tried most to communicate:
1. The Industrial-Age is over. Stop looking at life from the perspective of what used to be.
2. The Wisdom Age has begun. In the US today, every company needs to be in the intelligence business or they will be a commodity. This means that the primary value your company provides is not in your core offering, but in the application and effective use of that offering.
3. Stop focusing on what it is you think you sell; start figuring out what it is that your customers are buying.
4. Make a promise and deliver on it.
5. Be honest. Stop playing games with your marketing. You no longer control your business, your message or your brand – your customers do. Respect them.
The Three Levels of Value
My experience working with fast-growth companies has taught me that there are three levels of value that a company can provide:
Level one occurs when you provide people with the knowledge of ‘what’ needs to be done.
Level two occurs when you provide the knowledge of ‘how’ to do it.
Level three (execution) occurs when whatever needs to get done actually gets done.
Level one is all about diagnosis. Today, too many companies hold back level one value, fearing that if prospects know what needs to be done, they’ll go out an try to do it themselves or to do it cheaper. The reverse is actually true. Give the ‘what’ away. The more people know what to do, the more value your company’s knowledge of ‘how’ to do it becomes.
When prospects don’t know the ‘what’, they self diagnose; and when that happens, you are, and should be, just a commodity. So, stop “protecting’ your intellectual capital so fiercely. Start giving it away and fast growth is yours.
Is Jack Welch Wrong? The New Rules
It’s been a busy summer. Keeping up with client demands and taking some vacation time with the family has led to some lighter blogging of late.
I have, however, been catching up on some reading and I highly recommend the July 24 issue of Fortune magazine. I’ve written about new rules and old paradigms, and Fortune has a great article on this topic.
The cover story on Fortune, titled, “Sorry, Jack” takes on Jack Welch’s ‘rules’ and states that they may no longer apply. Whether you agree with their conclusions or not, you’ll certainly have to agree that the business world is changing – rapidly. We have entered what I call The Wisdom Age. Using old rules in this new world will hurt you.
Here are the old rules and the new rules that replace them (with some of my favorite observations):
1. Big dogs own the street – to – Agile is best; being big can bite you.
2. Be No. 1 or No. 2 in your market – to – Find a niche, create something new
Says Starbucks CEO, Jim McDonald, “We’ve never said we wanted to be No. 1 or No.2. It doesn’t matter where you end up, it matters that you’re the company of choice.”
3. Shareholders rule – to – The Customer is King A Bain & Co. study found a huge gap between the perceptions of executives – 80% of whom think they are doing an excellent job servings customers – and they perception of customers – only 8% agree.
4. Be lean and mean – to – Look out, Not in.
From the article: An inward-looking culture can leave firms vulnerable in a business world that is changing at a breakneck pace – whether it’s Craigslist stealing classified ads from local newspapers or VoIP threatening to make phone calls virtually free.
Jeff Immelt, GE’s CEO, adds, “It’s not about change. It’s about sudden and abrupt and uncontrollable change. If you’re not externally focused in this world, you can lose your edge.
5. Rank your players; Go with the A’s – to – Hire passionate people
Christopher Barlett of Harvard Business School observes, “People don’t come to work to be No. 1 or No.2 or to get a 20% net return on assets. They want a sense of purpose. They come to work to get meaning from their lives.”
6. Hire a charismatic CEO – to – Hire a courageous CEO
7. Admire my might – to – Admire my soul
Some good rules to live by.
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Resources
Doug's Washington Business Journal Columns- Intelligent Growth Articles
Third Wave Selling Blog
Products to Grow
