Get in and go.
A plan is an important part of any successful strategy, but it is also important to be fluid and flexible. Having an entrepreneurial spirit in any company is something that will help it grow and prosper. By creating an atmosphere where change is welcomed and something to be embraced, a company is able to move with the ever changes that confront business today enabling it to master the marketplace all the while creating an engaging work environment for employees.
I don't like maps, but I love my GPS. It provides me with the ability to be flexible and totally stress free. It tells me where I am going ~ even when I get off the path. My GPS changes with my movements and still points me towards my end goal. That's what we need in business. We need GPS systems that allow for flexibility on our way to our mission and vision. Maps and directions written on a piece of paper have become obsolete because they lack flexibility. We no longer need maps or directions that don't allow for change. We need flexible tools that assist us in getting us where we need to go.
At the same time, we must never forget our overall goal. Our overall mission. The reason we got into business in the first place. If it's just for money . . . you'll fail long term, but if it is something greater, and you stick to your "first love" there is no doubt that success will come. Keep it simple. Be patient. Stay focused.
Friday, January 8, 2010
Thursday, January 7, 2010
In a Word
In a word, how do people describe your company? In a word how does your consumer describe what he/she thinks about your company? If you want to build a brand, you must focus your branding efforts on owning a word. You must own a word that no other company in your sector owns. Sounds difficult doesn't it?
I am going to list some successful companies here and I want you to think of a word that you associate with that company:
Mercedes Volvo Kleenex Band-Aid
Mercedes - prestige
Volvo - safety
Kleenex - tissue
Band-Aid - adhesive bandage
Did you think of these words? By keeping a singular focus each of these companies (in the beginning at least) stayed focused on one thing or idea only.
Obviously it is simple to take over a word category if you are the first on the block with a given product/service, but what if you aren't? What do you do then? Simply you create a new category by narrowing your focus. This is exactly what Federal Express did when they jumped on the delivery scene. In the early seventies, the company struggled in the delivery business. What changed for Federal Express? They changed their focus. They narrowed their mission significantly to focus on overnight delivery only. Remember the old commercials, "When it absolutely positively has to be there overnight?"
There are a million examples in every business sector where this is applicable. Words create worlds and words are the key to successful branding. So often companies try and come up with a list of attributes or words they want to be associated with their company but it would serve them better to throw that list out completely. We (the consumer) cannot possibly associate all these words with your company or brand. To get into the minds of consumers, you have to narrow your focus. You have to sacrifice. We have to minimize the essence of your brand to one single idea or attribute and then build around it. But make sure it is an attribute that no one else owns in your category.
How do you build around your word? Start with your people. Start with your employees and make everything you do focused on that one attribute. Sounds too simple. It is not simple at all as maintaining your focus on that one single attribute is often difficult. Once you establish in the minds of your employees and consumers that you are the "overnight provider of delivery services" you are certainly welcome to broaden your market but do not make the mistake of trying to broaden your brand. Stay true to your word.
The question is not what percentage of an existing market can your brand achieve, but how large a market can your brand create by streamlining its focus and owning a word in the minds of your consumers, vendors and employees.
I am going to list some successful companies here and I want you to think of a word that you associate with that company:
Mercedes Volvo Kleenex Band-Aid
Mercedes - prestige
Volvo - safety
Kleenex - tissue
Band-Aid - adhesive bandage
Did you think of these words? By keeping a singular focus each of these companies (in the beginning at least) stayed focused on one thing or idea only.
Obviously it is simple to take over a word category if you are the first on the block with a given product/service, but what if you aren't? What do you do then? Simply you create a new category by narrowing your focus. This is exactly what Federal Express did when they jumped on the delivery scene. In the early seventies, the company struggled in the delivery business. What changed for Federal Express? They changed their focus. They narrowed their mission significantly to focus on overnight delivery only. Remember the old commercials, "When it absolutely positively has to be there overnight?"
There are a million examples in every business sector where this is applicable. Words create worlds and words are the key to successful branding. So often companies try and come up with a list of attributes or words they want to be associated with their company but it would serve them better to throw that list out completely. We (the consumer) cannot possibly associate all these words with your company or brand. To get into the minds of consumers, you have to narrow your focus. You have to sacrifice. We have to minimize the essence of your brand to one single idea or attribute and then build around it. But make sure it is an attribute that no one else owns in your category.
How do you build around your word? Start with your people. Start with your employees and make everything you do focused on that one attribute. Sounds too simple. It is not simple at all as maintaining your focus on that one single attribute is often difficult. Once you establish in the minds of your employees and consumers that you are the "overnight provider of delivery services" you are certainly welcome to broaden your market but do not make the mistake of trying to broaden your brand. Stay true to your word.
The question is not what percentage of an existing market can your brand achieve, but how large a market can your brand create by streamlining its focus and owning a word in the minds of your consumers, vendors and employees.
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