Speed in the Marketplace

I caught up with a friend of mine today who has gone from a traditional Corporate America role, to his own consulting gig.  The speed at which my friend has built his new company is somewhat breath taking.  It got me thinking about the balance between moving slowly and deliberately in the business world versus moving fast and being agile.

On the one hand, there is slow and deliberate.  This offers you the best chance to "get it right the first time" and cut down on expensive and time consuming work arounds.  It usually also follows a collaborative process which means everyone has a say, and (in theory) keeps morale up.  The challenge with this one of course, is that slow and deliberate can easily morph into "indecision" if you aren't careful.  There's nothing more crippling than indecision.

On the other hand, there is fast and agile.  Focus, analyze, develop, and execute in 48 hours and go...and go...and go faster.  This definitely delivers your speed to market...but it definitely increases the loopholes and trap doors into which things can fall.  The flip side of this is that, I'm starting to believe that people that move this quickly and nimbly in today's marketplace are going so fast, that by the time all the competition notices that a mistake was made...it's too late because it's already been fixed and is in the rear view mirror.

As this blog is about balance...I feel like I'm supposed to say the proper mix is somewhere in between, but I don't fully believe that.  For those of us that are in a company or an industry that is trying to dramatically change culture or shift paradigms, we need to be fast and agile.  For those of us that are in industries where things like continuous process improvement is key...then slow and steady probably wins the day.

All I know is...my buddy that is out in the market place and moving fast is having one hell of a good time doing so.  

The only people smarter than him are my friends that are bartenders and waiters.  Now...truly...THESE guys have the right idea.  They always have money for a beer and always can find time to get a cold one with friends.  Lobster season in the keys?  No problem...they can take a week off and head down.  Surf's up?  No problem...they always have time to paddle out!  Actually...it's this crew that has the right idea and have definitely struck the right balance!  I think I need to go join them!

Namaste

Living in the moment?

Ferris Bueller spectacularly taught those of us from a certain generation that "life moves pretty fast and if you don't stop and look around sometime, you are going to miss it".

I was stunned yesterday to hear of the passing of a friend of mine.  This guy had just turned 51.  He led a healthy lifestyle, and was fortunate enough to have turned his excellent eye for photography into a successful business.  He had a family and a massive network of friends.  He apparently had a hemorrhagic stroke, and just could not recover.  It's crazy to think that one little internal malfunction can cause such dramatic devastation, but there you go.  From what I can tell from the tribute site that is already thriving for him, he epitomized living in the moment.  While I'm sad he's gone now, it is somewhat comforting to know he made the most of his time on this planet.

So, thinking about Ferris' advice and stopping to look around now...I see so much negativity, it makes me sad.  Try sitting through 10 minutes of the local or national news sometime.  It's nearly all bad.  Turn to social media and see what's happening there.  In my own current experience, people seem to be taking darkness to social media as well.  I see so many rants about Obamacare, corrupt officials, police brutality, the right to arm yourself to teeth, the neighbor's dog crapped in their yard, and on and on and on.

I applaud these people's passion...AND...I worry about their balance.  There's no way to know if some of these passions are obsessive without observing these people 24/7, but some of them sure seem to be.  I hope they are also carving out time to spend with families or friends, or playing or listening to music, or doing something outside which puts them in touch with nature somehow...or all of the above.

Remember...there is always suffering, and there is a reason for the suffering.  The suffering ends though, and there is a path to the end of that suffering.  We are only here for a short time.  Life does move fast and we need to look around.  Being passionate about something is great, we just need the balance of other things to keep that passion in the proper prospective.

Namaste

Business Partner vs Vendor? Finding the balance...

Are you a business partner to your clients...or are you simply another one of their vendors or suppliers?  It's a tricky question...especially for those who have long time, large clients, where there is some level of a personal relationship that has been built up over the years.  The interesting thing is, in order to be really successful in direct sales, you need to be BOTH a partner AND a vendor.

The salespeople who are "relationship builders" out there are currently squirming while reading this.  It is completely true that the relationship is still important.  However, in this day and age of real time sales data and up to the minute ROI projections, the relationship can only get so much accomplished anymore.

The "hunter/killers" out there who sell on the features and benefits of their product and then turn clients over to account managers are also squirming.  Yes...they deliver the numbers, but without the personal interactions, there is no opportunity to capitalize on the all important #RonR (return on relationships).

The trick is having a good enough consultative relationship whereby you know all of the important stuff, while remaining detached enough to compartmentalize all of it into what's best for the business goal.  It's a fine line to walk, and the lines are often blurry on both sides of the equation.  It's especially difficult in instances where one client makes up the bulk of someone's whole book of business.  In that situation, the scales often get out of balance and tipped in entirely the wrong direction.

A few tips on how to strike this balance:

1.  Be memorable for the right reasons (be prompt, professional, courteous, relevant, informed, insightful, and...don't overdo it on any of these).

2.  Be personable, but not overly so.  This makes it easier to keep the necessary levels of detachment so that you can do the next thing on this list, which is...

3.  Embrace the horror that your clients are not always right.  If your client is about to do something which is absolutely not going to work, you have to call them out on it (yes...this even goes for those of us who have one huge client that we are always afraid of making angry...in fact...it ESPECIALLY goes for those of us who have one large client that we are afraid of making angry).

4.  Always bring some sort of value that is relatively measurable to every business interaction with your clients, no matter how small.

If you can focus on doing these 4 things consistently in all your direct selling relationships, you will have an excellent chance of striking the right balance between being a partner AND a vendor...and you will really be able to capitalize on your #RonR (return on relationships).

Leveraging #RonR with complete strangers

In an earlier blog, I referenced this concept that I found on Twitter (through Ted Rubin) about Return on Relationships (#RonR).  The theme of that blog post centered on balancing ROI and #RonR.  As I mentioned previously, #RonR is a fascinating concept that can fit in almost any context.  Followers of this blog know that my thing is all about balance.  So, to balance out my thoughts on #RonR, I'd like to shift from measuring it in a business sense, to measuring it as it relates to complete strangers.

My wife shared a fascinating story with me that other day about a DJ in LA who has tapped into a serious stream of #RonR and might not even know it.  This guy, DJ Wolfie, found himself in the unfortunate circumstance of having his cell phone number be 1 digit off the number of the Cancer Ward at the local hospital.  He told a story of how infuriating it was to get call after call from people trying to reach someone on that ward.  He freely admitted that he would lose his cool often and go off on people and challenge them to "learn to dial", "get their numbers right", etc.

One night, he mentioned getting a call about cancer that was not a wrong phone number.  A dear friend had been diagnosed with cancer and was reaching out to him for support.  This shifted his whole attitude.  He reflected back on all those people that had reached him in error, and how they must have felt so bad trying to call into the cancer ward to find out information about a friend or a loved one, who was certainly in some sort of distress.

He felt terrible for being rude to all of those people.  The next time he got one of those "wrong number" calls, he handled it much differently.  He explained the mix up, and wished the person the best of luck with their loved one.  He's made it a habit every time he gets one of those calls now.  Now, it's unlikely that he'll ever interact with any of these people ever again, but who cares?

Karma is real, and if anyone out there doesn't believe that, they are kidding themselves.  By treating these people differently, and showing some compassion, he is leveraging #RonR to build up GIGANTIC levels of good karma.  Go ahead and laugh...cue the music from John Lennon's "Dreamer"...I don't really care.  It's true.  #RonR is a very powerful concept in any situation...business, familial, social, or otherwise.  For me, it's ESPECIALLY powerful when leveraged with complete strangers.  There have been terrible news stories this year from elementary schools being shot up, to star athletes (allegedly) committing murder, and a host of others.  You have to wonder how much could have been different if any bit positive #RonR was leveraged in those situations.

I love this story of the DJ in LA, and his decision to invest in some #RonR with complete strangers.  I went through my own tragedy earlier this year, and wrote a blog about it that got much more attention than I would have thought.  Complete strangers reached out to me to tell me how much it helped them.  While it did not change my situation, I was immensely happy that it helped someone else.  I'm going to continue to make it a habit going forward.

Namaste!

Balancing Core Values with Disruptive Thinking

I had the pleasure once of hearing former NFL Head Coach Brian Billick talk about the effort it took for him to build a team capable of winning the Super Bowl.  He talked about needing a balanced squad.  His metaphor was simple, yet direct.  He said:

"In order to have a really delicious bacon and eggs breakfast, the chicken has to be involved...but the pig NEEDS to be committed".

Of course, he got the requisite laughter from the audience.  He also explained in a fascinating fashion how he never would've won that championship without the right balance.  Too many pigs....too many guys ultra committed and running out of gas down the stretch.  Too many chickens...to many guys involved but not committed enough to step up and give the extra effort when it's required at a crucial point in the game.

It's one of the best sports stories I've ever heard.  Corporate America loves it's sports comparisons, and it also has it's share of ex-athletes.  There are many companies at odds today over whether it's more important to protect core values, or to promote and engage disruptive and innovative thinking.

Let's quickly peruse a couple of case studies (we'll leave out actual company names, in order to protect the innocent).  Several years ago, a large national retailer stubbornly hung onto it's core values and insisted on continuing to mail out an absolute brick of a catalog.  Another retailer came into the space with more innovative ideas about store layouts and lower pricing concepts.  The mailer of the big brick of a catalog is still trying to play "catch up" to this very day.  Too many chickens.

In the other, a national provider of streaming video services decided to simply totally abandon it's core services...AND...raise the cost of the monthly service it provided it's loyal customer base.  Service cancellations sky rocketed...and, it was too late by the time they actually figured out they'd made a mistake and needed to apologize.  Too many pigs.

The obvious answer here is that organizations need to do both.  Core values must be protected while disruptive and innovative thinking is allowed to flourish.  The chickens and the pigs have to communicate though.  They need to understand where each other are coming from.  That way disruptive thinking and innovation can occur in DEFENSE OF and PROTECTION FOR the core values.

If this doesn't occur, there will be miscommunication, protection of "little kingdoms", silos, and a general atmosphere and culture that is not productive.  That doesn't win the game.  The right balance of chickens and pigs, and the right balance of communication between the two is the formula for success.

Namaste!

Balancing ROI and #RonR

About a year or so ago, my buddy Jim Buckley convinced me that I needed to start paying attention to the larger universe of social media (meaning stuff other than Facebook).  This discussion got me into Twitter.  One of the people I follow on Twitter is Ted Rubin.  Not everyone who reads this blog does so for business purposes, so, for those of you who may not know about him, you should Google him.  To quote Ron Burgundy..."he's kind of a big deal" (at least in the business that I'm in).

Anyway, I picked up a string of text in a recent tweet from him that said something to the effect of "the new ROI is measured in Return on Relationships (#RonR)".  This is an insanely interesting concept that could apply in multiple contexts.  For purposes of this discussion, I'm going to keep it centered on those of us who sell advertising services.

For nearly as long as I can remember, the most important acronym in the advertising field has been ROI.  Return on Investment is the Holy Grail.  The ROI of a campaign can make or break an advertising rep.  It can be the difference between being successful in this field or not.  There are so many ways to measure ROI now, it's hard to keep them all straight.  Cost per lead...cost per sale...ad to sales ratio...cost per click...etc...etc...etc.

One of the most important skills in any needs analysis situation is to determine how a potential customer will measure the ROI of your campaign.  It sets the expectations for the whole campaign, and often determines how an advertising rep will recommend for their client to go to market.

That's the numbers part...how do you balance the numbers with the time honored tradition of "building rapport"?  In my own humble opinion, trying to "build rapport" is still vitally important, but doing so in today's market place is a tricky path.  The convergence of so many different generational groups in one place makes it hard to do it the old fashioned way.  The baby boomers still may want to do "lunch and learns", but the millennials want you to text them the bullet points, and if they like them, they might meet you for a Starbucks (okay...I'm generalizing here, but you get the point).

This is where I'm starting to think that every needs analysis should start with the following question:

"How do you measure your Return on Relationships?"

The answer to this will tell you so much more than just what the ROI is.  Think about it this way...most advertisers want to either attain new customers, engage in competitive blunting, build loyalty with current customers, launch a new product, or all of the above.  Most of us can build campaigns around these things with our eyes closed.

Its a gutsy move to open with that question, but imagine the payoff.  You meet someone for the first time and you have no idea what their buying style is.  Are they a thinker, actor, friend, or partner?  Are they a visual person or do numbers tell them the story they need to hear?  Do they need to see you face to face every time, or do they prefer a webex every now and then.  These are the questions that will unlock the answer to how Return on Relationships (#RonR) is measured.  When you add the intrinsic benefit of knowing how to calculate #RonR and ROI together, you have a pretty powerful story, and one that can drive profitable relationships for a very long time.  Reps pride themselves on being consultative...this seems to be the new (or maybe old) way to get there!

I'm going to make this suggestion to my reps.  I want them to open up needs analyses with this question.  Not all of them will, but I know one or two who'll do it.  I'll be very interested to see how it pans out for them.  Stay tuned!

Namaste

Thank you to my wife for providing balance

So...with all my musings lately of maintaining balance, it is now time for me to share the foundation of all of this new found zen and yin and yang.  My lovely and beautiful wife deserves all the credit for me even attempting to maintain an even keel lately.

I came home the other day to see this miniature buddha on my desk:

Seems trivial, but this little guy has helped keep some things in perspective for me today, and I'm thankful that my wife knows me so well, that she knew to bring this home for me.

I've been through some tough times.  I was very fortunate a few years ago to reconnect (via Facebook, of all things) with a girl I went to High School with.  We'd lost touch for over 20 years, but there, in my inbox, was the now ubiquitous "friend request"...which I'm happy I accepted.  She didn't even live in the same city as me, but we would chat from time to time about life, music, people we knew, and stuff like that.

She decided to come into town for Christmas a few years ago, so we decided to meet for drinks.  Fast forward to today...we are married, she has a great relationship with my son, we have a beautiful daughter together, there's a crazy ass boxer running around the house, I have a mini buddha statue, and life is good again!

It's so much deeper than that though!  She helped me rediscover my love for music, surfing, and playing soccer with my friends.  She helped me get physically and mentally healthy again.  My other personal relationships are much better now, and I can guarantee you I'm more focused when I'm at work.  All of these things helped me regain my balance, and I'm enormously grateful to my wife for helping me make that happen.

So...thanks, babe!  We definitely should've gone to the prom!  ;)  I love you!

Namaste