I love the TV show ‘Shark Tank’.
Not just because I work with entrepreneurs and like to hang out with them but because the Shark Tank really captures the essence of what it takes to succeed in anything.
Yes I know it’s a show and it doesn’t reflect the experience of all entrepreneurs but it does show the attributes and personalities of people who are willing to risk a lot to pursue their dreams.
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When one examines traits of successful people from different cultures, backgrounds and...
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Innovators and entrepreneurs know the risk/reward nature of creating new products. It’s incredibly exciting to be a part of a product development team working on the next best cool amazing product.
But deep inside you know the risks involved. You think is the product going to succeed?
Is it going to make money?
Are customers going to love it?
What if it fails?
These questions and many more can keep many of us up at night wondering what if…
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Admit it…… You’ve wondered.
You are marketing and marketing and tweaking more.
Your team says they like it but you’re not getting results.
Sales leads are barely trickling in. Those leads that are coming through are low quality leads and you are losing sleep over it.
And you can’t help wondering……
Maybe you need to be more patient and give it more time.
Imagine if you knew your customers like you know your best friends.
You know what kind of food they like, what movies they like, their hobbies, interests, and social activities.
You know what type of gift they like and conversely what they don’t like.
All of this helps you to not only be great friends but also to know their needs.
Now imagine if you had just met your friend yesterday. If you wanted to form a deep friendship you’d start learning about them a little at a time. There is no “Science” behind this stuff. Mankind has been doing this from the beginning of time. Before computers, cell phones, and internet existed, businesses knew the importance of “knowing” their customers.
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McKinsey’s research on digital sales is a great example of the complexity of the subject. What does going digital mean in sales success? Isn’t sales all about relationship building and sales skills?
Well yes and no. In the traditional sense, sales is still about relationship building although that relationship is increasingly becoming “digital”. Instead of a sales rep driving the process from the get go, companies are relying more on automating, refining, and enhancing the customer experience along the sales path.
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“There is a fine line between fishing and standing on the shore like an idiot“
Steven Wright
If I wanted to catch fish what would be the best way to go about it? I can pick a spot at random, let my line down with a cheap ol bait that I bought on special and then hope for the best.
Am I going to catch fish this way? Maybe. Is this a sound plan? Certainly not! Unless I’m a firm believer in luck this strategy often results in frustration than anything else.
Read MoreI have worked with many business owners, executives, and entrepreneurs that didn’t go to business school yet they are extremely good at what they do. It almost seems like if they had gone to business school they would not have been any more successful than they are.
Here are some things that they don’t teach you in business school:
How to deal with real life challenges of running a business
When to trust your instinct
How to deal with failure
As a marketer and business development consultant, I often help clients determine the value and impact of marketing initiatives. This often boils down to understanding numbers. And I don’t mean numbers in the sense that data scientists or accountants look at numbers.
Read MoreAs a business owner, entrepreneur, or marketer you have already plenty of things to do to move your business forward. So when you want to do more in less time how do you decide what productivity tools to use?
And after you decide which tools to use, you still need to learn how to use them in a way that make sense for your needs. It’s not unusual for some to decide that the learning curve is too steep and not worth the effort. Yet for others a particular tool can be an absolute must-have because it can help get more sales.
Read MoreAs marketers and business owners we often feel the only way to make a big impact in profitability is with breakthrough product or service. But in reality breakthroughs are rare and require a truly unique combination of factors to come together.
Read MoreValue pricing is one of the most misunderstood among the different pricing strategies. Yet it can be one of the most practical. The central focus of this strategy is on calculating pricing for the differentiated product feature. Value pricing does not take into consideration the value of your brand. In industries where brand value influences pricing, this strategy may not be effective.
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