Posts Tagged ‘entrepreneurs’
Blockbuster video stores are closing. It was recently announced that the remaining 300 US stores will close by January. For those of us who can’t remember the last time we’ve walked into a Blockbuster, this is no surprise.
But you wonder. How can a company that once dominated the movie rental market, employed 60,000 people, and had 9,000 retail locations at its peak in 2004 be down to zero less than 10 years later?
While many factors contributed to Blockbuster’s demise, the lack of innovation perhaps takes front and center.
What is innovation?
Innovation is an old school practice that’s been weaved into every success story you’ve ever heard. Apple used it to change the personal computer. Starbucks owned it to change the way we consume coffee. And Google is a walking talking billboard for it as it’s changing the way we do everything.
Innovation represents your ability to ‘try something new’ … to shake up the status quo. To simply think ahead.
But is innovation simple? No.
Innovation is risky and failure can cost.
But when it works…
Innovation fuels entrepreneurship.
Unlike larger companies bogged down with years old mindsets, traditional top down org charts, and demanding shareholders, small businesses have the benefit of being ‘small.’ With less red tape and more creative control, the soil of entrepreneurship proves fertile for those in small business, if they are willing to move away from the pack and hunt new ground.
Many entrepreneurs today once worked for a larger company. And if you ask them why they chose to leave, the answer is almost always the same…”I knew I could do it better.” They wanted to innovate, to put a fresh spin on age-old problems, but bumped up against the confines of corporate structure.
And now that they’re in business, entrepreneurs use the innovations of others to find better ways to operate and grow. Just think about it…
If your hard drive crashes, you don’t panic because everything backed up to Dropbox. When its time to expand your business, you look to Crowdfunder to raise the money you need. And now that the storefront is open, accepting payments is quick and easy using Square and your iPad or smart phone.
Never stop innovating.
Where many of us falter with innovation is that we stop. Once we get that BIG idea, we stop looking for the next one. Which leads me back to where I started, Blockbuster.
The first Blockbuster store opened in 1985 and the company dominated in the 1990s. But, it found itself grossly out of step in the digital age and couldn’t keep up. Despite chances to dive in, even a rumored opportunity to buy a tiny startup called Netflix back in 2000, Blockbuster couldn’t compete with companies who saw a better way.
What can you do?
Be in constant pursuit of new ideas for both your business and the customers you service. Create an office culture that supports innovation, encouraging employees to share their ideas and rewarding them for those that are used. Look to social media and other online sources for cues to changes in your industry and customer preference.
Ok, so maybe not literally 3 seconds, but it’s close. Your customers or potentials are bombarded with thousands of messages everyday and let’s face it, they’re overwhelmed. Today’s information sharing age is rigorous and shows no signs of slowing. Forget about reading, people are glancing at things and you only have seconds to make a good impression…to send the right message.
So, when it’s your turn in front of the masses, let’s say your webpage or article pulls up in a Google search, there are a few things to keep in mind that may help turn a click into a client…
1. Trade places with your audience. Everything you create for your business, your brand, sends a message. From the logo to the content, your brand message should be designed to tell your story in a way that highlights your abilities and plays to your audience. Take the time to look at your message from their perspective and perhaps you may find that the problem isn’t a lack of interest but a confusion over what it is you do and your ability to solve their problem. Ask for feedback from them or others you trust and focus on creating customer centric messages that will resonate with them.
2. Keep it easy peasy. Keep your message simple and natural. If they have to ask you to explain it, you’re talking over them and it’s not going to work. Your primary goal is to put people at ease, so they don’t feel like their being sold to. People buy from those they relate with, and using familiar words is a good way to start the conversation.
3. Write good stuff. A big part of the message you send will center around the content you create. Whether you’re blogging, working the social media circuit, or updating your landing pages, useful information delivered in a consistent manner in the right places sends all the right messages to your audience and they will look to you for answers.
Ultimately, when developing your brand’s message, a good place to start is, ironically, at the end. You have to know where you want to go before you start the car, right? So keeping your end goal in mind as you work through the process of creating the right message for your audience will help you determine the actions needed to get you where you want to go.
The truth is, as a business owner, regardless of the industry you’re in, you are first and foremost in the people business. It’s those people you encounter, be it in person or through social media, that you hope to win over and turn into lifelong clients. Business is very much people business and many of us fail, not at providing solutions, but at our inability to provide a great client experience after the sale. People business is about service and a good way to get and stay ahead of the game is right at your fingertips…your client calls.
Whether your client is calling you with a question or you are reaching out to them, setting your self apart from the rest can be as simple as following these three simple reminders:
1. Set expectations. Do me a favor. Call yourself at work, right now, and let it go to voicemail. What does your greeting say? Standard message..company name, leave a message, have a good day? Well, I challenge you to change this greeting today and everyday going forward. Try this…
Hello and thanks for calling ABC Company. You have reached Jane Doe. Today is Friday, April 5th, and I am in the office today but have either stepped away or am on the other line. Please leave a message and I’ll return your call before the end of the business day. Thank you
This does two things. First, it alerts callers to the fact that you are accessible today. Secondly, it reassures them that they can expect a return call before the day is out. And that’s comforting. There is nothing more frustrating for a client than to keep calling and leaving messages only to find out you’re out-of-town. If you are out of the office, say it and the days you’re out. Take 30 seconds each morning to do this and see what a difference it makes.
2. Use your voicemail We all promise our clients that we’ll be available to them. But the reality is, you can’t take every call. In fact, you shouldn’t pick up every call, even if you’re sitting right at your desk. Letting calls roll to voicemail, believe it or not, has its advantages. First, it helps you stay focused on your current task. It only takes one conversation to derail you. Secondly, it gives the client an opportunity to leave a message with insight into what’s going on and gives you time to do a little research. If there is a problem or even an opportunity, you have time to gather your thoughts. When you call back (before close of business), you have solutions to offer. Preparation equals power. In a Twitter post this week by @AlliPolin, she noted that being responsive does not mean it has to be immediate. Point well made.
3. Call clients first. Nothing replaces regular contact with your clients. Needs change and if you don’t have your finger on the pulse of the situation, someone else is ready and willing to come check for vital signs. This week, I changed financial advisors primarily for this reason. The only call I’ve received from him was after he’d received the notice of transfer. He called every number he had on file. But by then, it was too late. Don’t let the only call you make to your client be the one trying to retain them as a client. Reach out to them first and often so you’ll have a good idea of what’s going on before there’s a problem.
These aren’t earth shattering revelations. They’re simple really. But, the devil is in the detail and you’d be surprised at just how many details get missed.
A Couple Thoughts on Leadership…
Posted on: March 22, 2013
Let’s say you’re sitting in a room of familiar business owners. I walk in and give each of them a slip of paper and ask them to write one word on it that describes you best. What would they write?
This happened to me once in a mastermind group. Attempting to work through a mock business issue, we sat in groups of four or five and sought a solution. Easy enough. But then, we were asked to write one single word to describe each other. I got a little nervous. But when I collected my slips, the word they all chose to describe me was leader.
As business owners, you are the positional leader of your firm. With that comes the responsiblity of strategic vision, planning, and getting results. But, many times, business owners stop there and frankly, it’s not enough. A leader’s ability to inspire and empower others in a way that motivates them to change and accomplish a set goal is a powerful force that if harnessed, can change the way you do business.
To do that, keep these things in mind…
1. Earn it. The most dynamic leaders are those who embrace their responsiblity. They’re not relying on their titles to get the respect of those they lead. They are in the trenches, side by side with their workers, earning it. They have a genuine interest in what’s going on with those who do the work all day, every day and they make an effort to keep them informed. This leader is establishing trust and with each stride, is building a culture of cooperation.
2. Visualize it. If you don’t see it, neither will they. Visions are more than colorful ideas painted across the landscape of your mind. They are attainable dreams and when shared, can motivate those you lead to reach well beyond what they thought was possible. Visionary leaders send a message of hope, linking today’s reality to tomorrow’s possibilities.
The Power of Saying NO…
Posted on: March 8, 2013
Today, I’m going to give you permission to do something that you’ve probably dreamt of, but never imagined you’d be able to do. There are very few guarantees in life, but if you take advantage of this opportunity, I promise you’ll thank me. Today, I give you permission to say, no. No to bothersome clients that call you constantly with nothing but complaints. No to prospects who have no money and absolutely no intention to buy. No to price breaks, discounts, and freebies! From this day forward, you have permission to take control of your business.
Being new in business, however, seems to take away some of these choices. You need activity to grow so you find yourself in a constant pursuit of low hanging fruit. Tough choices have to be made and many times you take on things you otherwise wouldn’t. But I learned a powerful lesson from a seasoned sales rep a long time again, back when I sold beepers. He told me that if I didn’t own my time, my clients would. And this went for all of his clients, big and small. It was magical, really, to watch. He was one of the top sales reps at the office. Saying no didn’t destroy his business, it made it better.
So, keep these things in mind the next time you feel pressured to compromise on a hard limit you’ve set for business…
1. Qualify your prospects. If you’re honest, you don’t want every prospect you meet as a client. So, you have to ask a lot of questions to be sure it’s a good fit. You want clients that respect you and what you have to offer, just as they are asking you to respect them and deliver a sound solution. If the connection is not there, it’s ok to pass sometimes, especially if the relationship would cost more than its worth.
2. Train your clients. For those who make it to client status, discuss the ground rules. I cringe when I hear people tell clients that they’re available to them 24 hours a day. It sounds good, but it’s unrealistic and sets an expectation that no human can live up to. Set boundaries. Give them your mobile number in case of an emergency. But, define what an emergency is. Make every effort to discuss new ideas or issues with your clients during posted business hours. Of course, there will be exceptions, but the danger is when the exception becomes the rule.
3. Bend but don’t break. You are in business to make money. You have to be profitable or your business will go under. So, don’t be so quick to offer discounts, free months, trial periods and the like. Carefully consider these promotions and ask yourself why you’re doing it. When a client truly sees a value in what you are providing, many don’t mind paying full price. You’re worth every dime of that money so don’t cheapen it unless you have to.
So, if you feel like you’re drowning in the day-to-day activity of your business, perhaps saying no is just the thing you need to stay afloat.
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