Monthly Archives: March 2016

Getting Real

This Foodie Friday, I’d ask for an extra minute of your time so you can watch the commercial below.  It encapsulates our business thought perfectly:

I’d say that the spot is less about “big” food than it is about authentic food.  Real food, made with the same ingredients you’d find at home or in a farmer’s market.  It is yet another manifestation of consumers being sick and tired of lies and their desire for authenticity.  In case you hadn’t noticed, consumers are buying a set of values over a simple brand logo or image these days.   I found this quote from a marketing blog which I think states it well:

The demand for authentic marketing is a reaction from consumers based on decades of deception and deceit from organizations with slick marketing campaigns and smooth interactions with the media. From cigarette manufacturers, food producers, banking and more recently, automotive, the public has become less trusting of the messages shared by corporations. What the public really craves is this: honesty.

You might think that you don’t have this issue, but it goes beyond your products themselves.  For example, how authentic is your social media?  Are you letting the consumers do the talking in their very real voices or are you heavily editing comments?  Have you ever bought followers or likes to make your content appear popular rather than allowing your content to draw consumers to your brand?

Consumers are sick of photoshopped images, “editorial” that’s nothing more than an ad, and “astroturfed” virality.  The age of making products less expensive to produce while making consumers less safe or healthy is gone.  Maybe we ought to factor in the customer’s long-term viability as we think about “cost effectiveness” since their lifetime values certainly will decline if we shorten their lifetimes.  Do you like that notion?

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Asking Questions

We’ve all been through a job interview at one time or another. Even those of us who work for ourselves meet with potential clients or vendors and an interview of sorts takes place. I always judged the success of those sessions by the quality of the questions asked and I’d like us to take just a minute to think about that topic. I’ve written before about the specific questions I ask a job candidate.  Today is more abot the quality of questions that the candidate or prospective partner asks you.

First, who is doing the talking? Is the candidate or the interviewer guiding the discussion? My feeling is that the candidate should do more of the guiding of the meeting by asking phenomenal questions. Obviously, there are specific things the interviewer or potential client must elicit, but the truth is that a hiring candidate needs just as much information to be divulged in that discussion.

For example, for every discussion point made about the current business, can the speaker provide a concrete example? If not, maybe they’re speaking about that they want and not about what they have. When they talk about metrics, are they actionable and insightful such as cost per acquisition and the average customer value, or are they vanity metrics like web traffic or social “likes”?

Candidates or potential suppliers/partners who ask the right questions and challenge assumptions are way more valuable than those who don’t.  Which are you?

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Linear Equations

I suspect that most of you had to take algebra in high school. One of the most basic things you learn is how to solve linear equations. You might have wondered, as I did at the time, how the heck is this going to prove useful other than passing an exam. As it turns out, there is quite a bit we can learn as businesspeople from them.

English: Revision of File:FuncionLineal02.svg

(Photo credit: Wikipedia)

As you recall, in order to solve for the unknown variable in one of these equations, you must isolate the variable. As you’re doing that, you also need to be cognizant of the order of operations: multiplication and division are completed before addition and subtraction. Yes, I can feel you shuddering as you recall algebra class! Here is the point, however. We need to be doing exactly that in business.

As businesspeople, we need to ask ourselves “for what are we solving?” What is our unknown variable? It’s always amazing how few managers identify specific, measurable goals. We see this in reports that puke up lots of data but which fail to identify either what impact the actions reflected in the data might have or what actions might be taken to improve the business based on the data. We need to identify the unknown variable and to solve for it.

Second, we often forget the order of operations in our businesses. How often do you hear the “ready, fire, aim” complaint? We need to identify, plan, budget and evaluate constantly, recognizing that markets are fluid and opportunities may be fleeting.  We can’t always chase the next shiny object or, at least, those which don’t fit into our business model and plan.

The flaw in my analogy today is that business is not “linear”, meaning that it’s rare that there is a straight line drawn as there must be in a linear equation.  Nevertheless, isolating the variable in order to solve for it – identifying our goals and the data which allow us to measure our progress – is critical, don’t you think?

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