Our topic this Foodie Friday is buffets. Las Vegas is renowned for the lavish and enormous buffets but they can be found almost anywhere across this great land of ours. There are dedicated buffet restaurants, most hotels offer a buffet option for breakfast and many bbq joints offer something similar so you needn’t choose between the 4 or 5 varieties of meat and the 7 or 8 sides they serve. Grab a plate, pile it high, and it’s on!
(Photo credit: Wikipedia)
One could make the argument that a traditional dim sum place is a buffet in reverse. Instead of you going to fill your plate from a variety of choices, the variety of choices are wheeled out to you and you choose as they go by. I don’t put salad bars into the buffet category since by definition they have a more limited focus.
My buffet strategy is to skip the “normal” foods (corn, mashed potatoes, cold cuts, etc.) and to focus on the more indigenous specialty items. I don’t want to fill up on food I could get anywhere while missing whatever makes this experience unique. After all, while I have a healthy appetite, I can’t eat everything, right?
That’s business point today. I remind many of my clients that they need to “step away from the buffet.” When you are a growing company and you have a smart, visionary leadership team, there is a tendency to want to try everything on the buffet table. In business, that means chasing down every apparent opportunity in an effort to grow. The reality is that no early- or mid-stage business can afford to do that. Resources are too precious and the time to get to profitability is ticking away. Stepping away from the buffet means having a business plan that’s focused on whatever problem it is that the business is solving for your market segment and sticking to it. Don’t take that to mean that you can’t adjust based on what you’ve discovering on your journey: you must! But you also can’t keep changing direction as you spot another new hot plate being added to the buffet.
Like a large buffet, business can present an overwhelming number of choices. Our job as managers is to find the best of those choices that align with our business goals. It’s one thing to overeat at breakfast. It’s quite another to run out of resources before reaching sustained profitability. Step away from that buffet!
I’m going to be a little self-serving today, but it’s based on a comment someone made to me the other day. You’ll probably be able to figure out what the comment was as you read on.
Imagine that on your way to an appointment a drop of something – coffee from someone’s cup, condensation from an air conditioner – spills onto your shirt. You’d see it and deal with it immediately if it was on the front of your shirt. If it spills onto the back, you’d probably not even notice it until some kind-hearted soul mentions it. That, dear readers, is why you need people like me.
When I grew up in the business world, I had a lot of people coaching me. My immediate boss and his boss were always ready to encourage me (and not always in the nicest of tones) and help me to grow. They let me know where the less-visible (to me) stains were. That situation is less common today in a world where there are a million corporations of one as opposed to a large company. Today’s smaller companies have much less institutional memory from which they can draw as well as less personal experience on the part of the founders and employees.
Part of what I do is to coach. I’ve run into some potential clients who tell me that they don’t need coaching, just more hands to do the work. While the latter half of that statement is assuredly true, they also need someone to point out the stains on their backs. Most consultants I know don’t have a political agenda. We’re not after your job nor are we burdened with your past or present. We are charged with helping you and your business to grow. No, you can’t do the latter without doing the former. A business is only as good as the people managing it. My peers and I are there to look at your situation and to help you reach your goals.
I’ve been doing “business” for almost 40 years (yikes!). In that time I’ve made a lot of mistakes and I’ve seen a lot of others do the same. I’ve seen great managers and horrible managers. Part of what clients pay me for is an insurance policy of sorts. My experience ensures them that they won’t have to make the same mistakes I did. They get the benefit of the learning without the pain of the experience. What I and my peers bring is why football teams have coaches up high in the stadium – to get a broader perspective.
Most professional golfers have swing coaches. All sports teams do too. The coaches aren’t caught up in the second to second physical involvement that sport requires. They can see and protect your back. I can do that too, by seeing the parts of you and your business that you can’t or won’t see and by letting you know what’s going on in those blind spots. Call me?
I’m constantly advocating that we listen to our customers. One of the ways that we can do that is through surveys. The problem with many surveys is that we don’t ask the right questions, or we ask the right questions in the wrong way. Let me explain.
Suppose I were to ask about Obamacare. I might ask if you approve or disapprove of the law. Simple question, right? Unfortunately, wrong. To someone on the right, the “disapprove” answer might come from a disagreement with the mandate that we all have health insurance. To someone on the left, the “disapprove” response might come from feeling that the law doesn’t go far enough and a single payer system is what we need. Same answers, very different perspectives.
We often make that same mistake by not digging deeply enough. We’re told to avoid open-ended questions in survey design (they’re not computer friendly, after all), but in so doing we end up with data which is ambivalent at best and useless at worst. We also make the mistake of asking both new and returning customers the same things. Their perspectives are different and one group should have better, different insights from which we can learn.
Try to remember that consumers get hit up with surveys everywhere these days. You can’t make a customer service call without being prompted to stay on the line after you hang up to complete a survey. Many websites will pop up a user-experience survey while you’re in the midst of trying to find some important information. We need to survey but we need to be judicious. We need to be as personal as we can and to be respectful of our consumer’s time by not asking 30 questions (3 or 4 are optimal).
As with anything in business, put yourself in the customer’s position first. If what you’re asking is vague, repetitive, burdensome, or impersonal, you’ve already got your answer. It’s in your low response rates.
It’s the Foodie Friday before the Super Bowl. It’s hard for me to imagine The Big Game without food. If I’m invited to a party there is usually an assortment of chips, dips, and snacks to get us through until halftime, when some sort of “main” is brought out. It could be a six-foot deli sandwich or a pot of chili – no self-respecting fan wants to be hovering over a grill or a stove during the Ultimate Game (which, as Hollywood Henderson once pondered, if it’s really the ultimate game, why will they play it again next year?). Many years I stay home and watch the game with someone else who is there TO WATCH THE DAMN GAME and not make idle conversation.
(Photo credit: Wikipedia)
Of course, I do need sustenance for my fandom. It’s not football without weenies (pigs in a blanket, hot dogs in puff pastry, whatever you call them) or jalapeño poppers (they look like little footballs!). This year I’ll throw a pork shoulder in either the pressure cooker or the slow cooker for some pulled pork at the half. That will be done long before kickoff.
I rarely go to a sports bar to watch the game. The big advantage is that the food is made for me and there are more choices than I’d have at home or at most parties. The noise level, however, is a big minus, not to mention the cost. Still, this is a choice for a lot of fans as well.
But there is one other segment of people that are instructive for us today. Even the most widely-watched Super Bowls aren’t watched by everyone. There are just some people who aren’t sports fans (the horror!). And they are an opportunity. I’m willing to bet it’s a great Sunday evening to get into almost any restaurant you’d like, and therein lies our business thought.
There are almost always opportunities available if you dig deeply enough. The availability of highly-targeted, one to one media has made it possible to identify the niche audiences that can be aggregated into a great business. That restaurant that might otherwise be empty on Super Bowl Sunday? How about calling or emailing your wait-list or the people who left phone numbers in the event of a cancellation? Maybe seat some folks earlier than usual, promising to have them out by the end of the first half so they can hit a bar or a party or home to watch the second half (the first half of these games tend to be dull anyway).
You take my point. This is the biggest event of every year and yet not everyone cares. Find them – there’s a good business opportunity there. Even the big guys in your category have people who aren’t fans. How are you going to seek them out? The rest of you – enjoy the game!
I wrote last week about magic and distractions. Another magically-themed post today about the smoke and mirrors magicians use in their acts. That expression has come to mean something that’s deceptive or fraudulent, and a couple of pieces about the marketing business got me thinking about that term today. Even if you’re not a marketer (but who isn’t!), there’s something to take away.
One piece on Digiday dealt with ad-buying technology. You’re probably aware that the majority of digital ad buying (which will soon cover TV as well!) is done programmatically. No humans are involved other than to create the platforms on the vending end and choosing the ones to use on the buying end. The Digiday piece contains the following statements from an ad tech software developer:
I can say from first-hand experience that a lot of it is taped together stuff and nowhere near the sophistication that’s talked about…It is really easy to put up a website and mention “algorithms,” “machine learning” and a bunch of buzzwords. Nobody knows how that works. You can’t actually look into it, it is all just black boxes. But underneath, there is no real special sauce for a lot of these companies.
In other words, smoke and mirrors. Billions of dollars are spent this way and marketers are (finally) demanding to know how their money is really being spent. They’re turning on the lights and blowing away the smoke. Which leads to the second piece from MediaPost. It mentions “the terrible murky waters of rebates and contracts” and the same lack of transparency to which the other piece alludes. P&G is demanding more transparency, insisting that media agencies show that they are using providers that apply industry standards in measuring viewability and fraud. Ogilvy and Mather is reorganizing under a single P&L accounting structures for clients and thereby boosting transparency. Both of these moves are sending the magicians home.
We all need to ask ourselves about smoke and mirrors in our businesses. We need to challenge sources behind reports and assure ourselves that what we’re reading or hearing is rooted in fact and not someone’s fiction. A good practice outside of business too, don’t you think?