January 30, 2019 · 4:23 pm
I have a rant for you today and I’m going to say upfront that it is not political in nature although as you read it you might think that it’s my intention to make it so.
One of the things I’ve noticed in business is that we tend to put people who are rich or successful (and usually both) on a pedestal. We assume that they know a heck of a lot more than we do because they are rich or successful. We listen to them give speeches and prognosticate on business and the world. The reality is that more often than not they’re more the beneficiaries of “right place, right time” than they are smart.
You think I’m exaggerating? Let’s take a few examples in tech. The founders of Google at one time said they’d never take ads because it might throw in to question the purity of their search results. It took a non-founder, a person you probably have never heard of, to convince them that great computer science is one thing but running a business that has investors is quite another. Advertising is what makes Google profitable. Are the founders smart or lucky?
Think of all of Google’s products or Facebook’s for that matter. Besides the “core” product, what have they invented that demonstrate that they’re not just a one-trick pony? YouTube? Instagram? What’s App? Sorry, all acquisitions. Most of the features or products they have were created elsewhere and either bought or copied. Think about how many failed products or features those companies have produced. I’d suggest that they, like many in tech, we much luckier than they were good and yet we venerate many of them as if they were Einstein.
Then there are those in business who were born on third base. These are the ones who came from money and often are working in a family business. The positions they’re in can command respect but unlike those people who advance into those positions via hard work and demonstrating talent, these folks are often unsuited for jobs several levels below where they are. I’ve encountered several of them in my career and did my best to avoid them in business dealings.
Would I rather be lucky than good? I often say exactly that, mostly after a wayward golf shot hits something and ricochets back into a good spot. Studies have shown that we can create luck by being extroverted, observant, and positive It also helps to have perfect timing as many of those who got rich in the early internet days did. The really smart ones got out, recognizing that when a rogue wave throws you out of the ocean rather than drowning you, use the dry land to run away.
This isn’t prompted by anything other than a two-hour car drive which afforded me some time to think. I’ve been both lucky and, I think, pretty good. Life isn’t a zero sum game and I don’t begrudge these charlatans their success. I do, however, wish some of them would stop confusing their success or the jobs they hold with who they are as people and what skills they possess. Hopefully, none of us are doing that, right?
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January 28, 2019 · 3:11 pm
“Fail fast” has become one of the mantras of our age. The notion is that iterating fast failures will get us to the desired result faster than taking our time and seeking a more perfect answer. I agree that the perfect can be the enemy of the good and that at some point the cost of reducing variance and getting to the perfect far exceeds the benefits derived from actually getting there. But I’m not so sure that slowing down and taking a bit more time is a bad thing. Let me explain why.
People are deluged these days. Marketing messages overwhelm them. We don’t have 100 channels of entertainment nor even 1,000. There is an unlimited and expanding number of sources, both physical and digital, of entertainment. Walk into any supermarket and the product offerings in almost any category boggle the mind. Why is this a big deal? Because I don’t think you get a second chance. If you’re not solving a problem and creating value for the customer right out of the box, you’re dead. That means that you have to get it right the first time.
How many apps have you installed and removed from your phone because they didn’t meet your expectations the first time you opened the app? Was version 2.0 better? Who knows – they had their chance. How many new restaurants have you tried that were disappointing either in food or service and not returned? Did the menu evolve and new a manager show up to fix service? Who knows or cares – there are plenty of other options.
I’ve noticed it in a bad habit I have. My brain is often working too fast as I’m listening to people and I will often respond before I’ve listened to all the information they are trying to convey to me. I need to slow it down a bit so my first answer to them is the right answer and not something that I need to revise.
If you make things, do market research. If you write things, proofread them and put them aside to read them again in 5 minutes instead of hitting “send”. We all feel the time crunch and the need to get stuff done, but slow down a bit. Your results will be better and you’ll actually save time since you won’t need to do it all over again as more information changes your thinking. Make sense?
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January 25, 2019 · 4:16 pm
I’m going to return to an old theme this Foodie Friday. I’ve written about how happy customers breed more happy customers but I came across a piece of food-related research that reinforced that message. Since I think it’s one of the most critical tenets in any business – food-related or not – I’m sharing it here today.
A recent survey by reservation platform SevenRooms found that more than half of American diners (54 percent) turn to friends and family for restaurant recommendations. About 30 percent consult review sites like Yelp, and 25 percent were influenced by something they saw on TV, according to the survey. About 35 percent of diners said they have eaten at a restaurant because they saw it on social media. Among those platforms, Facebook had the most influence (23 percent), with Instagram (10 percent), YouTube (9 percent) and Twitter (7 percent) far behind.
So word of mouth isn’t dead, and the way that one generates the best word of mouth is to create a memorably wonderful experience for the customer. I don’t believe that the restaurant industry is any different from any other in this regard. Let’s think for a moment about what that great experience really means. I think it means that the business provides an experience that distracts the customer from whatever else is on their minds. It provides a break and enjoyment. It gives the customer something to talk about afterward – something positive. It makes the customer feel that whatever they paid for the service or product they received they received better than fair value. Their expectations were exceeded. It’s the totality of the customer experience. It’s a combination of items offered but also the service quality in which those items are offered.
That’s the sort of stuff that people talk and write about. Have you ever left a business with the feeling that you couldn’t wait to tell someone about it? I have and those become the businesses with which I gladly spend a good deal of time and money. One small example from going out for breakfast this morning. The server greeted me and said, “coffee and a small container of milk for it, right?” She remembered that I can’t stand the little containers of non-diary creamer or half and half that many places – including hers – put out for coffee. A small thing but among the many reasons I keep going back and tell others to do the same.
What business has given you something positive to talk about? I spent a lot of this week telling you about some businesses that managed to do the opposite. It’s much more fun to write and talk about when businesses get it right don’t you think?
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