Category Archives: Thinking Aloud

Cover Me

TunesDay! Today I want to write about the cover tune, one of the most overlooked forms of music. Way back when in the ancient days before the Beatles and Buddy Holly, musical artists rarely wrote their own music. Instead, they either discovered songs on their own or, more often, worked with A&R people and managers at their label to find music that was optimal for their voices. Arrangers would figure out the musical backing and that arrangement was often more important than the vocal. Think of the sound of Frank Sinatra singing a Quincy Jones  arrangement versus one by Nelson Riddle.  Same voice, very different sound.

Today most artists write and perform their own music rather than “standards” or songs produced by writing houses such as those found in The Brill Building.  Covering another artist‘s work is the exception, it seems.  When done right, however, it can make that interpretation something unique and your own.  For example, this:

Became this:

Which is the business point today.  I have clients who stress out from time to time about being original, and I agree that making something one’s own is really important in business.  After all, consumers expect us to be authentic and to speak in our own voices.  However, doing a brilliant cover version of someone else’s song in the business world can be a fantastic and successful strategy.  After all, Amazon wasn’t the first online commerce site nor was eBay the first online auction site.  Both interpreted the “song” they chose and did it better.  They became hits while the original artists faded away.

Rather than worrying about the “new” or the latest shiny object (or technology) out there, maybe we should focus our energies on rearranging what has proven to be appealing and covering it in a way that adds new meaning.  Maybe that’s another example of everything old (covering songs and rearranging them) being new again but if it is, I’m in.  You?

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Columbus

It’s Columbus Day here in the US.  While in many places (generally those with large Italian populations) the day is celebrated in a larger public way, it goes unnoticed in many communities.  Too bad since I think we need to pay a lot more attention to the things Columbus teaches us about business.  First, a little history.

Christopher Columbus, the subject of the book,...

(Photo credit: Wikipedia)

Cristoforo Colombo was born in Genoa and is generally credited as having “discovered” America.  We know, of course, that he wasn’t the first European to set foot on this continent (that would have been Leif Ericson) though he certainly did it more publicly and more often than anyone else and he succeeded in bringing the Americas to the attention of the European powers.  He’d been a sailor nearly his entire life.  Though he lacked much formal education he read a great deal including some very sophisticated (for the time) books about astronomy, geography, and history written in multiple languages.  Through them and his world experience at sea, he came up with the notion that the distance between Europe and Japan would be considerably shorter if one went West rather than East.  The Americas were a kind of happy accident that turned up en route.

To be able to make that voyage, Columbus had to raise a great deal of money and spent almost a decade after he developed his theory finding investors.  That was made difficult because many of those advising the investors were dead certain Columbus was wrong and passed on the opportunity.  Any of this sound familiar?

A curious mind hungers for information and actively seeks it out.  That leads to innovative thinking that’s years ahead of anyone else’s.  From that thinking a business plan is developed and it takes a long time to get others to believe in the notion (and to put their money where their belief is).  The plan, once it moves forward, encounters an unplanned opportunity (he wasn’t looking for natives in the various Caribbean islands when he started!) and pivots to take advantage of it.   I suspect you could use those few sentences to describe any number of successful businesses or products.  That would make them all pretty good things for us to celebrate this Columbus Day as business folks, wouldn’t you agree?

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Filed under Thinking Aloud, What's Going On

Cell Phones And Car Keys

I did a dumb thing a little while ago. I lost my car key. I had another one at home but having only one is a bad idea because apparently one can lose them (ahem). It’s one of those “smart” keys – as long as it’s in (or on, which is how I lost it) the car, the vehicle will start. Since I was due for a regular service anyway (which is where I’m writing this post) I asked the dealer to replace the lost key with another. Want to guess the price to do so?

$275.

I don’t know about you, but I didn’t pay $275 for my top of the line mobile phone. “But your phone is subsidized”, you say. “The cell companies do that to get you to pay for the service.” Exactly the business point and it applies to your business as well.

I don’t know what the key costs to manufacture – it’s a chip, a battery, and a case, basically.  Let’s be generous and say $50.  The woman at the service desk said “it takes an hour to program” as if there’s a coder in the back frantically assembling the software.  My guess is they plop the fob into a holder attached to a computer and it’s done pretty quickly.   But I understand the cost/value equation.  Why do they charge that much?  Because they can.  It’s not as if you can go on Craigslist and find a cheap key.  The issue isn’t can they, but should they?

I bought the car for $31,000 a few years ago.  I’ve spent a fair amount in regular service with them (the car has been worry-free otherwise!) although I could have gone anywhere to get an oil change and new filters.  And now, when I do have an issue, they’re choosing to maximize their profits instead of saying “let’s forego the easy $100 because this guy is a loyal customer and he’s going to have to replace that car in a year or two.”  Their short-term thinking is influencing my long-term thinking.

I know we’re all in business to make a profit.  My job is to help companies to do so.  One model – the cell model – is to tie you to the company by making it easy to become a customer and to make sure you’ll buy highly profitable services through subsidies.  I’m not sure that’s right for a car company – I don’t see them subsidizing your purchase so you’ll buy services.  However, doing the little things that build loyalty do that as well, and there is nothing that feels better when you do something totally stupid than a brand that lifts you up, dusts you off, and helps you fix it in a way that makes you feel good.  I realize the dealer didn’t lose the key.  The question is are they going to lose the customer?

Does that make sense?

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Filed under Consulting, Huh?, Thinking Aloud