I’m in a terrific new program that networking guru Keith Ferrazzi (Never Eat Alone, Who’s Got Your Back) is running and a recent exercise asked participants to describe ways they’ve kept their teams (and themselves) accountable. My submission got some positive feedback and it’s pretty simple, so I thought I’d share it.
I had a team of account executives in remote offices, each of whom managed a number of alumni-association partners. We weren’t always their highest priority so executing on a long list of initiatives wasn’t always easy. I started a 20-minute Daily Huddle (first thing in the AM-if you couldn’t make it, no problem) and gave each person two minutes to list their biggest accomplishment of the previous day, what they wanted to accomplish that day, and what they needed from me or someone else on the call. I kept track of what each person wanted to accomplish and asked the next day (and for a number of days after, if need be) what was getting in the way of completing that task. One benefit of the daily call was that other team members often offered advice based on having dealt with a similar problem with another school and very often someone would volunteer to role-play or help in some way to get the goal accomplished. In addition, having to outline your goals in front of others led to more tangible goals that would have a real impact on the team’s results.
As a result of this and some other execution-focused initiatives, we renewed 100+ relationships (with no losses), protecting $250 million in revenues and significantly reducing the sponsorship fees we were paying, while increasing group-satisfaction scores by 20%. We also surpassed our goals for launching our Affinity Checking product by 200% (endorsements and accounts). All because we spent a little bit of time every day focusing on initiatives that would move the needle.
Interestingly, someone in the class responded to my submission with the observation that people probably worked that much harder to complete tasks and come up with good objectives for the day because they didn’t want theirs to pale by comparison to other team members. I hadn’t thought of it that way, but it’s probably true
To be effective: Keep it short. Keep it focused. And try to have it at the same time every day — first thing in the AM.
How do you help your teams — or yourself — be more accountable and execute more effectively. Please share!
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A few days ago, someone asked me to explain what made me a “good marketer.” I had never heard the question phrased quite that way before and stumbled through an answer.
Later on, I realized I built a class around that very question 11 years ago. So I headed down to the basement and pulled out the class handout. We had spent more than three months asking that very question of some of the best marketing minds in the bank and organizing their answers into what turned out to be eight categories.
Times change; economies ebb and flow. Millions of trees have died in the search for answers to that question. But the answer never really changes. I won’t list all the tactics that made up the bulk of the class, but here are the principles, tweaked a bit to apply to everyone:
- Always remember that we’re in business to (Fill in the Blank). In our case, it was Make Good Loans. For others, it might be Sell Computers, Attract New Donors or Drive Traffic to Your Website.
- Be absolutely committed to knowing everything about your Target Audience. We were affinity marketers who worked with alumni associations, sports teams, professional groups, and a host of other partners. The most successful marketers went beyond being credit-card experts to being experts on their groups and the group’s constituents. That’s more difficult for marketers with a broader target audience, which makes No. 3 even more important.
- Everything begins with the “list” (or audience). Having a great product doesn’t mean a thing if you don’t know where to find the buyer. It’s OK to have multiple lists with different messages.
- Design compelling offers with a simple creative message. Two of the most important messages here were Offer is More Than Price and Your Great List Won’t Mean Much if the Offer Isn’t Clear and Valued by the Customer.
- Try lots of things. Test in a disciplined manner… Basically, remember that if there’s no control there’s no test and behavior is more important than opinion.
- …And keep what works. Measure your results. You need to share successes and failures. I was reading a book the other night where the author was criticizing another author who had focused only on his big successes. We often learn more from our big failures…and those lessons learned are even more important if we share them with others.
- Challenge everything. Never stop trying to make things better. Pay attention to the details. Part of this is about a commitment to “publishing.” I doubt there’s any such thing as the “perfect test.” Get to market quickly. Mail less more often. Make sure the affinity is “in” the package.
- Spend wisely. It’s real money. This may have been a bigger deal back in 1999 when marketing money flowed more freely, but this is really about putting some analysis behind your decision to test. What do you hope to achieve and what’s the cost in your best-case and worst-case scenarios?
I have followed these principles over the years, and made sure that the people who worked for me did the same. And that should have been my answer when I was asked what makes me a good marketer. I’m disciplined and I make sure I know my audience.
Did we miss something that doesn’t fit into one of these categories? Please let me know if you’d like me to elaborate on these strategies in future posts.
I cancelled my subscription to the relentless Jos. A. Bank e-mail ads today. This has nothing to do with the quality of their clothes (most of my business wardrobe is from there), my need for business suits and accessories, or with reducing my e-mail volume.
It has to do with trust.
Here are a few examples:
- Same e-mail: Buy One, Get Two Free off their entire stock of sportscoats, dress pants, and sportswear AND Buy One, Get Four Free (Buy one suit and get two dress shirts and two ties free).
- Buy One, Get Two Free on Suits and Suit Separates. That same e-mail also included 50% off all sportswear and dress pants and 40% off all dress shirts, ties, and accessories.
- Today’s offer: Buy one suit, get a second suit free PLUS a sportcoat or blazer FREE!
The company’s FY 2009 earnings indicate this strategy continues to be effective (although growth from Internet sales (where pricing like this make more sense) is double that of store sales). But as a longtime customer I’m finding it increasingly difficult to trust a company that stresses quality but undermines that position by using one huge sale after another to drive business. Perhaps the goal is to get busy executives in the door and sell overpriced non-sales accessories (i.e., ties, shirts, belts) but I think the strategy cheapens the brand.
Some analysts say they’re the best of the best in terms of creating a sense of urgency that drives sales. I say that knowing there will be another sale tomorrow eliminates any sense of urgency on the part of the buyer. And maybe it doesn’t matter so long as the customer eventually lands at Jos. Bank.
The Jos. A Bank tagline is The Expert in Men’s Apparel. But ask prospective customers what they think of when you say the company’s name and I’ll bet you the vast majority focus on the sales. Seems like a disconnect to me, although you might argue the relentless promotions keep them at the top of the buyer’s mind.
I get Walmart: Spend Less. Live Better. Setting aside all the Walmart issues that some readers will quickly point out, everyday low pricing works because it’s Simple. You wonder why a company like Jos. Bank that sells clothes that are long lasting, always appropriate, and not flashy wouldn’t embrace a similar simple pricing strategy. As a seller of private label clothes, Bank has a pricing advantage because they’ve eliminated the middleman and one layer of price markups. But the marketing strategy doesn’t feel simple.
Aggressive promotional pricing detracts from the quality image that Bank is trying to cultivate. And that’s not the prescription for an enduring long-term relationship, even in the face of an existing long-term relationship. Jos. Bank has done promotions that promise customers their money back if they bought a suit and got laid off (although that one had “potential abuse” written all over it). That’s how long-term relationships are built.
What do you think? Am I missing something here? Are there other examples of companies who marketing strategy seems to be working, potentially at the cost of long-term trust?
A few years back, I led a change to the way MBNA America — at the time the world’s largest affinity credit-card lender — negotiated with its partners (and ultimately with each other inside the bank). At the heart of it, we learned to prepare more effectively and taught people that the best way to get what they wanted was to help the other side get what it wanted (for both internal and external stakeholders). It’s my primary accomplishment…and a key component of my professional narrative.
Since being laid off 15 months ago, I’ve focused on consulting while still looking for a challenging full-time position. The reality is the job market is awful and there’s a growing trend toward building a portfolio career of 1099/consulting projects. I’ve been helping companies sharpen their brand and strategic messages, primarily through the creation and/or refining of value propositions, RFP responses, and annual reports. But I keep running into executive-level job seekers — many of them terrific, talented former peers — who are worried that their biggest success is behind them…and feeling their self-esteem slipping away in the absence of traction in their own job searches.
I invite you to watch this video in its entirety — it’s about 20 minutes and talks about dealing with these kinds of concerns, about wondering whether your best is behind you and about channeling your creativity in a positive way.
I’ve long believed that one thing that distinguishes successful people is their ability to consistently “show up.” I also generally believe in the “daemons” that Elizabeth Gilbert describes. I do believe you need to put distance between yourself and your creativity — partly because believing in daemons makes it difficult to give yourself too much credit) and partly because I don’t want to run the risk of alienating them.
Over at ChrisBrogan.com, Chris is talking about the importance of story in people’s lives, urging readers to read Donald Miller’s new book, A Million Miles in a Thousand Years. For me, I harken back to A Chorus Line: “I’m a dancer…And a dancer dances.” The foundation of my story is my ability to communicate quickly and clearly (my ongoing challenges to simplify my own personal brand notwithstanding). Blogging — something I never had the time to do before leaving the bank — enables me to do what I love…and the research and effort to generate ideas helps me work through my angst. On my professional side, it can be challenging (but gratifying) to create for someone else, to capture their true voice and deliver something that the client can “hear” and feel as if they could have written or said it. And yet the thing that led me away from business journalism in the first place was my sense that I could be just as effective in business as the people whose lives I was chronicling.
But how do you keep delivering? How do you surpass your past successes? If I didn’t appreciate one thing before the past 15 months, I certainly do now: Creativity takes order and process. You need to eliminate distractions to give the “daemon” room to enter your consciousness.
There are times when I miss the hermetically sealed corporate offices where I used to work. As I sit at home today, it’s 80 degrees, sunny, with a nice breeze flowing through my home office. I’m resisting the urge to stop typing to go shoot some baskets or kick a soccer ball with my kids because I have deliverables.
The truth is, I probably will not resist those urges. But that break will enable me to create something better this afternoon because I freed my mind and let the daemon in. I now keep a little notebook to write down ideas when they hit. In my current situation, I don’t sit through long, pointless meetings and I can try to turn neat ideas into business opportunities (although that poses its own sort of distraction away from the dual goals of feeding my family and doing something meaningful).
I have always worked in a world of real-life deadlines, budgets, and conflicting goals. I’ve always been successful at balancing multiple priorities and executing on great ideas. But life is different today than it was 15 months ago and I have a much greater respect for the process. I thank Elizabeth Gilbert for reminding me that my greatest successes are not behind me…that the path to even greater ones requires me to keep showing up, respecting my daemon, and seeing them when I see them.
How about you? How do you maintain your confidence that your next great success is just around the corner?