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The Simple (Not Easy) Strategy For Business Growth

filed in Brand Strategy, Marketing

When we think about business development opportunities, we mostly begin by knowing exactly where we are today and what goals we want to reach next. From there we set out to widen our net and acquire more customers or users for our existing products and services. Our growth strategy starts with the need to expand our customer base in pursuit of the targets we set.

If Steve Jobs had stuck with only this kind growth strategy, the iPhone wouldn’t exist. What he did instead of simply casting the net wider was connect the dots between Apple’s capabilities and where the customer would want to go next—even before the customer knew himself.

Net widening is a fine growth strategy, but it’s also one your competitors are likely adopting—which means whoever gets new customers faster (perhaps by being cheaper) will come out on top. There is an alternative.

We can create long-term value for our companies by understanding where the customer is today and where they want to go next. The path to growth doesn’t always mean having a bigger net. Often it’s about taking the time to consider if a net is the best tool for the job.

Image by Hasin Hayder.

More Vs. Deeper

filed in Brand Strategy, Marketing

On the surface of it, the all-you-can-eat buffet seems like a generous bargain. Why is it then that we walk away having had our fill without feeling satisfied? The truth is we know that far from being generous the offer of ‘more’ is a tactic to get the most people through the door. We understand the restaurant owner is hoping we come with small appetites and leave early.

Contrast the all-you-can-eat experience with that of the performer who must somehow find a way to deliver value to a stadium of 75,000 fans, most of whom she can’t reach or look in the eye. Singing one more song at the end of her set is unlikely to create the connection she hopes to make with each person. Her only option is to find ways to go deeper.

So she shares intimate stories of her journey from support act to superstar. She acknowledges the unique attributes of the city she’s performing in. She displays unpublished images from her childhood on the big screen. And she makes tiny handwritten love notes that are photocopied and turned into a mid-performance shower of confetti—souvenirs for her fans to keep.

We mistakenly believe that value creation is about delivering more for less when in many cases what delights our customers is more of less.

How can you give more by going deeper?

Image by Jackson Lavarnway.

Why You Need To Build A Story-Driven Business

filed in Brand Story, Brand Strategy

What drives our desire to get better at telling the story of our products, services and companies? We’re used to thinking of story as a way to create and communicate value. We know the running shoe with a tick on the side is more valuable than the one without because of the expectations and meaning we have attached to the story of the Nike brand. And who doesn’t want their company to be more meaningful and valuable?

What we really want from our story, though, goes beyond the need to be better known, sell more stuff or make more money. We are yearning for a deeper understanding of what we’re here to do and the difference it might be possible to create. The story, not of what is, but what’s at stake and what could be is what drives our desire to succeed.

The most inspired entrepreneurs and successful organisations know how important and powerful understanding the significance of your story can be. What drives Elon Musk, for example, is not building more cars for the sake of selling more cars. Tesla Motors and SolarCity (the energy company Musk is Chairman of) exist to ‘accelerate the advent of sustainable energy’.

If someone were to ask you to tell them the story of your business you’d likely explain what you make, who you serve, where and how long you’ve been doing it. It’s unlikely you’d begin by telling them why any of it matters in the grand scheme of things (even though it does). What’s at the heart of your story? What’s the reason you got out of bed this morning? It isn’t just pride in the product you made, the need to launch the website you coded or the hope of selling the service you designed. It’s the deep desire to change someone or something you care about changing and the belief that it’s possible.

The intended impact of your work on the world and in the lives of the people it touches is where your story begins.

Elon Musk knows what he’s setting out to do over the next ten years because he and his companies are built on a story-driven business framework. Their vision of a sustainable energy economy which helps to avert the collapse of civilisation is the reason they are setting out to;
‘Create stunning solar roofs with integrated battery storage, expand the electric vehicle product line to address all major segments, develop a self-driving capability that is 10X safer than manual and enable your car to make money for you when you aren’t using it.’

THE STORY-DRIVEN BUSINESS FRAMEWORK

1. PURPOSE: Why we exist.
2. VISION: Where we’re headed.
3. VALUES: The beliefs that guide us on that journey.
4. PLAN: How we will deliver on the vision while staying true to our values.

When your business or organisation is story-driven, it’s grounded in a framework of purpose, vision and values that inspire commitment, create momentum and lead to a solid plan for achieving success. This enables you to adapt in times of change because you understand that your story is bigger than the scene that’s playing out in the moment.

What’s driving your story?

Image by NRMA

You WILL Have Unhappy Customers

filed in Brand Story, Brand Strategy

Unhappy customers are a bit of an Achilles heel of the committed entrepreneur, business owner or leader. When you’re working hard to build a business and do meaningful work the last thing you want to hear is that you haven’t met the mark. You can find thousands of practical, stay calm, listen, sympathise, don’t take it personally and solve the problem type articles and advice online. But skillfully dealing with the complaint isn’t the hard part. The more challenging thing to cope with and attend to is our visceral reaction to criticism.

The unhappy customer lays his story at our feet, and we hastily pick it up, place it on our shoulders and carry it around with us. Yes, sometimes our products or services fall short, sometimes we get it wrong even when we’re doing our best. We should always apologise for failing to meet expectations and do what we can to resolve the problem. What we must also do is recognise that often the customer’s fear, anger, remorse or disappointment has less to do with a bad experience and more to do with what’s going on in his life right now.

You WILL have unhappy customers, no matter how caring and diligent you are. There is no way to avoid the pain of this fact. That one in a hundred customer who calls you out is the price you pay for the privilege of getting up to do the work again another day.

So yes, take responsibility for your mistakes and fix the things you can fix—while remembering there are some things you have no way of making good. You are not obliged to own the weight of your customer’s circumstances or worldview. You have an obligation to get back on track for the other ninety-nine customers you hope to serve and delight. Some of the greatest lessons unhappy customers can teach us are not about improving systems, processes and logistics, which in the end are easily fixed. The important learnings are about ourselves, and our resilience and determination to do good work and make a difference to the people we get the chance to serve again tomorrow and the day after that.

Image by FFCU.

A Question Of Priorities

filed in Brand Strategy

A priority is defined as something worthy of special attention. We get better at prioritising the things that are most important when we stop to question if our actions align with this definition. Consider the things that unintentionally become a priority in your day, that then go on to form and affect your actions, strategy and results.

What if instead of diving straight into doing the busy work—attending that meeting and responding to those emails we questioned why it was worthy of our special attention in the moment?

Try this. Take a blank sheet of paper and make a note of the thing that’s most important to your business right now. It might be creating new services, staff training, or customer acquisition. Now make a list of the things that are worthy of your special attention to make this a priority. Does what’s on this list align with what’s on today’s to-do list or scheduled in your calendar for this week?

Our stories are shaped by what we choose to do. The magic happens when we are honest about aligning our actions with our priorities.

Image by Marjan Lazarevski.