Opinions from Across the Globe
Q. How do you bridge the gap between what you are known for doing well as a business and what you want to be known for doing well as a business?
Progress in life is all about reinvention.
Reinvention is what allows you endless opportunities to continue exploring new parts of your customer desires and business goals.
Exploration is growth, and growth in this sense is not outward facing but inward. There are a number of ways to do this…
- See your business from an outsiders’ perspective. If you never knew your business, or what it offers, what would you want it to offer to you?
- Write a list of areas you would need to change to accommodate this and allocate a timeframe for each item.
- Do one little thing each day to get you closer to that desired outcome. Consumers are more accepting of business transitions these days as they are aware of how quickly the market shifts.
- Create milestones for review and ensure you are honest about the progress or effectiveness.
- Communicate the journey (behind the scenes), even if it does not work out. Your audience will appreciate the transparency.
- Be sure to monitor how the market is reacting to the change through surveys, engagement on social media, etc.
Reinvention is an art form and it is a process. As you would know, it is not meant to be a “quick fix” or an “overnight solution.” It is a deliberate practice, day in and day out, to safeguard the sustainability of the business as you build this new world.
Q. Do crazy ideas ever pay off in business?
Crazy ideas (when executed properly and methodically) usually do pay off!
Most successful people you hear about who have crazy ideas usually follow a process to create, develop, trial and review.
A typical process is to:
- brain dump a rough plan
- work with their senior leadership team and/or employees
- create a project plan, allocate timelines
- upskill the team – or hire, partner up with another organisation – to execute.
They also assess what the potential is for the crazy idea to have an impact on how they service customers/clients/audience.
In saying this, the craziest of crazy ideas are born from an issue, challenge or life trauma.
For example, the biggest online jewellery store, “I Do, Now I Don’t” was birthed from a personal trauma of a terminated engagement. “Send Your Enemies Glitter”, was birthed from a person who wanted revenge on another.
Take a page out of Alice’s In Wonderland’s advice,
“(I) Think up 6 impossible things before breakfast”.
Eventually, you will find one that seems logical and will stick. This is what will set you apart from the rest.
Q. What’s one thing you need to know before you embarked on a business growth phase?
It is estimated you should start planning 12-24 months in advance for when you want to execute on a growth strategy for the business.
The challenge facing all businesses who are seeking to grow is;
- How do you maintain current revenue streams and resources without paying out more for additional resources?
- How can you resource your business effectively to grow when you’re not 100% sure of the exact skills/roles you need to make it work?
- How much of your business do you give away for investment funds? What are the options if you don’t want to give away shares in your business?
Just to name a few.
One of the best ways to consider support is to outsource this for a temporary period of time (to fast track the process) or take the full 24 months to plan out all areas of the business to ensure the growth can be sustained – minimising financial loss and brand damage.
Q. What’s one of the best ways to let loyal customers know they are appreciated?
Reach out to them directly, personally and with extreme gratitude.
A personalised email, not a group or newsletter or ‘standard thank you email, can go a long way to showing appreciation. Human’s brains (and subsequent emotions) are wired to overstate the simplest of nice gestures due to the highly interruptive, generally negative world they operate in daily. We are mammals and adore knowing we belong, we matter and what we do has an impact – even if that is buying something from another.
A mention on your social media post (or a tag with permission – for privacy reasons) to publicly acknowledge them for supporting your organisation. Public recognition goes a long way to feeling appreciated and like part of the community, for the same reasons as above.
A voucher of sorts – dinner voucher, a nights accommodation, tickets to a show – depending on how well you know your customers.
A reward – phone call, message or email to advise the order they have placed recently will be covered by the company.
There are hundreds of way to show appreciation to your loyal customers, however, sometimes the simplest (and usually the most cost effective) gestures mean more than any ‘gift or reward’ they receive (even though they would likely appreciate that too!).