Beware of shiny new objects

Beware of shiny new objects

It is shiny, it is new…

 

BUT BEWARE, EVERYTHING THAT GLITTERS IS NOT GOLD!

Great business entrepreneurs and successful leaders create significant profits and leverage fantastic opportunities by seizing moments when they present themselves. They do so with passion – and often as early adopters.

Unfortunately, many entrepreneurs and leaders become drawn to the bright, shiny opportunities, and the more successful they become, the busier they are, the less mental capacity there is to make informed decisions. This attraction to new shiny opportunities is often referred to as ‘Shiny Object Syndrome’.

While Shiny Object Syndrome is often presented in a negative light, when understood, it is often the differentiator between success and average performance or failure. Those who are successful in managing this syndrome understand the psychological “Shadow” aspect as described by Carl Jung (Swiss psychiatrist and Founder of analytical psychology).

Successful entrepreneurs and leaders differentiate their outcomes from those that are average or underperforming by identifying opportunities with value and well-understood risks.

So how do you tell the difference between REAL GOLD and avoid time, money and energy chasing FOOL’S GOLD?

Both shine, attract attention and excite entrepreneurs and leaders; however, success is created when you:

  1. Take 5. Pause to gather facts before jumping in and committing to an action.
  2. Ask – what specific benefits will this provide to my business?
  3. Consider – what is the initial investment and ongoing costs? Will the opportunity provide positive returns?
  4. Ask – is this something that my customers want, need and will pay for?
  5. Consider – do I have the time, resources, money and knowledge to fully commit to optimising this opportunity?
  6. Review all to-do items you have to complete. Is this new opportunity of greatest importance?
  7. Ask – do I need this in my life and business at this point in time, or would other opportunities provide a higher return?
  8. Make clear, timely decisions and then ACT with full commitment until the execution of all must complete steps have been successfully undertaken.

Businesses that create sustainably successful outcomes do so by spotting the opportunities that keep their customers at the front of mind, deliver offerings that reflect their status as industry leaders and by focusing on this eight-point checklist.

If you are struggling with Shiny Object Syndrome, contact me to book a FREE, 90 minute session with me, to get things back on track.

 

MAKE LIFE EASIER FOR YOURSELF AND YOUR CUSTOMERS

MAKE LIFE EASIER FOR YOURSELF AND YOUR CUSTOMERS

What happens when you have a stress free customer experience?

Better business solutions, deliver better outcomes and in the process create a better life for you and your customers.

This better business solution revolves around needless FRICTION POINTS that you, your team and most importantly your customers suffer. Some of these friction points will result in a significant loss of business, a decline in customer satisfaction and reduced revenues.

The support I provide to my clients often revolves around Friction Points and in finding practical solutions to these issues.

Successful business leaders who open their minds to creating frictionless engagement outcomes discover a new and proactive way of viewing client relationships.

 So, step away from your desk, remove all distractions and let’s see how you can also get started on your frictionless customer journey, towards a better life.

Creating frictionless outcomes
To sustain your business in the long-term, you need clients who are lifelong champions. This requires “Frictionless Engagement” – a unique customer experience. Every customer’s interaction with your business, at any level, should be conducted with ease and be positive and memorable.
Here are a few simple examples of frictionless customer experiences;  

  • User-friendly e-commerce solutions, so your customers have your product in their home faster
  • Easy-read product explanations that reduce the need for customers to call or email you
  • Salespeople who work collaboratively with customers to find a frictionless solution and outcome.

Your product, platform and your people and all interactions with your clients must continuously deliver exceptional experiences reflecting your core culture and brand.
 
This process can take as little as five minutes as you reflect on areas where there may be friction. Ask one or two customers and staff members to help you identify potential friction points for improvement. Often, changes can be simple and affordable and no matter how small they appear, if one customer experience is enhanced, there may well be improvements for many.
 
There’s no need to find every issue. Simply identify five points of friction that could be resolved to improve the customer experience.
 
Call your team together – or if you’re a solopreneur, remove all external distractions – examine each issue in turn and seek one solution at a time. Then sit back and observe the positive impact of a frictionless environment!

Frictionless Solutions, Create Better Business Outcomes and in turn, a Better Life!

There is no secret formula

There is no secret formula

There is no secret formula

I don’t want to burst anyone’s bubble… but there is NO ‘secret formula’ to business and leadership success!

Today there are too many ‘fail-safe’ formulas, processes and strategies for success, all competing for your attention and promising results. And most business owners and leaders I have met and worked with already possess all the skills and knowledge required to create successful outcomes.

So, what makes some businesses highly successful while others struggle?

The answer is simple. Successful businesses “EXECUTE” what must be done!
They DO IT without exception.

And before you say the words “But I’m too busy” – stop. In most cases, this is simply an ill-conceived excuse. Being ‘too busy’ has become a habitual reason given by many business leaders who are actually overwhelmed, stressed and stuck in a revolving door of problems.

“I’m too busy” syndrome occurs for two reasons;

  1. There is a lack of business structure or
  2. There is no commitment to set priorities for what is Important and Urgent.

While it sounds quite counterintuitive, the very first step to take control and make things happen is to “STOP, TAKE 5 then ACT!”

If you’ve been reading my last few newsletters, you would have learned that I believe the TAKE 5 concept is crucial to success.

The deliberate act of stopping, in itself, is doing something. At times and in extreme cases, TAKE 5 may require doing absolutely nothing while your body and brain recalibrate.

The ideal STOP AND TAKE 5 session is to remove yourself from the busyness of your working and personal day with a clear intent to develop a set of actions that follow. Here’s how you can make TAKE 5 work for you!

Take 5 – THE INTENT

  • Gain control, reduce stress, enable clarity of thought
  • Identify what is both Important and Urgent with Issues and Opportunities
  • Create time through prioritisation, enabling you to focus on what is both Important and Urgent.

Take 5 – THE PROCESS and INVESTMENT

  • Step away from your normal place of business (different office, café, walk)
  • Self-assess to ensure you are in a mental and physical state that will allow you to focus for 60 minutes on the next phase.
  • Record every issue and opportunity you can think of.
  • Rank these in terms of criticality to your business – identify those items that are both Important and Urgent – and those that are Urgent but not Important. Ignore all other topics, but keep them on a list.
  • Be diligent and do not rush to put every task in the Urgent and Important bucket. As a general rule, I find my clients have 2-5 extremely Important and Urgent topics. If you find you have more than five topics, ensure you focus only on the top 2-5 over the coming days / weeks before tackling the other topics on your list.
  • Once ranked, delegate items that are Urgent but not Important to a team member, with a set time to complete. This will clear your mind of unfulfilled actions that are a memory and capability drain. This also creates a dopamine hit, based on the satisfaction of knowing a task has been actioned.
  • Determine which resources (if any) you may require to execute items you have identified and listed as top areas of focus.
  • Add a series of columns that list, in order, steps required to move each topic forward. Identify the first step to be undertaken and execute immediately.
  • Mark off each step as tasks are executed and move to the next step.

My coaching focuses on the IDEA Model, which helps keep a simple process on track.

  • Identify topics to be actioned
  • Develop a clear way forward
  • Execute one task for each topic and
  • Analyse / measure the outcome and enhance if required.

To create meaningful behavioural change and drive action, my philosophy is to CONTINUOUSLY, Measure to Manage and Observe to ensure actions are taken. This approach helps a business and its leaders develop habits that are sustainable.

So remember – there is NO secret formula. All you need to do is STOP, TAKE 5 and ACT!

If you are struggling to execute tasks you know need to be done and you are always saying or feeling “I’m too busy”, click on this link to book a FREE, 90 minute session with me, to get things back on track in business and in life.

Loyal customers – worth their weight in gold? (Part 2)

Loyal customers – worth their weight in gold? (Part 2)

In our last blog, we explored the value of the loyal customer and the proof you need to invest more heavily in a loyalty program.
In part two, we dive deeper into how we nurture our loyal customers and create a plan for greater profitability.

Firstly, let’s take some time to analyse your customer base.

  1. Classify your customers into the following specific segments so that specific actions can occur.
  1. Crafting a nurturing plan – where are the opportunities?

A loyalty program is an essential business ingredient that holds significant opportunities for every business. As with all great opportunities, specific actions must be undertaken to create outcomes.

Maximise the return on the effort you have made in establishing your loyal customer base with a simple segmentation process.

Segmentation is the starting point for strategies designed to deepen your relationships and knowledge of those customers who invest in your offering.

Establishing your critical areas for awareness will provide you with essential evaluation questions to ask regarding these customers.

This segmentation has a simple three colour classification – Blue, Amber and Red.

When it comes to customer loyalty, several factors impact the quality of the relationship.


Fig 2 represents how business’s transact and the regularity of interactions, which drives measurable outcomes to boost the understandings of customer loyalty.

For your KEY CUSTOMERS consider;

  • What specific action have I undertaken to let these customers know they are highly valued?
  • Have I met and or have transactions occurred within the past three months? If not, why?
  • Have I spent specific time in reviewing the needs or issues these customers face?
  • What opportunities or risks do these customers foresee?

Never become complacent about your relationship with key customers. The reality is – every current and new competitor will be working towards acquiring your customer.  

Special events, customised solutions or one-on-one conversations designed to service and possibly uncover hidden needs are crucial to sustaining a highly satisfied customer.

The closer your relationship, the deeper your knowledge is of your customer, the more in touch you are with the core of your business, allowing you to be at the forefront of subtle trend changes.

This type of market and customer intelligence keeps the best businesses ahead of their competition and deeply entrenched with their loyal customers.

HIGH POTENTIAL CUSTOMERS provide the ideal base to create business and revenue growth.

In reality, most of the hard work in terms of relationship building has been done. These customers support your services; know and trust your products and/or services. The opportunity exists now to broaden the range of products used, or the volume of business they share with you.

 The focus within this segment is to identify what customer needs you can get better service and what challenges your customers are facing.

While this sounds like a logical and simple solution, it is incredible how much time is lost servicing the customers who are in the review and red zones shown on the segmentation matrix.

When first undertaking a strategy to boost your business, the starting point is simple. Focus on customers with the highest probability of delivering the most significant success. In other words, look for the low hanging fruit!

ID SOLUTION CUSTOMERS previously had or still have high business volume, but the regularity of transactions and or quality of interactions have declined.

As with HIGH POTENTIAL customers, a significant investment to originally onboard the customer has been undertaken and often these relationships can be reinvigorated with a simple conversation.

The opportunity with this segment is to merely reach out to the customer and engage in discussions specifically designed to reconnect and understand their needs. The objective is to identify the specific reasons for the changes in previous business transaction patterns.

UNDERSTAND, REVIEW, PARK CUSTOMERS

Undertaking specific actions that create a focused set of undertakings is the most critical aspect of business life. Prioritising activities within particular parts of the customer loyalty segmentation, is an absolute must. Focused efforts to provide the best outcome for energy invested is the only way forward.

UNDERSTAND AND REVIEW CUSTOMERS require a limited, yet focused amount of time to extract learning opportunities. These learnings should be used to improve your offerings and deepen your understandings around customer concerns that can be resolved.

PARK CUSTOMERS is an area that must be watched and time invested only when it is readily available.

UNDERSTAND, REVIEW, PARK segments can be a significant drain on your business and resources.

These segments attract focus for a multitude of reasons. A lack of understanding and or poor customer knowledge means these customers may be seen as having more potential than would ever be possible.

On other occasions, some of these customers create significant drain due to unreasonable expectations. Some may only use a provider as a price checking mechanism, designed to keep their prefered provider on their toes.

No more than 10% of your time should be invested in the UNDERSTAND, REVIEW, PARK segments. Save the remaining 90% for the customers with the potential to provide profitability and sustainability.

Businesses often invest time and resources in the wrong customers. It is essential to focus on those with the most significant opportunity. These customers drive growth and ensure a sustainable and successful business.

Be fact-based and honest with your customer segmentation to truly identify opportunities for your business.

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