(An appropriate article at an opportune time..!! Just managed to come across the below mentioned article from Al Ries’s blog. Do go through this, it’s so relevant to us, at this point of time.)
The economy is in trouble. The stock market has gone haywire. And consumers have drastically reined in their spending. These are not good times for most companies and most families.
But now is not the time to panic. Now is the time to preserve. To preserve our brand, its meaning and its identity by staying focused.
In the face of uncertainty, focus is more important than ever.
Of course, it is not easy to be calm and steady amidst such economic turmoil. Our natural instinct is to get out there and do something. Should we actively tinker with our brand to keep it afloat?
Economic markets rise and fall like the ocean. Strong brands will survive no matter what the tide. The key to long-term success is riding the waves up and down using our brand as a steady rudder. We should not attempt to sail against the current. And we should not over steer the ship.
Changing our strategy depending on the economy is a trap that many companies fall into. That is the worst thing to do.
When times are good, companies often launch expensive versions of their brands. When times are bad, companies often go down-market with coupons, discounts and sales.
Brands that stay strong and survive no matter what the weather are those that stay consistent. Our brand has meaning and strength only if it owns something in the mind. And the more we adjust and tinker with that meaning, the weaker our brand becomes.
Now that the economy is hurting, the worst thing we can do is to launch cheap versions of our brands or go the sale/coupon route. That just tells consumers our products weren’t worth the high prices us have been charging all these years.
Coupons are like drugs; once consumers get hooked they won’t shop without them. Only a fool would go to a Discount store, without a coupon. Several times people do drive by these stores and wanted to shop for something but refuse to go in because they have left the coupon at home.
Companies need to think long term not just short term. The choice is maintaining the brand or maintaining the sales.
Why not both, we may say. Well, when times are great that may be easy to do. But in today’s market that is going to be tough. Everyone’s sales are likely to go down. We need to focus on maintaining our market-share and our mind-share not our sales.
The goal is to preserve our brand, ride the storm and wait for sunnier days that will eventually come.
If we only look at our numbers over the next few months, we are going to be in trouble. We need to view the situation holistically. Because what might allow us to make our numbers today could sink our ship tomorrow.
Why should we care about our brand? Why not just look at the numbers?
Because our brand is what allows us to make a profit. Our brand is why people are willing to pay more for our product or service. And profits are what make companies successful. Not just sales.
When we destroy our brand, we destroy our company’s ability to make profits.
Sony, once a strong a powerful brand that has been decimated by years of reckless expansion. Compare Sony with Nintendo a company that just makes videogames and players.
In the last 10 years, Sony has had sales of $658.3 and net profits after taxes of $12.1 billion, or a net profit margin of just 1.8 percent.
In the last 10 years Nintendo has had sales of $48.3 billion and net profits after taxes of $7.5 billion or a net profit margin of an astounding 15.5 percent. (More than eight times as much as Sony.)
No wonder Nintendo is worth more than twice as much on the stock market as Sony, a company more than 13 times as large.
Sony is worth $26.5 billion. Nintendo is worth $54.1 billion.
Sony is a well-known but weak brand. Nintendo is a strong, focused and profitable brand.
We know it is ugly out there in the marketplace, but do a favor and don’t tinker, with your brand. Stay true, stay focused and everything will eventually be alright.
Have Faith ; Rewards will follow...
Monday, October 26, 2009
Thursday, October 1, 2009
Three Keys for a productive Meeting
It doesn't take an article in a prominent business school magazine to tell us we attend a lot of meetings. Even though we find most meetings marginally productive, take longer than necessary, and some a waste of time, we still attend them. Apparently we need meetings for social interactions, for an outlet and validation of our ideas, and because we expect (or hope) something important, or at least useful, will be presented. We go for all those reasons.
Beyond the need, what makes for a satisfying meeting? What do you like about those meetings in which you walk away feeling energized, feeling it was worth the time investment? Was it because the meeting was well organized? Was it that the material was of specific interest to you? Was it that the meeting atmosphere and exchanges were positive and engaging? It would include all of the above.
Key ideas. From work (done by social scientists in US) with many groups, both friendly and contentious, they have learned that there are three keys to meeting success - Process satisfaction, Content satisfaction, and Psychic satisfaction. The order of these keys is deliberate and important.
Process Satisfaction. When participants believe a meeting will be well run and a process to manage the meeting will be used, there is a positive expectation for the meeting. What creates process satisfaction?
1 Ground rules for participation are known
2 Roles and responsibilities of the leader/facilitator and participants are clear
3 Agreement on a set of desired behaviors is made
4 Every person can speak without interruption
5 Disruptive and dominant persons are under control
6 The meeting stays on task and on time
7 Most importantly the meeting starts and ends on time
Content Satisfaction. Without process satisfaction, it is a tough task to gain content satisfaction. No matter the value of the content, if the meeting is not under control, a focus on content is difficult, or not at all. Content satisfaction begins with a useful agenda. Without a roadmap, then all paths (including dead ends) will arise when the meeting starts, leading to a chaotic, not satisfying, experience. Here are ideas to optimize content satisfaction:
1 Send out an agenda at least 3-5 days ahead of the meeting. The more pre-reading and work that is required for the meeting the earlier the agenda is sent out.
2 Do a topics check at the beginning of the meeting to be certain there is agreement with the topics. Ask for any other topics that should be included.
3 Since the agenda will be set up with a time schedule, it is important to have agreement which topics should have priority (need more time) and be at the top of the list of topics. This is an important point also when a participant may be leaving early and their input is needed. Rearrange topics as needed.
4 When, in the course of the meeting, a new subject arises that is not part of the original list, deal with it by setting it aside in a “to be considered” bin. The key is to acknowledge that the new topic is recognized, but will not be considered until the end (if time permits) or at the next meeting.
Psychic Satisfaction. The first two satisfactions address our left-brain need for order. Psychic satisfaction is clearly a right brain component. This satisfaction may be the lubricant to meeting success. With this we walk away feeling good about the meeting. If it is missing, we do not feel good about the meeting, even if there is Content satisfaction. So what are the contributors to psychic satisfaction? We feel good about a meeting when:
1 Participants are valued -- meaning everyone is given a chance to speak.
2 Participants are respected -- where no one is cut off in mid-sentence that often happens in meetings. We allow everyone to complete their thoughts before commenting or criticizing. We don't try to finish someone's sentence when there is a pause in their presentation.
3 Participants try to be yea-Sayers, not nay-Sayers. Encourage a different perspective/focus to emerge in the meetings
4 While at the same time, members needs to be controlled and make useful suggestions, than to be just critical.
5 Ideas and positions may be attacked, but not people personally.
6 Disruptive individuals are not tolerated.
7 The atmosphere is positive, even when the topic is difficult.
Working with groups is much like a full contact sport. It is full contact because it engages both sides of the brain to achieve full satisfaction from a meeting. In fact, it engages body, mind, spirit, and relationships, the same components needed in creating a balanced, fulfilling life!
At your next meeting, decide whether you consider it fully successful or not and then see if the three satisfactions were met. We expect you will find that the best meetings have all three covered. The less successful meetings lack coverage of one or more of the satisfactions. By the way, if you utilize a facilitator instead of having the leaders manage the meeting that can enhance meeting success.
Have a happy meeting day!
Have Faith ; Rewards will follow...
Beyond the need, what makes for a satisfying meeting? What do you like about those meetings in which you walk away feeling energized, feeling it was worth the time investment? Was it because the meeting was well organized? Was it that the material was of specific interest to you? Was it that the meeting atmosphere and exchanges were positive and engaging? It would include all of the above.
Key ideas. From work (done by social scientists in US) with many groups, both friendly and contentious, they have learned that there are three keys to meeting success - Process satisfaction, Content satisfaction, and Psychic satisfaction. The order of these keys is deliberate and important.
Process Satisfaction. When participants believe a meeting will be well run and a process to manage the meeting will be used, there is a positive expectation for the meeting. What creates process satisfaction?
1 Ground rules for participation are known
2 Roles and responsibilities of the leader/facilitator and participants are clear
3 Agreement on a set of desired behaviors is made
4 Every person can speak without interruption
5 Disruptive and dominant persons are under control
6 The meeting stays on task and on time
7 Most importantly the meeting starts and ends on time
Content Satisfaction. Without process satisfaction, it is a tough task to gain content satisfaction. No matter the value of the content, if the meeting is not under control, a focus on content is difficult, or not at all. Content satisfaction begins with a useful agenda. Without a roadmap, then all paths (including dead ends) will arise when the meeting starts, leading to a chaotic, not satisfying, experience. Here are ideas to optimize content satisfaction:
1 Send out an agenda at least 3-5 days ahead of the meeting. The more pre-reading and work that is required for the meeting the earlier the agenda is sent out.
2 Do a topics check at the beginning of the meeting to be certain there is agreement with the topics. Ask for any other topics that should be included.
3 Since the agenda will be set up with a time schedule, it is important to have agreement which topics should have priority (need more time) and be at the top of the list of topics. This is an important point also when a participant may be leaving early and their input is needed. Rearrange topics as needed.
4 When, in the course of the meeting, a new subject arises that is not part of the original list, deal with it by setting it aside in a “to be considered” bin. The key is to acknowledge that the new topic is recognized, but will not be considered until the end (if time permits) or at the next meeting.
Psychic Satisfaction. The first two satisfactions address our left-brain need for order. Psychic satisfaction is clearly a right brain component. This satisfaction may be the lubricant to meeting success. With this we walk away feeling good about the meeting. If it is missing, we do not feel good about the meeting, even if there is Content satisfaction. So what are the contributors to psychic satisfaction? We feel good about a meeting when:
1 Participants are valued -- meaning everyone is given a chance to speak.
2 Participants are respected -- where no one is cut off in mid-sentence that often happens in meetings. We allow everyone to complete their thoughts before commenting or criticizing. We don't try to finish someone's sentence when there is a pause in their presentation.
3 Participants try to be yea-Sayers, not nay-Sayers. Encourage a different perspective/focus to emerge in the meetings
4 While at the same time, members needs to be controlled and make useful suggestions, than to be just critical.
5 Ideas and positions may be attacked, but not people personally.
6 Disruptive individuals are not tolerated.
7 The atmosphere is positive, even when the topic is difficult.
Working with groups is much like a full contact sport. It is full contact because it engages both sides of the brain to achieve full satisfaction from a meeting. In fact, it engages body, mind, spirit, and relationships, the same components needed in creating a balanced, fulfilling life!
At your next meeting, decide whether you consider it fully successful or not and then see if the three satisfactions were met. We expect you will find that the best meetings have all three covered. The less successful meetings lack coverage of one or more of the satisfactions. By the way, if you utilize a facilitator instead of having the leaders manage the meeting that can enhance meeting success.
Have a happy meeting day!
Have Faith ; Rewards will follow...
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