Aug 23, 2010 | Leadership, Management
Leadership is a subject that has filled libraries, kept researchers in businesses, and academics interested for decades. However, anyone who has been around organisations for a while probably sees it a bit more simply if they have given it any real thought.
To me, a leader needs to be able to communicate simply, and intimately (irrespective of the size of any group) a range of pretty basic things with those he/she is supposed to be leading:
This is why we are here
This is where we are going
This is why we are going there
This is how we are going to get there
This is what you can expect of me
This is what I expect of you
This is how, individually and collectively will take responsibility
This is what will happen if we fail at any of the above.
In the event that a leader “lives” all the above, others will follow, but there is little room for saying one thing, and doing another.
So much for the libraries!!
Aug 22, 2010 | Branding, Strategy
Almost everyone has heard the term “Dow Jones” or perhaps “The Dow” and know at least that it is something to do with stocks in the US, but few would immediately think of it in the context of a brand. It probably would not get onto a list of the most famous brands, unlike Marlborough, Microsoft, Exxon, Coca-Cola, and others, but is nevertheless is a great brand.
The “Dow” was created in 1896 by Wall Street Journal founder Charles Dow, and originally indexed 12 stocks on the NY exchange, since expanded to 30 in 1916, and has had various indices added to follow differing segments of the US economy.
The Dow now has 116 years of delivering a simple, transparent, and consistent service to its consumers, who have faith in the integrity and purpose of the product they consume, and is the standard against which others are measured.
What more could you want in a brand?
Aug 19, 2010 | Customers, Marketing, Sales, Small business
Commodity markets have two things in common:
- There is plenty of business to go around, that is why it is a commodity market. In a mature, saturated market, the challenge is to attract some of the business that is around, not build a new market.
- Customers focus aggressively on price, usually because none of the suppliers in the market give them a reason to focus on anything else, and it is an easy common denominator.
Finding a sustainable point of differentiation is never easy, if it was, everyone would be doing it. The starting point is to understand what the commodity you sell is used for, understand how the product adds value to the customer, and restructure the offering around the source of value.
For example, hiring a car is an exercise in price comparison and the convenience of pick-up and drop-off, not much else. A hirer wants a car to give them mobility, flexibility, and economy of time, and money (compared to taxis). Why doesn’t someone charge by the Km after a small base charge to cover insurance and availability. Suddenly, the game is changed! Same with car insurance, we all pay the same differentiated only by the age and location of the driver, and type of car, but cars are about offering mobility, and logically the more you drive, the greater the chance of a claim, so charge by the Km driven after a small base charge to acknowledge the other variables. What about advertising, why not charge by the response, putting some responsibility on the medium to deliver what it promises, even something as basic as printing services, differential pricing based on turnaround times, response rates (even for printed leaflets, brochures, and so on) is possible.
When you charge for the value delivered, as seen by the customer, rather than just the production, the market loses the second of the characteristics noted above, and differentiation has emerged.
Aug 18, 2010 | Communication, Marketing, Social Media
A newspaper asks itself “why should I publish this??”
It costs to publish, time, management resources, labor, time on presses, ink, paper, and so on, so it is a key decision, with implications if you get it wrong. An individual by contrast can now ask themselves ‘Why not publish this?” There is no cost, just a bit of time, and the return is you can be a “published” journalist or Photographer or movie-maker, the downside is zero.
The removal, by the availability of the web, of the organizational and transaction costs required to assemble the physical materials to publish a newspaper has driven this reversal. It costs nothing to write a blog, put a photo on Flicker, so why not just do it?.
This simple reversal, “why, to why not” has changed the world.
Aug 17, 2010 | Communication, Innovation, Marketing, Social Media, Strategy
The word curator brings to mind an old bloke (mostly) running a museum, deciding what is displayed, and how, what gets bought or created, what gets thrown out, and what gets saved for another day.
The job of an editor in the one-way media (print, radio, TV) is effectively as a curator, making those same decisions. But the world has changed, now the web is a two way street, those decisions no longer have to be made, now everything can be published, by anyone, so in effect, the role of curator has lost most of its power. But there is a wrinkle, there is so much stuff out there, that a curating role is emerging to trawl the web for items of value, and to create and edit material that goes to a specific set of interests.
One of the best is the Eureka Report, run by a group of Australia’s most credible business journalists and commentators, who have created a conversation with the “tribe” whose interests are around business, politics, and wealth creation in Australia.
It is the newspaper of the future.
