The one thing it is legal to steal

The one thing it is legal to steal

 

Wisdom.

Look at the good and bad decisions you have made, what led you to them?

What pressures were you under?  Should you find yourself faced with the same set of circumstances again, would you now make the same decision?

Look at the decisions and moves your competitors have made, how did they work out?

What can you learn from them?

What about parallel industries, what went well, and what crashed and burned?

Of course, the most painful and therefore memorable source of wisdom is always  your own mistakes. Learning from them creates wisdom, failing to learn is just stupid.

It all adds to the store of wisdom, an intangible asset of great value, but it takes time and energy to assemble, along with a healthy ability to recognise your own failings.

Do a good wisdom assembly job and the ROI will be astonishing.

However, It is possible to outsource, and in times of stress it makes great sense to do so.

Wisdom is hard-won, and there are those who will assist you apply theirs to your situation.

Call me for an injection of wisdom assembled over a long period of experience.

 

How to overcome the terror of public speaking and be seen as the expert.

How to overcome the terror of public speaking and be seen as the expert.

I prepare and give quite  a lot of presentations, and from time to time coach others as they prepare.

Speaking is a vital part of what I do, although I do not see myself as a professional speaker, just somebody with a point of view on a range of topics that can be of value to others, and I have learnt from my many stumbles.

Having the opportunity to deliver a presentation is a gift, someone is endorsing your expertise, giving you the benefit of their credibility, as well as offering the opportunity to demonstrate that expertise.

Gold.

It is also a fact that the presentations that do not work are almost always  the ones where the effort has not been invested in the preparation.

It is surprising to me how often people stuff it up, despite the time, effort, and stress, often to the point of nausea, that goes with the experience of preparation and delivery in front of a crowd, even a small one.

There are some common characteristics of the successful presentations, some of which I have written about on previous occasions, but was motivated to do so again by a friend facing a presentation he should be able to nail, because he has the knowledge and expertise, but utterly lacks the confidence to communicate in front of an audience there to hear him.

Summarised is the advice I offered from my experience.

Have a clear purpose.

The purpose is the one thing that holds the whole presentation together. Every comment, story, slide, movement and demo  should add to that purpose, it is the reason people came, or at least choose to give you their attention at the beginning. It is important to relate not just the information they were promised, but why it is sufficiently  valuable to them that you have made the effort to assemble your expertise on the topic so they can benefit from the information.

Find the story that illustrates the point you want to make.

Sometimes it may be a montage, but presenting is really storytelling by another name, and we evolved listening to stories, it is how we learn and comprehend. At heart we are all storytellers, we do it for our kids, and friends around the BBQ, in the pub, we use common language, instinctively use metaphors and similes, and often ‘air quotes’ to indicate uncertainty when we quote numbers. Why should it be any different in front of a formal audience? We just need to find the story that fits the purpose, and tell it with passion, commitment and authority.

Build empathy and intimacy.

Most find this hard, as it seems unnatural. Many years ago before giving my first major presentation in front of 1000 plus industry players I went and had some coaching. The thing that really stuck with me was a throwaway piece of advice. ‘It is not a presentation, it is a performance‘ I was told, followed by ‘most people in the audience will admire the fact that you got up, and be eternally grateful it is not them, feed on it’

From that starting point, if you are thoughtful, building some empathy can be pretty easy. Phrases  like “Imagine you were….” or ‘It was a stormy Tuesday night in the old rectory, and …..’

Building intimacy implies the audience sees you speaking only to them, grabbing and holding their attention, ‘I knew we were right when Susan said this one thing…..’ This cues everyone listening into focusing their attention on what you are about to say to the exclusion of everything else going on around them.

Words and Visuals.

They each have their place, don’t get them mixed up. Words belong coming from your mouth, they do not belong on a screen, that is where the visuals should be. If you make the mistake of putting your words on the slides, you cede the authority in the room, people will read the slides and not listen to you. Instead, if you put up an interesting visual that illustrates the point, the audience will listen to and remember the words. Slides offer a framework for the words, reminders of the points that need to be made.

Everyone prepares for a presentation differently, some write, rehearse then deliver the script word for word, others free-wheel around the framework. It does not really matter, so long as you retain the attention of the audience and make all the points necessary along the way. The critical thing to achieve is to leave the audience with a story that resonates, that delivers on your purpose.

Stagecraft.

Those lucky, and talented enough to be selected to go to NIDA spend 3 years learning about stagecraft, so a blog post cannot even scratch the surface, but there are a few basics.

  • Your physical presence and actions create a part of the visual and emotional experience that your audience has, it is literally a ‘stage’. How boring just to have someone driving a lectern as often seems to happen. Use the stage, move around,  map out your points using the space you have. When you have an important point to make, move forwards, to the middle, if you want to build suspense, move backwards, slowly. Use your hands to point, (finger) engage (open hands) and shape (move your arms in squares, circles)
  • Modulate and change your voice. The tone, speed, silences, and level at which you use that great tool, your voice, adds drama and colour to the delivery. Few things are worse than a monotone, and everyone will drift off very quickly no matter how good the material.
  • Contrast everything. Holding attention is aided by contrast, your voice, movements, use of visuals. Use contrast within the context of the words and visuals, and always with the purpose in mind as the glue. Ensure there is movement and colour relevant to the purpose of the presentation as it adds to the performance you are delivering.
  • Respect the audiences time, attention and expertise. Never go over time, in fact, be a few minutes quicker than they expect, and they will be grateful, as will the organisers. Even the very best speakers have trouble retaining full attention beyond about 25 minutes, so why do you think you need 40? Much better to limit yourself, and remove the extraneous material from your presentation, concentrating on the really important stuff, the bits that connect directly to your purpose.
  • Use props to make your point when appropriate, they are a visual metaphor, and can be remarkably effective at making the point, and being memorable.
  • As the presenter, you hold authority over the room. The audience will stand up if you ask them the right way, shake the hand of the stranger on their left, even do a silly dance at the end if you have delivered to them. Use the authority wisely, don’t abuse it or you will lose them forever. Don’t cede that authority you have been given, use it yo your advantage. I often see presenters giving away their implied authority by opening with with something like, “I am humbled to be here….“. You have the opportunity to build on the authority implied by the fact that you are the speaker, and leave the stage acknowledged by the audience as the expert, which adds to the memorability of your purpose, and your position as the authority on the topic.
  • Body language. If you look nervous, the audience reacts differently to someone who looks confident and in charge. The words might be identical, but the response to the speakers and retention of information will be entirely different. This TED-X talk deals just with how the palm of your hand impacts an audience, now add the rest of your body to the mix.
  • Never, never talk down to people, use terms or jargon that may not be understood, or try and demonstrate your expertise by dazzling with bullshit.

Practise.

I am amazed at how often I see people deliver their presentation for the first time live, in front of the audience. Practising is time consuming, and feels strange, but the more you do, the better the presentation will be. I have a very wise pot plant in my study, it hears all my presentations numerous times before anyone else has the chance. The only downside is that the feedback is a bit limited, so when I am ready, I also try it on a few indulgent and critical friends. Audiences like spontaneity, but even the very best performers practise their material relentlessly, so it is effortless, and seemingly spontaneous.  With that intimate knowledge of the material comes the potential follow a track that emerges from audience feedback, engage with them, or just “riff a bit”  without losing your place, as the core material is almost on autopilot.

I hope that all helps the next time you are faced with that thing that, in surveys at least, many of us  fear more than death, public speaking. This curated list of 8 TED talks contains a wealth of tips and is worth working your way through as you develop your presentation skills, or prepare for that scary experience.

 

5 part headline  template to write killer headlines that always attracts attention.

5 part headline  template to write killer headlines that always attracts attention.

The ability of a headline to attract attention, then lead the reader deeper into the content is the make or break skill of copywriting, and even in this world of video, the ability to write a headline remains the single most important skill in effective communication.

No matter how good the body-copy, without a great headline, it will not get read.

So here is a headline template that always works.

Use combinations of these elements:

·         Number

·         Trigger word

·         Adjective

·         Keyword

·         Promise

Let’s say the subject is a training seminar about managing cash flow.

Pretty dry stuff but of vital importance to any business,  and make or break for small business.

The easy and obvious headlines may be:

‘How to manage your cash flow’ or

‘Cash flow basics for beginners’

However, if you apply the headline template you might come up with something like:

‘7 simple techniques to apply cash flow to your business to make more profit’

Let’s break it down.

Number: 7. For reasons I do  not fully understand, but rooted in psychology, odd numbers  work best, and lists in headlines work as they promise to deliver instant gratification.

Trigger words: Simple. Words like Free, Secret, Undiscovered, Expert, all offer incentive to open

Adjective: Manage. Adjectives are ‘action ‘ words, they reflect and prompt activity.

Keyword: Cash Flow. Cash flow is the guts of the post, and is the word that will deliver the search engine enquiries that ere relevant to the post.

Promise: ‘Make more profit’ well, who in business does not want more profit?

Alternatively, your  headline might be:

‘Join us to learn the 7 secrets to greater profits through managing cash flow’

I do not know which would be the better headline, I am not a professional copywriter, but I am pretty sure both would work well.

An option if you were about to make an investment, such as in a public a seminar series, and generating a lot of interest rather than just capturing eyeballs on a blog post was financially critical, you could set about testing them by applying an  A/B test which is pretty easy on social media platforms. Then you could use the better one, or perhaps do some more ‘wordsmithing’ to improve one or both for further testing.

As evidence of how the template works, the headline that caught you in the first place is the third iteration of the first one I scratched down, which was :’Killer headline template that always works’. Having written the post to articulate for you a template that really works, I realised I had better take my own advice.

You tell me if it worked.

The 7 most stupid innovation killing behaviors I have seen.

The 7 most stupid innovation killing behaviors I have seen.

Most of the innovation initiatives I see successfully predict the past, but fail miserably at predicting the future in any way that enables commercial success.

In other words, they just extrapolate what has happened in the expectation that history will repeat itself unchanged.

Sometimes it does, but most often the key lesson from history is that we need to learn from it so we can better anticipate and react the next time, not that the same stuff will happen again.

In 35 years successfully engaged in the processes of innovation as a corporate jockey, and more recently as an adviser and contractor, I have seen and been involved in and directed a significant variety of programs. That experience has offered the opportunity to see some almighty clangers with a few common roots, along with the outstanding successes.

Following are the 7 most common causes of innovation failure I have seen.

 

  1. Structure-less programs. Employees and stakeholders are asked, often directed, to come up growth ideas, it is a part of the strategic plan after all. However, there is no structure to collect, process and collate the fragments, and the sometimes fully formed ideas that emerge. Net result, everyone gets annoyed at the failure of yet another innovation effort that has cost a bomb.
  2. Failure to define the problem. Out of  the box thinking is fine, but out of the postcode is usually useless. True innovation only comes from finding the solution to a problem, in the absence of a problem to be solved, nothing happens.
  3. Not walking the talk. Business leaders often talk about innovation and risk taking, then ensure that anyone who steps out of line gets whacked. Risk-taking must be in the enterprise  DNA, top to bottom.  However, I am a bit sick of all the ‘failureporn’ around, of the ‘fail fast, fail often’ type, which sometimes serves to remove responsibility for failure from the individual, meaning that due diligence, a solid hypothesis, and a problem definition, and After Action Reviews do not get done, leading to a failure to learn. People watch what those in power do, rather than listening to what they say, then follow what they do.
  4. Resource allocation does not happen. Management wants the ‘breakthroughs’, but are unprepared to allocate the resources, This is usually a function of the built in risk profile of the enterprise and its leadership, and is related to the talk and walk above. Resources take time, money, access, (to information, leadership, outside info, etc.) and assistance to be assembled, allocated, deployed, and then have the deployment optimised, before  outcomes arrive.
  5. Silver bullet thinking. If they can just find it, there is a remarkable, easy, hugely profitable solution out there somewhere, will somebody just get off their arse and find it please. Never works in real life, just  the movies.
  6. Excluding ‘trouble-makers’. This is a “biggiee”, the single most common problem I see with most innovation efforts.  Almost no matter how hard most try to gather expertise of various types and from differing domains, experience with innovation initiatives, and well meaning consultants and experts, they fail. Most commonly because unwittingly they gather those like themselves, excluding those that  make them uncomfortable, the ‘crazies’  whose ideas and views are inconsistent with some tacit understanding of what is possible and what is likely. In short, they exclude the mavericks, outspoken, different, and disturbing they may be, essential to a delivering even a modest chance of predicting what is just around the corner, let alone 3-5 years out there.
  7. The government will do it. Government has a role in my view, but in science and basic research, long term investments, not in the commercial development of that research. They are crap at that because there is way too much commercial risk involved, and bureaucracies, particularly public ones, are highly risk averse. It is different to just funding a bunch of smart people to think about what makes the universe tick.

 

Successful innovation is never a ground hog day event. It takes commitment, vision, guts, resources, and it makes you feel uncomfortable and sweaty. It is also the lifeblood of success and commercial sustainability.

When you need a helping hand who has learnt from history, give me a call, but be warned, I am a trouble maker, someone who will question all your sacred cows and sometimes recommend execution.

 

What is the difference between Mark-up and Margin?

What is the difference between Mark-up and Margin?

Words are wonderful things, they allow us to communicate meaning.

However, some words are easily interpreted in differing ways, making the shared  understanding challenging, and sometimes the differences are exploited in a selling situation.

One of the common “pea & thimbles” I see when small FMCG (CPG to my American friends) businesses are negotiating with chain retailers is the variable use of mark-up  and margin, particularly by retail buyers in a high pressure sales situation where the supplier is being put through the wringer.

Following is a quick explanation of the generally accepted meaning of the two terms.

Mark-up reflects the number, absolute or more generally percentage that an item sells above its cost.

If an item costs you $1.00, and you sell if for $1.50, the mark-up is 50%

Mark-up = profit/Cost

Margin is the profit made as a proportion of the sale price. Using the simple example above, profit is .50 cents, the selling price is 1.50, so the margin is 33%.

Margin = gross profit/revenue.

Imagine you are negotiating a promotional deal with a buyer, a discount for a period of time against an agreed  purchase  volume by the retailer.  The buyer uses the terms interchangeably, referring to his margin as only 33%, when his minimum allowable is 45%, conveniently forgetting that one is margin, the other mark-up. He uses that as a means to persuade you to dip deeper into your pocket to fund the promotion based on the significant orders you will be receiving, and might even do a ‘once-only, just between us’, deal where he accepts 40%.

markup Vs margin tableHe has not done you a favour, but he has enhanced his margins, which is generally the retails KPI, considerably.