Your company is the newcomer. You’re the young upstart that has innovated and is generating significant buzz. How can you expect the leader in your business category to react?
Never would you guess the family’s leaders dine with Persian princes and European presidents all while driving their simple blue Fords. Remember, your customers and your employees are watching.
The reality is that most of us fear that we aren’t turning our marketing dollars into profit. Not consistently. Not directly. Which is why we have advertising budgets. To limit risk.
Warren Buffet and Charlie Munger made money by using a strategy that passed the test of time. At 97 years old, Munger attributes two things to his success: patience and inversion.
For every IBM, there are 100 Blockbusters. For every General Motors, there are 100 Polaroids. You can bet the leaders in your category will one day be in trouble. You can catch and pass them.
The chase for instant gratification in marketing often looks like “sales events.” Knowing when to use a sale and when to use other methods to get customers in the door makes all the difference.
Just like unions of the 1940s, there is a societal shift toward worker empowerment. If you’re first in your category to embrace this shift, you win. Resist, and you lose.
You’re thinking about buying something and an acquaintance says, “Don’t do it; I bought that / hired them and it was a total waste of money. I got screwed.” Generally speaking, we believe them.
Simon Sinek writes about this in “Leaders Eat Last.” Before you can get what you want, you must first give them what they want. “They” is everyone but you. Let's start with your employees.
There’s no doubt that great businesses have equally great employees. But they also have their share of Bubba’s, Jim-Bob’s, and Tina-Marie’s. We never talk about those guys. If you ever lost sleep over a dumbass thing an employee did, you probably have a Bubba on your team.