Archive for Branding/Differentiation

Jul
05

Need Some Inspiration?

Posted by: Bruce Johnson | Comments (0)

If you’re at all like me, chances are you have some favorite quotes that you return to over an over again to  pick you up and get your headed in the right direction.

I remember, shortly after my board coup several years ago, the movie “Rocky Balboa” came out and in the middle of the movie, Rocky made the following comment to his son,

“It ain’t about how hard you’re hit. It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward–that’s how winning is done!”

I immediately put that quote up on my credenza and still look at it to this day. To me, that’s the power of a great quote. In just a few words, it can say so much.

In light of that, over the July 4th weekend, I decided to create my own favorite quote site. As a consultant and professional speaker, I’m regularly on the look out for great quotes. So, rather than horde them for myself, in the spirit of Tom Peters (when you go to the site, you’ll understand that comment), I’ve decided to make them available to everyone.

So, rather than bore you with more content, let me encourage you to go to the site and read some great inspirational business-oriented quotes. I think you’ll enjoy them! Oh, and the URL is pretty easy to remember

http://www.brucequotes.com

Note: I just created the site Saturday evening so some of the topics only have a few quotes, while others have quite a few. But over time, the approximately 400 quotes will grow. The site is still under 48 hours old. Just bookmark it and return to it whenever you either need some inspiration or you’re putting together a talk or training session and need the perfect quote to make the perfect point.

To your accelerated success!

http://www.brucequotes.com

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Whenever Steve Jobs speaks, it’s usually worth listening. Love him or hate him, he’s always worth listening to–especially because he masterminded one of the most amazing comebacks of all time. Thirteen years ago when he returned to Apple they were just 90 days away from going bankrupt. And then, just last week, they surpassed Microsoft on market cap making them the second most valuable company in the WORLD–not a bad come back.


Now, if you’ve been reading my blog for any length of time, you know I don’t write about technology, I write about what leads to growth. And my audience isn’t techies, it’s owners and CEO’s (or other execs at the top). So, as I listened to Steve’s responses to the questions of Walt Mossberg and Kara Swisher at the All Things Digital (D8) Conference, my ears were tuned into Jobs’ comments related to strategy and leadership, marketing and R&D. And the following would be, IMHO, the most important things he said on that front.

Note: Thanks to Macrumors and Engadget for tracking the conversation.

1. Never Underestimate the Power of Vision.

- On his return to Apple in the ’90s: “Apple was about 90 days from going bankrupt. It was much worse than I thought back then. I expected all the good people had left, but I found many of them still there, and I asked them, “Why are you still here?” They said it was because they believed in Apple.”

In other words, Steve and crew had done such a great job of establishing the culture and vision of Apple, that even when things were going bad under different leadership, great people stayed on. As I say over and over again, you can’t cast vision too much.

2. It’s Okay to Zig When Everyone Else Is Zagging

- On the Adobe Flash controversy: “Apple doesn’t have the resources others have, and we have to choose which horses to ride. We try to ride those that are on the way up. If you choose wisely, you save yourself an enormous amount of work.”

As proof of this strategy, Steve pointed to Apple’s moves over the years (ahead of almost everyone else) to moving to 3.5-inch floppies, to discontinuing floppy drives, to removing serial and parallel ports, to adopting USB, to the current removal of even an optical drive in the MacBook Air. In “typical Jobsian” fashion, Steve concluded by saying, “Sometimes people call us crazy.”

In other words, just because ”everyone“ has something or does something in a certain way, doesn’t mean you have to do it that way. All trailblazers at some point realize that have to break with what ”everyone“ is doing.

3. Be Clear on What Drives Your Company–And Stick With It

- On the future of Apple and “platform wars” with Microsoft, Google, Facebook, etc.: “I don’t see it. We never saw ourselves in a platform war with MSFT, and maybe that’s why we lost. We think about the competition, but we’re focused on building a better product.”

Steve is clear on what drives Apple–they’re a product-driven company. They’re not a services-driven company or a knowledge-driven company or a market-driven company etc. They are a product-driven company. When they lost sight of that in the late 80’s and 90’s, they got into trouble. Once they got clear on that again (under Jobs), everything began to change.

4. What You Think Has to Be in a Product/Service Doesn’t

- On tablets: “We did something similar to what we did with the iPhone. We started from scratch and threw out the existing paradigm of handwriting recognition.”

In other words, sometimes, you have to start by deconstructing what you believe to be true. In other words, you have to start from scratch, with a blank slate, and question every part or thing you want to put in to it.

5. Be Willing to Change Your Plans in Response to New Information

At one point, Steve acknowledged that the tablet project (what’s now the iPad) actually came before phone, but realized that phone was more important.

In other words, strategic plans need to be flexible. I’m shocked at how many leaders stick by a plan long after the market is telling them something different. I’m a strategy consultant, and I’m forever reminding leaders that the plan we created last year needs to change as we go through this year. Things change, and what seemed right in October last year, may not be what’s best in June of this year.

6. Stick to Your Values Even When It’s Not Politically In Your Favor

Regarding rejected political cartoon content, Jobs said, “We had a rule that said you can’t defame people. By definition, they defame people.”

Similar to Google’s, ”Do no evil,“ creed, great leaders stick to their values even when it’s not convenient. To me, that’s the real test of a value. For example, are you willing to fire your best producing employee because they’ve broken (and usually consistently broken) a core value? If not, then it’s either not a core value or you’re not doing your job as the leader.

7. Price Aggressively and Go For Volume

During his comments on newspapers, Jobs noted that iPad opens up a way to offer much more than print or static webpages. But he also noted that newspapers should charge less for the online content than their print content … “The biggest lesson Apple has learned is price it aggressively and go for volume.”

So, which of Steve’s lessons do you need to take to heart and apply in your business? Playing out of Jobs’ playbook isn’t a bad strategy to start with. It’s clearly worked for him :-)

To your accelerated success!

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Jun
01

Shame on You Home Depot!

Posted by: Bruce Johnson | Comments (6)

Now, before I explain the title of this post, let me give you some background. Unlike a lot of people, I’m not a home fix-it kind of guy. My father, who was a college professor, earned his way through college as a carpenter and is incredibly skilled in carpentry and home repair. My brother is a programmer who’s picked up our father’s skill set at starting (and occasionally completing :-) home projects. And even my wife, who’s a nurse, has become a home fix-it kind of person. In fact, my father finally gave up a few years ago trying to give me tools for Christmas–and now gives them to my wife. So, my confession, up front, is that I’m not a Home Depot kind of guy.

That said, last Thursday, my father sent me a list of things he needed from Home Depot to complete the installation of a new sliding glass door at my home. Not necessarily excited by the task, I got in my car and drove over to the local Home Depot, with my list in tow, and entered “The Unfamiliar Zone.”

I call it that because it’s all out of my comfort zone. And in my previous journeys to Home Depot, I’ve rarely met anyone who’s been exceptionally helpful. Despite advertising to the contrary, most of the time I ask a question of someone at Home Depot, they point down the concrete pathway and says, “I think that’s on aisle … about halfway down on your right.” Thanks!

However, last Thursday, that all changed. As I walked into Home Depot (at the lumber entrance), a Home Depot employee was walking towards me and, probably noticing my pained look, asked, “Can I help you?” To which I quickly replied, “Absolutely!”

He asked, “What do you need help with?” I pulled out the list my father had sent me by email and said, “My father sent me a list of items he needs to complete the installation of our new sliding glass door.”

He (his name is Shadi–picture below) said, “Can I see the list?” “Absolutely!” As soon as he saw what I needed (chair rail, floor base and trim) he took hold of my cart (one of the lumber ones) and started walking me toward the correct area of the store. As we were walking Shadi asked, “Do you know the sizes of each of these? And what kind of trim or chair rail you need?” Etc.

Fortunately, I had taken measurements and photos with my iPhone so I could show someone what I needed (since I knew I didn’t have the right vocabulary). He said, “Perfect. I know exactly what you need.”

And then Shadi did something wonderful, he literally walked me to each of the three places where I needed to get what was on the list, pulled out what I needed out, cut the wood into the exact lengths I needed, and even helped me save some money. It was truly wonderful. In fact, I even said, “This is like having a personal shopper!”

So, why did I title this post, “Shame on You Home Depot!”?

Because when we were done and I had shared with Shadi how much I really appreciated everything he had done for me (and he did it rather quickly, by the way), I asked, “So, Shadi, do you have a comment card I can fill out on you about how terrific your service was?” He could only reply, “No!”

I continued, “Well, is there a manager I can talk with?” He politely said, “Don’t worry, it’s nothing. It was my pleasure.” As I walked to the front of the store, I kept looking for a manager to share my story with–and couldn’t find one. I asked the cashier, “Do you have any comment cards I can fill out?” She said, “No!” I said, ‘Really?“ And she said, “The only thing we have is a computer way down at the other end that you can log onto and fill something out.” End of story. Fortunately, Shadi had walked to the front of the store by then so I could grab a photo of him with my iPhone (which you can see below).

But shame on Home Depot for not making it easy for someone like me to brag on one of their employees! They should be collecting these stories and sharing them in every location all the time. Great customer service doesn’t just happen. You have to cast vision about it. And nothing speaks louder than a compliment from a customer about a great service experience.

So, how about you? Do you have a system in place that makes it easy to capture customer testimonies? Do you use multiple capture methods? Do you have some Shadi’s that you need to lift up? Do you regularly cast vision about great customer service? Etc.

At the end of the day, you and I don’t know Home Depot by their executive team. We know Home Depot (and every other business) based on the Shadi’s of the world–the people we actually interact with. And the same goes for you and your company. So who are the “Shadi’s” of your company? And how are you going to make heroes out of them today?

To your accelerated success!

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A few months ago, after talking with a client, I decided to write a blog post on the differences between mission, vision, initiatives and goals–and it’s been one of the most read posts on my blog.

In light of that, I decided to practice what I preach (find out what people want … and give it to them). Therefore, today is the first of a number of video blog posts I’m going to put together for you that will go into more detail about each of these terms.

Today’s edition is focused on answering the most common Google query that’s linked to my site, “What’s the difference between mission and vision?” Most organizations I’ve interacted with have gotten this wrong, so pay attention. The difference is significant. Enjoy!

P.S. The link to the previous post can be found here >>

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When was the last time you did a website makeover? Or changed the interior design of your workspace/office/store? Or more importantly, changed the way you do business? Or changed the way you market what you offer? Or even changed what you offer?

Most leaders underestimate the power of a makeover–and the speed at which they ought to be undertaken these days. It’s not unusual for someone to be surfing the web these days and think, “Wow! That site looks so … 2009,” and we’re only four months into 2010 (as of the writing of this post).

Next week (starting April 26th) marks the public makeover of a business icon–BusinessWeek (which was bought by Bloomberg back on December 1, 2009). They’ve even created a section on their website describing all the changes.

http://inside.businessweek.com/

Now, I haven’t seen the new remade version, but I do love what they’ve done to prep readers about the makeover. So, here are four lessons worth learning from them about creating a makeover.

1. Teaser campaigns still work. The Bloomberg team has done a great job of promoting the change. If you’re a reader of BusinessWeek, then you know they’ve been talking about “change is coming,” for awhile. And while it’s nothing more than an old school teaser campaign–it’s working. I’ve been reading BusinessWeek for years–and I haven’t been this interested/excited in years.

2. Use video to tell the story of the change. If you go to their website, you’ll see a series of videos from the editor describing the change. Vision casting is usually done best with video (actually it’s best done live, but that’s not an option here). So having Josh Tyrangiel share his vision that, “We take people on journeys … and introduce them to concepts and people that will impact their lives for years, even decades …” was the right decision.

3. Use powerful, short image building phrases to describe the changes. Rather than impress us with their vast vocabulary skills, the design team has done a great job of picking up key phrases we can all understand immediately.

* Reinvented. Redesigned. Reimagined (the tagline for the change)
* More Clarity. More Energy. More Impact (each with four short sub-points defining the changes)

4. Remember that “Look and Feel”/Design matters. While story will always be first and foremost (and should be for a magazine), the Bloomberg team understands that the look and feel of a site or magazine (or whatever you’re producing for the public) does matter. The vast majority of people bring their eyes with them. And whether they want to admit it or not, within seconds, they’ve “judged the book by its cover.” Within seconds they’ve either decided, “culture current” or “old school,” or …

So, as you look at what you and your company are producing and offering, are you in need of a makeover? Is your website or are your other marketing materials in need of a makeover? Is your business model in need of a makeover?

If so, then you may want to take a page from the Bloomberg BusinessWeek playbook in order to make sure that your makeover works for you and your purposes.

To your accelerated success!

P.S. When was the last time your website had a new design. If it’s been more than 12 months, chances are it’s time for a face lift. One of the reasons I’m such a huge fan of WordPress (besides the fact it’s free and that it’s easy to edit) is that WordPress separates out the content and the theme/skin/template. So with one click of a button, you can change the whole “look and feel” of a site without having to change any of the content. In around five seconds you can have a whole new look. Then, you can update the content and layout when you have time.

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Want to Know How You Can Immediately Begin to Grow Your Business Faster Than You Ever Have Before—While Increasing Your Ability to Lead It More Effectively?7 Secrets Cover

If so, you’ll want to immediately get your hands on the new free report I just released today entitled, “The Seven Secrets of Fast Growth Companies.”

Inside it you’ll discover,

• The number one differentiator between slow and fast growth companies
The two key elements you need to use to create a fast growth culture
• A simple practice that can radically reduce the time it takes to implement anything
A lesson from a Harvard professor that can change the way you think forever about your products and services
• A top team practice that can change any meeting you run—and make it more effective.
The one metric you need to use before choosing any growth idea if you want to be an accelerated growth company
• How you can create a business that’ll scale fast
• How to avoid letting your market think you’re just like “everyone else.”
• How you can create a business that works 24/7, especially when you’re not around.

• And the number one mistake that most CEOs of small and medium-sized make

To get your copy immediately, just fill in the form in the right hand column entitled, “Interested in the 7 Secrets of Fast Growth Companies?” and then click the submit button, “Send it to me now!”

Then after you read it, post your comments below!

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If you haven’t seen the article yet, Fortune Magazine has declared Steve Jobs, CEO of the Decade. In their own words,

How’s this for a gripping corporate story line: Youthful founder gets booted from his company in the 1980s, returns in the 1990s, and in the following decade survives two brushes with death, one securities-law scandal, an also-ran product lineup, and his own often unpleasant demeanor to become the dominant personality in four distinct industries, a billionaire many times over, and CEO of the most valuable company in Silicon Valley.

Not a bad story, is it? Furthermore, at the start of the decade, Apple had a market cap of “just” $5B. It now hovers around $170B (slightly larger than Google). What that means is that despite the market crashes of the dot.com boom and last year, if you had invested $1,000 in Apple in 2000, your investment would now be worth over $7500 (I think most of us would gladly accept that). And finally, Jobs has been instrumental in changing four completely different industries–computers, music, media and mobile phones—three of those in the past decade.

Any way you add it up, the past 33 years have been a pretty incredible run for Steve Jobs—and we’ve all benefitted—even if you’re a PC. But the question for you and me is, “What can we learn from him that can make a difference in our businesses?” Here are my top five lessons.

1. Improve on the next new thing. What’s fascinating about Jobs and Apple is that Apple has become the symbol for innovation. However, Apple rarely creates anything entirely new. In fact, one of Steve Jobs’ comments on this subject years ago was, “We look for the next new thing and then make it better.” In other words, Apple didn’t invent the mp3 player, they just made it better. They didn’t invent the cell phone, they just made it better. They look for trends they think are going to be big—and then figure out how to make that “new thing” infinitely better.

So, in your realm, what are the next new things or new trends you’re observing in your market space? How can you create a better product and/or service that can improve on the current offerings in that market space?

2. Change before you have to. As a long standing card carrying Mac Addict, one of my favorite sites is MacRumors. And one of my favorite parts of the site is the buyer’s guide which tracks the time between new iterations of a product (and let’s you know where they are in cycle). Even when Apple is making good money, they keep introducing new models or discontinuing old models so that none of their competitors can catch up (i.e. they change before they have to).

I’ll never forget the day Steve Jobs was talking about the iPod mini and how it was the most successful launch they had ever had up to that point in time. And then he said, “And that’s why today we’re killing the iPod mini … (dramatic pause) … and introducing the iPod nano!” Who else would have killed a cash cow right in the middle of a growth cycle? Only Steve and crew!

So, what products and/or services have you been riding for too long? Do you need to revamp or upgrade any of them? Do you need to discontinue any of them? And/or what new thing do you have in the pipeline?

3. Eliminate what ticks people off. The supposed story of the iPhone is that a bunch of Apple execs were at a meeting when they were all complaining, tangentially, about their cell phones. In the midst of that discussion someone said, “We’re all a bunch of bright people. We should be able to do this better.” Or if you had ever tried to download an app several years ago and load it on a Palm device, you know it was a major pain (it ticked people off). What Apple did with the App store was/is nothing short of remarkable. Or if you had ever tried to download music and put it on your mp3 player pre-iPod, you know it was a major pain. The iPod and iTunes store combo simply eliminated that piece of the puzzle that just ticked people off.

So, what are the issues that tick off the people in your market space? Find the key ones and design a simple solution to solve that problem.

4. Repurpose what you can. If you haven’t been in the Apple fold, you could easily miss this, but Apple is great about repurposing ideas and technology. For example, back in the 90’s, if you wanted to see a movie trailer on the internet, the best place was to go to the Apple site, which highlighted movie trailers and their product Quicktime. But that experience and built in infrastructure for movies made streaming music for the iTunes store infinitely easier. And the experience of the iTunes store made creating the App store for the iPhone infinitely easier. Or the Safari browser for the Mac, made it infinitely easier to create a great web experience on the iPhone (which was night and day ahead of Palm and Blackberry when it debuted). Or the experience with NeXT, led to Mac OS X. On and on you could go. The, “Apple Way,” is not just to create something new, but to repurpose what they already know into a different arena.

So what do you know or have or do that could be repurposed to create a new product or service for your market?

5. Think big and small at the same time. Some leaders are just big picture people. Others are just small picture people. However, what makes Steve so powerful is that he’s both. Steve gets it that executives need to make big picture, bold strategic moves (like canceling several product lines in ‘97 and focusing on just four products). However, he’s also famous for being nit picky and focused on the very intricate details of the business–especially when it comes to design issues and market messaging. As he said to Ken Segall (who used to be at Chiat/Day, the ad agency) on day, “The third word in the fourth paragraph isn’t right. You might like to think about that one.”

Looking back on your history, are you more of a big picture person? Or a small picture kind of person? Whichever one you are, how could you add the other to your wheelhouse and become more versatile ?

So, there you have it, “Five Lessons from Steve Jobs, CEO of the Decade.” The only question remaining is, “What are you going to do in the next few moments in response to it?”

To your accelerated success!

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While there’s always a tendency to think short-term, especially during an economic downturn, there are plenty of compelling reasons to not do so. Major test case: Amazon.

If you didn’t read the Business Week article (Sept. 28, 2009) on “At Amazon, Marketing is for Dummies,” you missed a compelling argument for thinking long-term, especially during a recession.Jeff Bezos

Over the past three years, Amazon’s stock price has doubled, while the S & P has gone down 20%. Over the past six months, Amazon revenue has been up 16%, while most retailers have been negative. And, as per the section in BW that the article ran (the 100 Best Global Brands), Amazon has moved up 13 spots this year to No. 43.

So, what’s behind this magic? Bezos’ commitment to invest in infrastructure and technology. In fact, I thought the best paragraph from the article was,

“The performance is something of a vindication for Chief Executive and founder Jeffrey Bezos. After the dot-com bubble burst, critics hammered him for investing so much in technology and physical distribution centers. Some investors called for Bezos to pull back and produce more short-term profits. Now, those heavy investments are paying off big time, helping the company sell an ever-widening range of products to more than 94 million customers.”

Did you catch that? During the last downturn, rather than give into short-term thinking, Bezos opted for the long-term approach–even though his critics and other investors were urging him to focus on short-term profits. It was that decision, during a market that was fixated on the short-term, that has allowed Amazon to do so well now–during this economic downturn.

So, as you look at the decisions you’re making this month, are you thinking short-term? Or long-term? Are you allowing the siren song of the recession to keep your eyes and investments off the long-term? And finally, do you need to make any adjustments to how you’re currently operating so that you can prosper, not just in the coming months, but for years to come?

To your accelerated success!

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Have you ever noticed that most people like to live life in an either/or world? Either  we buy a sports car or a minivan. Either we go to the beach or the mountains for vacation this year. Either we locate in a busy location or an isolated one. Either we focus on one product or a slew of products. Either we focus on one niche or on everyone.

The problem, of course, with an either/or world is that it rarely reflects reality because life is rarely that clean. Rather it’s full of contradictions and surprises. One of which is that originality and commonality go hand in hand together.
bain_telegraph
In an either/or world that doesn’t make sense. Either you’re original or your common. But, in the real world, being completely original isn’t an easy road to success. Just ask the creator of the first fax machine (Bain, 1843) or first cell phone or first anything. It’s not that easy to create an entirely new market.

When people read books like, “Blue Ocean Strategy,” they tend to think that the key to success is to come up with an entirely new idea (a new blue ocean). But if you take a look at the examples in the book you’ll notice they weren’t entirely new at all.

Cirque 1Cirque du Soleil wasn’t the first circus. Southwest wasn’t the first airplane company. Curves wasn’t the first health fitness facility. Etc.

All three of those examples are part of huge industries. The entertainment industry is huge. It’s common. But Cirque du Soleil’s genius was to do something original in a big market (i.e. a circus for adults with one ring vs. three and no live animals).

Southwest’s genius was to do point-to-point (i.e. non-hub), fun, no frills flights to tier two cities. Curves’ genius was to do a women’s only club with minimal equipment in a circle (a low-cost, quick, gender specific workout).

In other words, rather than look where there wasn’t a lot of competition, they looked for a very competitive market (the common part) and then looked for an uncommon way/original way to meet the needs of that market.

So, if you’re in a town full of pizza joints, that doesn’t mean you can’t start another pizza joint. Maybe you should start a gourmet one (if there isn’t one yet). Or maybe the people in you town just love fast food. If that’s the case, you might want to start a different kind of fast food restaurant (maybe BBQ wings). Or maybe your market simply loves Italian food. In that case, you could start a northern or southern Italian or even a sicilian restaurant. Etc.

Ultimately, it comes down to buyers. And what do they want? In general, they usually want something similar to what they already like/have–just a little different. This is not to downplay new and disruptive technologies. Just an observation about what fast growth companies do.

As a twenty-five year fan of Apple, I’ve drunk the kool-aid. But most of Apple’s successes haven’t come from being the first at something. ipod-1The iPod wasn’t the first mp3 player. And the iPhone certainly wasn’t the first cell phone. But Apple, usually referred to as, “the most innovative company on the planet,” usually has winners when it looks at what people already want and then makes something original in that field.

So, if you want to build a wildly successful company, you might want to look where there’s a lot of competition (the common part) and then come up with a unique solution to that market’s wants and needs (the original part). It’s not an either/or, but rather a both/and that usually wins in the real world. So do your best to eliminate either/or thinking in your company. Both/and thinking is a much better route to go! Originality and commonality are a powerful one-two punch when used correctly.

To your accelerated success!

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Jul
20

It’s Not About Your Product!

Posted by: Bruce Johnson | Comments (0)

I received an email from my mother last evening about a social experiment that the Washington Post conducted two years ago with Joshua Bell, the world famous violinist. That said, I think the real value of the experiment drives home an incredibly important message for business owners and senior executives.

The basic story line goes like this (note: hang in there, this has a great ending).bell

To test their ideas, the Washington Post had Joshua Bell, dress like a street musician and play six Bach violin concertos for 45 minutes on a cold January morning at a DC Metro stop. During that time frame, approximately 2,000 people passed by him on their way to work–only a few of whom stopped to listen.

All totaled, by the time he was finished 45 minutes later, only six people had stopped long enough to listen for any length of time and only 20 people had given him any money. The total take for 45 minutes of Joshua Bell’s playing time that morning at the DC Metro stop, $32. The applause, none.

Now, what makes that so remarkable, is that Bell often plays to sold-out audiences in the best performance halls around the world, he’s undoubtedly one of the best violinists on planet earth, he plays on a $3.5 million violin, he normally charges around $100 per person to hear him perform (e.g. 1500 people x $100 = $150,000), and he normally plays to standing ovations (I know, I’ve seen him play).

So, let’s recap what happened. The same Joshua Bell, playing on the same $3.5M violin, playing six of the most beautiful violin concertos of all time–and with the same brilliance as he normally does in a performance hall (where the receipts might be anywhere from $100K-$150K) only walked away with $32 and a few people willing to stop for a few minutes to listen.

So, what made the difference? It wasn’t the product (Bell playing Bach on his $3.5M violin), was it? No! It was the context, the perception of value, and the packaging of the product that made the difference–NOT the product itself.

But isn’t that exactly the mistake that most businesses make. They keep thinking it’s about their product or service. So they keep talking about their product or service as though that were everything–but it’s not. Whenever anyone gets sucked into focusing on how great their product or service is, they’re almost always sucked into a commodity mindset (and they end up with $32 playing on a DC Metro stop).

However, there is another alternative. The other alternative is to boost the perceived value. Looking at Bell’s normal marketing plan, changing the venue (i.e. the packaging) to a first-class performance hall, like the Kennedy Center, changes his perceived value immensely. Raising his ticket prices, changes his perceived value.

Doing PR on TV and radio, increases his perceived value. Winning competitions increases his perceived value. Being the featured violinist in Hollywood films increases his perceived value. Playing alongside some of the greatest violinists and conductors, increases his perceived value. Letting people know he plays on a $3.5M violin increases his perceived value. Sharing testimonials of listeners, conductors, and famous people increases his perceived value. Etc.

In other words, it’s not the product itself that creates the value. Whether Bell is playing at a DC Metro Stop or at the Kennedy Center, it’s still the same product. However, the difference in perceived value is the difference between $32 and $150,000.

So, as you look at your products and services, what can you start doing NOW to increase the perceived value of what you offer? Remember, you don’t want to focus on your product or service alone. You want to focus on increasing the perceived value of what you offer–and when you do that, you’ll immediately begin making more and more money for the same product or service–just like Joshua Bell!

To your accelerated success!

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