by James Atkins, Vantage Strategy & Marketing | Oct 23, 2014 | Business Tips
The one question you need to be able to truly answer…
“Why would someone buy from me and not the person down the road?”
Easy to ask, difficult to answer.
Put another way, are you clear on what makes you special? How would you describe your competitive advantage (CA)?
The reason the answer to this question is so critical is because it should be your starting point.
How can you develop a business strategy, let alone fix on a business model, without a CA that differentiates your business?
Armed with a distinct CA the development of your strategy across marketing, operations, HR and finances should become much clearer. They will have a better chance of working together and building, rather than pulling apart at the seams.
The trouble is that uncovering, or developing, a CA is not an easy process . Those that have been able to invent a product, a feature or a business model that is unique and impossible to copy are few and far between.
From my experience here are a few thought starters to help you on the path:
1. Innovation not invention. Invention is one way to deliver CA but is a high wire act for most. Innovation, however, is attainable. Innovation in how you understand, meet and deliver based on uncovering true customer insights – in way that is unique. Ensuring innovation is a way of doing business and a strategic plank should be core to your business model.
2. Beyond the product. It’s not just about the product…in fact it may well be about everything that surrounds it and is experienced by customers at every touch point. The service journey, your positioning, the niche you serve, may well be where your CA lies. Bendigo Community Banks, for instance, were able to identify a niche that was abandoned by others and developed a unique model that has really hit the mark.
3. Filter. A robust, clear CA will become a filter for what you do and how you do it. If it can’t meet the test of being how you prioritise both big (and small) initiatives then it either isn’t a true CA, or you are not committed to making it so. These are not short term tactical activities – it’s strategic, and key to your success. When I visit Boost Juice it seems me that they have a very clear view of their CA and how it translates into their total brand experience – it’s being used as a filter or guide for what they do every day.
4. Be adaptable, and quick…CA is not static. The pace of change and the ability to imitate and reproduce at lower cost is a global phenomenon. Adaptability therefore must be a core competence. It means staying ahead of competitors and carving out a niche in meeting customer needs better than anyone else. Attempting to live off past glories based on a no longer valid advantage is the path to extinction. Retail is literally littered with such failures the most recent here in Australia being Fletcher Jones. So, are you able to easily let go when you need and move quicker than anyone else?
And finally, for those of you that think you are in a commodity market and competitive advantage is not possible – think again.
There is no such thing as a ‘commodity market’…only ’commodity marketers’. Anyone for bottled water?
James Atkins, Vantage Strategy & Marketing
by Russell Cummings | Sep 5, 2014 | Business Tips, Technology
Numerous sleep experts highlight the benefits of improved alertness and concentration following a 20-30 minute power nap. My challenge has always been that I seem to wake up after the nap – drowsy and anything but alert. Apparently, this is because I drop off into “deep sleep” rather than staying in a “light sleep” phase. This causes me to wake with Sleep Inertia.
I’ve found a great app to help with my naps – not surprisingly it’s called Sleep Cycle Power Nap and costs $2.49.
This smart app uses the accelerometer in your smart phone to monitor your sleep pattern and wakes you while you’re still in the light sleep mode – stopping you from dropping into deep sleep. You simply put your phone in your pocket (or I place it on the chair, bed, lounge, etc in contact with my body). I’ve found that it really works and use it regularly.
It has 3 modes:
• Power Nap – this will let you sleep for a max of 20 minutes and will wake you if you start to drop into deep sleep. Perfect for re-charging the battery.
• Recovery Nap – this mode lets you sleep for up to 45 mins but won’t let you drop into deep sleep. Great to boost energy levels.
• Full Sleep Cycle – this enables you to sleep for a full REM-Deep Sleep cycle (usually around 90 minutes). The alarm will gently wake you after a full cycle or within 2 hours, when you’re returned to light sleep. This means that you will wake refreshed.
If you want to maintain your performance, then power napping can be one of the tools in your repertoire and this app is a great tool to help optimise the outcomes.
You can get the Sleep Cycle Power Nap app on the iStore at https://itunes.apple.com/au/app/sleep-cycle-power-nap/id813493308?mt=8 or it’s Android version at https://play.google.com/store/apps/details?id=com.northcube.sleepcycle.
P.S. – I also use the other Sleep Cycle app as an alarm clock. It gently wakes you when you’re in light sleep. More info at https://itunes.apple.com/au/app/sleep-cycle-alarm-clock/id320606217?mt=8.
by Russell Cummings | Apr 30, 2014 | Business Tips
Creating a simple cost-effective website is relatively easy. If you need a special design with custom features, etc then this method is not for you, but if you need a simple website (even one with a shopping cart, etc) then this can work for you.
However, if you are unsure of what you want and don’t want to do some of the elements yourself (lack of confidence and/or skill), then I would engage a professional design firm to work with you on creating a look and feel that works for you and your business. The extra investment may be well worth the reduction in stress.
For those of you who are keen to create your own website or who have a very limited budget, then I have outlined a simple process that you can use. It is the exact process that we have used to create our own website http://www.sbdbusiness.com.au and some simple client site – www.horticulture-nextgeneration.com.au.
The core strategy is to use a template site and contractors to create your website. I recommend utilising WordPress as your key component as this will allow you to easily, modify and add content and there are a myriad of “plugins” designed to work seamlessly with WordPress. Plugins provide you with custom features e.g. mail program integration, shopping carts, member sites, blog feeds, etc. and are usually “plug and play” with many free or low cost.
In addition, you must create a “Responsive” site i.e. one that automatically reformats for mobile devices – iPhones, iPads, etc. – as more and more traffic is through mobile devices (most of this blog was written on my iPad). This is simply a matter of selecting a template with the right characteristics.
The Simple Steps:
1. Register and host the domain. I use http://www.bluehost.com for sites that I want a high level of up-time performance and http://www.differencehosting.com.au for all other sites – they are local and the service is excellent. Select the cheapest hosting option as you can always upgrade later – usually less than $100 per annum.
2. You will need a logo. If you don’t have one you get one designed at http://99designs.com.au for about $300 to $400 or you can goto a site like http://www.freelogoservices.com and create a simple logo for about $40. You can also engage a Graphic Designer from www.freelancer.com to create your logo. I have an excellent designer that I use.
3. Goto http://www.templatemonster.com (or similar) and select a website template you like. You must select a website that is “WordPress” and “Responsive”. (Do not worry about HTML 5.0 or Joomla sites, etc – just WordPress and Responsive). Use the filters on Template Monster to select only sites with these characteristics. Select a site that has the right layout and feel. It is better but not essential that the colour scheme matches your logo, etc.Your hosting company will help you with “How to upload your website to your domain” or you can get your contractor to do this (include it in the project brief)
4. Once you have decided on your template (you can see live demos) – take the time to work out what text and images you would like to go where and what pages you will need (you don’t have to use all the pages in the template). Use a Word doc to type out all the text and specify the images that you want.
5. Work out what Images you will need part from the ones that came with your template. There are lots of free images on the internet – Google is your friend. Type in your keyword and then click on the “Images” tab in Google. However, you need to be aware of copyright issues with images. Check that you can legally use the images. If in doubt then I would suggest you goto a Stock Image site and buy the images you want – I use http://www.dreamstime.com – it seems to be one of the cheapest and has good quality stock.
6. Then you can engage a Web Designer to help you modify the template – I would use a site like http://www.freelancer.com – post a project with all the details stating that you need a designer to modify a WordPress template using text and images that you will provide. Take the time to review potential contractors looking at previous activity and feedback. Don’t be swayed by cheap prices. Pay a sum up front (30 to 40% of total price) and 1 or 2 milestone payments but keep at least 20 to 30% for payment on completion.
7. Engage your contractor and manage the project to completion. Change all passwords after final handover.
Rough Costs:
Domain registration – $25 for 2 years
Domain Hosting – $50 to $100 per annum
Logo – Free to $400
Web Template – $60 to $120
Web Designer – $150 to $400 for a simple site
Images – free to $200
TOTAL COST – $240 to $1000
Cost should no longer be a barrier to creating an effective, quality website for your business. Of course, to reduce your costs you will have to do some of the running around and the more you are prepared to do (or the more images, logos, etc that you already have) then the lower the cost. However, cost is not everything and often you are better to spend the cash and get a professional to custom build a website for you. The choice is yours…
by Russell Cummings | Apr 22, 2014 | Business Tips
Skills your Business Leaders must have
In order to achieve organisational goals, effective leadership is essential. But how does one become effective? What are the key skills that we require in our leaders? This article will outline 5 important skills that Business Leaders require.
Key Skills
1. Think and Act Strategically – A leader must be able to place the market, economic, business and operational aspects into context and create a plan for the future. Thinking about and acting upon these things strategically is critical to achieve success.
2. Organised and Productive – It is important to lead by example. Therefore, he/she has to have good personal productivity, organisation and time management.
3. Understand the impact of technology – One must understand the impact of technology on the business and how it can be leveraged for commercial advantage.
4. Set the Performance Standards – This relates to creating the desired culture for the Company, individual, and team.
5. Ability to be a Team Player – Creating a strong leadership team – building relationships within and externally to the business – putting team above self.
In relation to these key skills, it is important to highlight that:
• These skills are in addition to any technical skills that might be required and the list is not exhaustive.
• Take note that good leadership is not about being perfect – it is about balance and “walking the talk.”
• You can use these areas to assess individual performance of yourself and the team.
Today, Business Leaders are constantly juggling a range of issues and challenges. These are the skills that help our leaders be effective in a changing environment.
How do you rate yourself? Score yourself on each skill area (out of 10 – where 1 = poor and 10 = excellent) and determine where you might need to focus your personal development. Assess your key leaders against the same criteria.
Where do you need to improve your skills? Add your feedback below.
Russell
Download Skills Assessment Template here
by James Atkins, Vantage Strategy & Marketing | Apr 14, 2014 | Business Tips
One way not to go to unlock innovation is to hold a brainstorm! Or at least to turn up with butchers paper, pens and little else!
You need stimuli and a process to gain insight and inspiration. You need always to be on the look out – innovation happens all around you every day!
Here’s three ways that I found have helped people think about developing innovative products and services:
1) Look at the Edges and Intersection of your Users, Products and Competition
Where are there non standard uses for your products by customer groups you weren’t targeting? How have customers used your products to solve a problem you hadn’t thought of? Which of your customers are they using your competitors products – and for what purpose?
Lead users, those who are early adopters, can be indicators of a broader market opportunity.
2XU, for instance, were able to identify that a small group of non professional sports people were wearing high performance sportswear (that they didn’t need for performance purposes!). They created a new category by making those products widely available at (relatively) lower cost. Add a fashion angle and you not only have weekday joggers wearing
2XU but it’s become acceptable weekend attire.
2) Take a Future Forward view
Take a trend and extend it as far as you can. What trends can you tap into and be ahead of the curve …Social, Environmental, Technological, Political, Regulator.
Back in 2009, Jetstar decided to jump ahead of their competitors by ramping up social media marketing whilst everyone else was dabbling at best. They allocated over 40% of marketing dollars to this segment and got stellar returns in terms of ROI. Seems sensible now but two years ago they were ahead of the curve.
3) Turn your business Upside Down and Inside Out
Change how you look at your Organisation, Staff, Supply Chain, Partners.
My favourite example here is Build-a- Bear. They completely inverted the accepted industry model. Teddy bears are a low cost, low margin, high volume, seasonal, fad based business. They created a business model that was low cost, high margin, moderate volume, all year round and experiential. From one store in the late 90’s they now have over 400.
Interestingly their revenue has flat lined lately – may well be time to turn things upside down and inside out again!
James works with a wide range of organisations from large to small, start up to established. He facilitates planning and strategy workshops, undertakes reviews, develops insights and ideas, and mentors and coaches leaders. As Chair of the Growth Leaders Forum he helps business leaders unlock their potential and chart a path to growth – http://www.vantagemarketing.com.au/
by Matt Heemstra – Cain Ellsworth & Co | Feb 27, 2014 | Business Tips
“People are tired of simple things. They want to be challenged.” – Umberto Eco
I recently finished reading an interesting book called The Challenger Sale, by Matthew Dixon and Brent Adamson. I’m not big on reading book reviews disguised as blogs, so I’m not going to spend 1000 words talking about the book. I’ll just strongly suggest it to business leaders everywhere. You can read more about it here.
The short version is this: the predominant view of sales success in recent history is that the most successful salespeople are “relationship builders”. I think most of us understand what that means – the kind of people who are good at making friends, that people like being around, that make you feel comfortable, etc. The authors suggest (based on fairly exhaustive research) that while those people are good at making friends, they aren’t so good at making sales. Their theory is that the truly successful salespeople are those who make customers uncomfortable, who ask questions that customers can’t answer, who challenge customers. Those are the salespeople who demonstrate value.
The most interesting part of that theory to me is how that idea relates to leading an organization, beyond just the sales function. How do you lead your people? Are you challenging how they think? Are you making them uncomfortable?
ChangeI’m not suggesting you don’t encourage your people, or develop relationships with them, or that you should try to make them dread going to work. What I’m suggesting is that the status quo is not acceptable. Your organization has to change to thrive – or even survive – over and over again. In order to make that change, people have to be uncomfortable with their current situation. They have to question what they’re doing & how they’re doing it. And that mindset, that constant pushing against the way things are – that has to start with the leaders.
If the leader is OK with the way things are today, all the employees will feel the same way. People will get complacent. Your organization will develop the belief that the way things are now is as good as they can possibly be. Change will be viewed as something to be avoided. And in the world we live in, that’s a death sentence for any business.
How are you leading? Are you challenging your people? Are you pushing them outside their comfort zone? Are you preparing them for a great future – or no future at all?