Hey there! I’m excited to kick off the Lessons Learnt series with you, where I’ll be sharing insights gained over my 37 years as a business advisor.
Each video will be short and sweet, focusing on three or four key takeaways about a particular topic.
Today, we’re diving into Marketing and Promotion. I want to share with you three key insights that may change your perspective.
If you find that you want to dive deeper into a particular insight, please let me know! I’m always happy to help.
And, as a bonus, please feel free to explore the free resources we offer on our website, ww.shifft.com.au. We have a wealth of blogs, videos, templates, courses, and more available for you to explore.
Of course, if you ever need any one-on-one support, I’m always here to assist you.
Thanks for tuning in, and I hope you have a great day!
In the 2024 landscape, Mindshop’s Business Leader Success Insights Report emerges as a vital beacon for leaders navigating through the tumult of modern business challenges. This article synthesises the report’s essential messages, distilling actionable insights and strategic directives aimed at enhancing leadership effectiveness and organisational performance.
Embrace Change and Innovation
The report commences by urging leaders to adopt a contrarian mindset, challenging conventional wisdom to foster innovation. It highlights the importance of ‘Timeboxing’ for enhanced productivity and underscores the critical role of operational excellence in achieving superior organisational efficiency.
Leadership and Team Dynamics
A significant emphasis is placed on ‘Modelling the Way and Being the Coach,’ advocating for leadership through example and the cultivation of a coaching culture within teams. The report also advises leaders to ‘Learn from the Right Peers,’ stressing the value of mentorship and peer learning in personal and professional development.
Sustainable Growth Strategies
The insights further delve into ‘Profitable Growth,’ promoting strategies that ensure revenue growth aligns with profitability. ‘Customer Centricity’ is highlighted as pivotal, with a focus on aligning products and services with customer expectations to drive business success.
Technological Advancement
An important aspect of the report is the encouragement to ‘Leverage AI & Technology,’ recognising the transformative potential of technology in operational efficiency and competitive differentiation.
Strategic Simplification
Leaders are encouraged to create a ‘Stop Doing List,’ identifying low-value activities to eliminate, thereby focusing on what truly matters. Building a ‘Higher Quality Team’ is identified as essential, advocating for diversity in skills and expeditious management of underperformance.
The Mindshop Way
Lastly, the report champions the ‘Mindshop Way,’ advocating for the adoption of streamlined business methodologies that simplify complexity, supporting growth and development.
Action Steps to Abandon Outdated Practices
In parallel, the report advises leaders to abandon counterproductive practices such as the endless pursuit of ‘Unicorn Team Members,’ a ‘Fixed Mindset,’ and the sustenance of ‘Loss Making Products & Services.’ It also warns against tolerating ‘Toxic Team Members,’ neglecting ‘Work/Life Balance,’ and the pitfalls of ‘Living on Social Media.’
Strategic and Emotional Intelligence
Abandoning ‘Echo Chambers’ and ‘Strategic Planning with No Implementation’ are highlighted, alongside the importance of addressing ‘Emotional Intelligence Blind Spots’ and the risks of engaging with ‘Unworthy or Poor Quality Customers.’ Lastly, it suggests leaders should stop ‘Worrying About Things You Can’t Change,’ to focus on actionable priorities.
Implementation and Support
The report culminates with a call to action, urging leaders to integrate these insights into their strategic planning. It recommends completing the Growth and Profit Solutions (GPS) diagnostic, crafting a personal one-page plan, and engaging with Mindshop advisors for tailored support.
In conclusion, the Mindshop Business Leader Success Insights Report 2024 offers a comprehensive blueprint for leadership and organisational excellence. By adopting its strategic recommendations and abandoning outdated practices, leaders can position their businesses for success in an increasingly complex and competitive environment. The synthesis of these insights not only provides a roadmap for the year ahead but also underscores the ongoing journey of learning, adaptation, and growth essential for contemporary business leadership.
Marketing is one of the most important and time-consuming activities of business owners as we all want the right image for our business and more of the right clients. We want them to not only see but to also understand what our business offers and how they can differentiate us from our competitors.
That’s what Marketing is all about. It is creating specific brand images in the minds of our target customers and advertising is the mechanism used to communicate these images to them.
Unfortunately, most businesses do not have a formal marketing plan and their marketing and advertising becomes a series of uncoordinated events. Businesses are often talked into advertising programs that are not linked to any marketing plan.
So how do we avoid falling into that trap? It is important to note that the secret is in coordinating a sequence of activities targeted at clear customer segments and that there is no magic one event in a marketing campaign that works all the time, every time. It is a process of trial and error.
American advertising guru, Ian Ogilvy, made the famous remark “I know that 50% of my advertising budget is wasted; the trouble is I don’t know which 50%”. So with that, here’s a process that will help to ensure that you do not waste your money.
Step 1 – Set Objectives
Set clear objectives and start with your Business Plan. Decide whether marketing activities are for the purpose of “brand awareness” or a “call to action”. Take note that both have different response times. Highlight tangible benefits that make your products, services and you different.
Step 2 – Test
Test your message before committing to it with a sample size of at least 30 responses. Gather responses and build in a response mechanism to your ads. Google Adwords can be a cheap & effective method for doing this.
Step 3 – Do It
Run the ads, conduct the promotional workshop, use the script, put up the sign, make the offer, etc.
Step 4 – Measure Effectiveness
After implementing Step 3, determine following:
Was the communication received and understood by the target market?
Were the sales objectives achieved?
You may never fully solve Ian Ogilvy’s dilemma, but follow this process and you will do much better than he did.
In a recent blog we discussed how we can make sure that marketing is effective for our business. This blog reiterates that while you need ensure the effectiveness of your Marketing, it is also crucial to ensure that it is effective all-year round.
Businesses will often gear up for events such as Christmas, Mother’s day, Father’s day, Stocktake Sales and the like, and then accept that there are quieter periods in the rest of the year. But really, this should not be the case. What can we do to market all-year round?
Let’s look to multinational companies to explore this issue. It gets hard to compete when you are reacting all the time to promotions of big players and you feel you have to follow. Unfortunately, most businesses react by putting on sales which may actually reduce your profits due to the size of the discounts offered to get a response from the price conscious customers.
But we have to realize that the thing that makes multinationals successful in marketing is that they know how to make their customers think that everything is for sale all the time. How do they do this?
Here are 3 steps to follow.
1. Determine the purpose for the promotion
Knowing the purpose sets the stage for the rest of the promotional plan because it lets everyone involved understand what it is for and why the outcome should be successful. Also, tell all your staff about the promotion and ask for their ideas.
2. Set specific targets
Setting specific targets allows you to focus your marketing dollars and your message on a specific area that is more likely to act on your promotion i.e. your loyal customers. Plan your advertising to match the customer – this is a much efficient way to increase sales, target margins and sell specific products or services.
Make sure you’re running and interesting promotion and not just discount sales. Why not try to package your products to see how your customers react to this kind of offer?
3. Evaluate the success of your promotion
If it clicks, identify how you can measure if it was a successful promotion. Identify a specific increase in sales needed to compensate for any decrease in the price. And in the end, make sure you evaluate the overall success of the promotion.
Now, here are 8 questions that can determine whether your marketing activities are worth your time and money. In our experience, if your score is below 48 then you are not getting value for money for your advertising, and your result will be mixed.
Rate yourself on these 8 questions by scoring 0 to 10, with 0 – lowest; 5 – average, with some ideas in writing; 10 – strongly planned, well organized:
Use the result as a guide for the things you need to improve on to make sure you’re running successful and effective marketing activities that can stand any season or any event.
Remember that successful marketing is the backbone of a business and will determine your financial future.
Russ was interviewed on OKRs as part of the GTMHub Podcast series on OKRs and performance measurement in business. In this interview, Russ covers a lot of ground like the ways OKRs can help small businesses, a walk through of how to cascade OKRs, how to approach tracking metrics when you’re first starting out and the dangers of being efficient in the wrong places at the wrong times.
0:00 Intro
2:00 Russell Cummings’ background
5:02 Challenges small and big companies
7:30 2 ways to use OKRs in a small businesses
16:20 Best business practices
20:40 Stop and prop
21:24 Forcefield analysis
23:23 Engaging employees
27:38 Growing 2-20 million dollar companies
32:50 Stories of success
44:46 Rapid fire questions
50:30 Outro
In the dynamic world of business, effective decision-making is the linchpin for success. Yet, many managers grapple with the challenge of lacking a clear process. Fear not, for I bring you a practical model designed to simplify decision-making for small business owners and managers.
Let’s delve into this uncomplicated, yet potent, approach that promises to enhance the decision-making prowess of your small business team.
The Decision-Making Model
At the heart of this model lies simplicity, breaking down decision-making into four distinct quadrants.
In Quadrant 1 (Q1), the boss takes the reins independently.
Quadrant 2 (Q2) involves a discussion, but the final call rests with the boss.
Quadrant 3 (Q3) encourages team discussions, but the team member makes the ultimate decision.
Lastly, Quadrant 4 (Q4) requires minimal discussion; the team member autonomously decides.
This straightforward framework provides a roadmap for navigating the intricacies of decision-making within your small business team.
Quick Tips for Implementation
To seamlessly integrate this model into your business, set clear expectations for each quadrant. Discuss potential scenarios pertinent to your business, fostering conversations around roles and responsibilities.
For example, certain decisions may fall within the team member’s domain (Q3), while others necessitate the boss’s input (Q2). Making the model a regular reference point during discussions ensures a shared understanding among your team, promoting consistency and efficiency in the decision-making process.
Implementing with Your Team
When introducing this model to your small business team, simplicity is key.
Explain it in clear, straightforward terms, and prominently display it in your workspace as a visual guide.
Encourage your team to refer to it during discussions, creating a shared language and approach to decision-making.
By making the model an integral part of your team’s dynamics, you promote transparency and efficiency, paving the way for smoother decision-making.
Conclusion
In essence, this accessible decision-making model is tailored to empower small business teams. By incorporating it into your operations, you simplify decision-making, enhance accountability, and foster a more transparent and efficient decision-making process.
For any queries or further assistance, feel free to reach out. Here’s to smoother decision-making and the success of your business!
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