The Straight Line to Business Success
Did you know that we humans can’t walk in a straight line without visual cues to keep us focused on our path? Not only can’t we walk straight, we actually walk in circles if we can’t clearly see where we’re going.
It seems we also drive our businesses in circles if we don’t have strong focal points like clearly defined visions, goals and strategies.
It’s easy to see the parallels in our business environments. Without a clear vision of where we’re going, it’s easy veer off course. In the business world, we’re constantly bombarded by internal and external demands for short-term change. Those demands are often driven by overly narrow data analysis (such as daily or even hourly comps), emotional reactions, gut feel, wild ideas, competitive shifts, and more.
So what do we do about it?
The Immense Value of “Slop” Time
Lately, I’ve been thinking a lot about thinking. We spend such a large portion of our days reacting to issues flying at us from all directions that we can easily lose sight of where we’re headed and why we’re going there. We’re so busy that we don’t have time to think, and failing to allot time to think is ultimately counterproductive. Taking time (and even scheduling time) to reflect on past actions and consider future courses of action is more important than we often realize.
Consider this quote from former Intel exec Dov Frohman in his book Leadership the Hard Way:
“Every leader should routinely keep a substantial portion of his or her time—I would say as much as 50 percent—unscheduled. Until you do so, you will never be able to develop the detachment required to identify long-term threats to the organization or the flexibility to move quickly to take advantage of random opportunities as they emerge. Only when you have substantial ’slop’ in your schedule—unscheduled time—will you have the space to reflect on what you are doing, learn from experience, and recover from your inevitable mistakes. Leaders without such free time end up tackling issues only when there is an immediate or visible problem.”
The Tree Stump Theory
As truly amazing as the human brain is, it’s not able to re-process everything we see anew every time we see it. So, our brains take some shortcuts by basically ignoring things we are very familiar with, and that can cause us trouble any time we have interactions with people who don’t have the same level of familiarity with something as we do. I usually talk about this in reference to customer experience but it actually applies to many areas of our lives.
To illustrate the concept, I have my Tree Stump Theory…
“We Tried That Before and It Didn’t Work”
“We tried that before and it didn’t work.”
Man, I’ve heard that phrase a lot in my life. And truth be told, I’ve spoken it more than I care to admit.
But when something fails once in the past (or even more than once) should it be doomed forever?
I was once lucky enough to hear futurist Bob Johansen speak, and he said something that really stuck with me:
“Almost nothing that happens in the future is new; it’s almost always something that has been tried and failed in the past.”
Bought Loyalty vs. Earned Loyalty
Acquiring new customers is hard work, but turning them into loyal customers is even harder. The acquisition efforts can usually come almost solely from the Marketing department, but customer retention takes a village. And all those villagers have to march to the beat of a strategy that effectively balances the concepts of bought loyalty and earned loyalty.
I first heard the concepts of bought and earned loyalty many years ago in a speech given by former ForeSee Results CEO Larry Freed, and those concepts stuck with me. They’re not mutually exclusive. In the most effective retention strategies I’ve seen, bought loyalty is a subset of a larger earned loyalty strategy.
So let’s break each down a bit and discuss how they work together.