Do you believe you offer the best service, product, or skills in your area… yet maybe you are still not getting the results you are looking for? “Hey!” you say, “What gives? Don’t people want The Best?”.
Well… no. Contrary to popular belief, there is a different reality behind why your customers choose you - or your competitors.
Who Gets Chosen?
Think of McDonalds hamburgers for a moment. They are the top-selling hamburgers in the world. But, are they the best hamburgers? Most people I ask say, “No”! So how did they get to be number one, and chosen so consistently often? Because there is more to success than being the best!
Now, I’m not criticizing the fast food industry; in fact, it has done a superb job of combining two of the most desired things on the planet: Fast and Food.
We like fast food because it meets specific needs. Under certain circumstances, people will trade the absolute element of quality for speed… and if you can put a little “special sauce” on it, well, so much the better.
The point is, McDonalds’ success isn’t about being the best. McDonald's became so successful because their food doesn’t taste bad and is occasionally innovative. But more importantly, they are chosen so often.
“Success isn’t about being the best at what you do, it’s about being consistently chosen to do it.” - David Hutton
Here’s a radical idea I’d like you to consider: There really IS no such thing as The Best! If we could actually agree on what is best, everybody would choose it. But the next day, something else would come along and be the New Best. So, fortunately for us in business, people don’t necessarily choose what’s best… they choose what they are comfortable with.
In other words, people will choose what they FEEL is the best for them. That’s right, I used the “F” word: FEEL! People buy or choose to deal with others based on their feelings. They may know McDonald’s isn’t the best, but they know it is dependable and fast, all the time - which gives them a feeling of trust.
So, logic may get them to you, but they SELECT you based on the feelings they get because of you. And that is the secret to being consistently chosen.
Before we go further, let’s look at the logic part of this. This logic says you must have something to offer something that people want.
To meet this need, you pursue the methods, tactics, and knowledge behind what you do. For example, McDonalds makes decent burgers from good ingredients, cooked to the right temperature and they serve it fast. That’s the logic behind the product and is what initially draws people to them.
So let’s be very clear at this point: You should be as good as you can be at what you do so you can bring value to every exchange.
But simple skill and knowledge are not enough; they are one sided and are just the price of admission. After all, anybody can make hamburgers and, indeed, many are considered better than McDonalds. Yet “Mickie D’s” remains at the top.
Why?
Because they know there are other factors at work besides “being the best” and they exploit them. McDonald’s continually asks the one important question:
“What really matters to the people that are our customers?”
This was brought home to me recently while attending a real estate appraisal and valuation course, where we were given many lengthy, tricky, even crazy exercises in figuring gross square footage of a property. The class complained loudly over these seemingly unrealistic problems.
But I reminded my classmates that we must learn all of this so we can quickly and accurately evaluate the properties we are entrusted to sell or buy for our clients. That’s a “no-brainer,” as they say. That’s the science we spoke of a moment ago.
But square footage doesn’t sell a house by itself… it gets you in the door. The fireplace, the backyard or kitchen, the local schools or golf course – that’s what sells. The “feel” of experiencing these things is what people ultimately focus on. It’s all very personal – and far removed from the science.
McDonalds gets this; their advertising combines a simple musical jingle with an emotionally charged slogan, “I’m loving it.”
They know that once you start singing these words and putting it together, mentally, with their hamburgers, they have you. Being the best is no longer important.
Everybody wants the same three things; Love, Money and Prestige. They want to be cared about, have some security and be acknowledged as ‘someone’ in the world. So instead of being the Best, be good. Then ask yourself these questions:
1. Do I know what really matters to the people that are my customers?”
2. Do I have care and concern in my business transactions – and is it detectable?
3. Can I show proof of my integrity, stability and value?
4. Will people ultimately end up looking good, by doing business with me?
Answering these questions with “Yes,” will be the stuff of my next update.
27 March 2010
02 March 2010
Warren Buffett Speaks
I'm asked all the time about making money in the stock market. Well, I'm no expert... I'm still working on it. But plenty of people are and Warren Buffett is one of them. He is arguably the world's greatest stock investor and a bit of a philosopher. He pares down his investment ideas into simple, memorable sound bites. So lets look at them, shall we?
Rule No. 1: Never Lose Money.
Rule No. 2: Never Forget Rule No. 1.
Buffett lost about $23 billion in the financial crisis of 2008. So how can he tell us to never lose money?
Its the mindset of a sensible investor. Don't be frivolous. Don't gamble. Don't go into an investment with a cavalier attitude that it's OK to lose. Be informed. Do your homework. Buffett invests only in companies he thoroughly researches and understands. He doesn't go into an investment prepared to lose, and neither should you.
Buffett believes a successful investor doesn't focus on being with or against the crowd. He remains focused on his goals.
Rule 3: If The Business Does Well, the Stock Eventually Follows
Buffett knows that investing in a stock equates to owning a piece of the business. So Buffett seeks out businesses that exhibit favorable long-term prospects. Does the company have a consistent operating history? Does it have a dominant business franchise? Does the business generate high and sustainable profit margins? Finally, is the company's share price trading below expectations for its future growth?
If so, it's a stock Buffett may want to own.
Buffett never buys anything unless he can write down his reasons why he'll pay a specific price per share for a particular company. Do you do the same?
Rule 4: It's Better to Buy a Great Company at a Fair Price Than a Fair Company at a Great Price
Buffett is a value investor; he likes quality stocks at rock-bottom prices. His goal is to build more operating power by owning stocks that generate solid profits and capital appreciation for years to come. During the recent financial crisis, he stockpiled great long-term investments by investing billions in names like General Electric and Goldman Sachs.
To pick stocks well, set down criteria for uncovering good businesses, and stick to their discipline. For example, seek companies that offer a durable product or service and also have solid operating earnings and the germ for future profits.
Or, you might establish a minimum market capitalization you're willing to accept, and a maximum P/E ratio or debt level. Finding the right company at the right price -- with a margin for safety against unknown market risk -- is the ultimate goal.
Remember, the price of a stock isn't the same as the value you get. Successful investors know that.
Rule 5: My Favorite Holding Period Is Forever
How long should you hold a stock? Buffett says if you don't feel comfortable owning a stock for 10 years, you shouldn't own it for 10 minutes. Even during recent times, Buffett loyally held on to the bulk of his portfolio.
Unless a company has suffered a sea change in it's prospects, such as impossible labor problems or product obsolescence, a long holding period will keep an investor from being too fearful or too greedy. Fear and greed cause investors to sell stocks at the bottoms or buy at the peaks -- thus destroying portfolio appreciation for the long run.
From Stephanie Loiacono and investopedia.com
The recent financial meltdown didn't change anything. The unfussy sayings from the Oracle of Omaha still RULE! So you see, we don't have to be experts when we already have them in our back pockets.
P.S. I do wonder, though, how Mr. Buffett would fare if truly lost everything.
Rule No. 1: Never Lose Money.
Rule No. 2: Never Forget Rule No. 1.
Buffett lost about $23 billion in the financial crisis of 2008. So how can he tell us to never lose money?
Its the mindset of a sensible investor. Don't be frivolous. Don't gamble. Don't go into an investment with a cavalier attitude that it's OK to lose. Be informed. Do your homework. Buffett invests only in companies he thoroughly researches and understands. He doesn't go into an investment prepared to lose, and neither should you.
Buffett believes a successful investor doesn't focus on being with or against the crowd. He remains focused on his goals.
Rule 3: If The Business Does Well, the Stock Eventually Follows
Buffett knows that investing in a stock equates to owning a piece of the business. So Buffett seeks out businesses that exhibit favorable long-term prospects. Does the company have a consistent operating history? Does it have a dominant business franchise? Does the business generate high and sustainable profit margins? Finally, is the company's share price trading below expectations for its future growth?
If so, it's a stock Buffett may want to own.
Buffett never buys anything unless he can write down his reasons why he'll pay a specific price per share for a particular company. Do you do the same?
Rule 4: It's Better to Buy a Great Company at a Fair Price Than a Fair Company at a Great Price
Buffett is a value investor; he likes quality stocks at rock-bottom prices. His goal is to build more operating power by owning stocks that generate solid profits and capital appreciation for years to come. During the recent financial crisis, he stockpiled great long-term investments by investing billions in names like General Electric and Goldman Sachs.
To pick stocks well, set down criteria for uncovering good businesses, and stick to their discipline. For example, seek companies that offer a durable product or service and also have solid operating earnings and the germ for future profits.
Or, you might establish a minimum market capitalization you're willing to accept, and a maximum P/E ratio or debt level. Finding the right company at the right price -- with a margin for safety against unknown market risk -- is the ultimate goal.
Remember, the price of a stock isn't the same as the value you get. Successful investors know that.
Rule 5: My Favorite Holding Period Is Forever
How long should you hold a stock? Buffett says if you don't feel comfortable owning a stock for 10 years, you shouldn't own it for 10 minutes. Even during recent times, Buffett loyally held on to the bulk of his portfolio.
Unless a company has suffered a sea change in it's prospects, such as impossible labor problems or product obsolescence, a long holding period will keep an investor from being too fearful or too greedy. Fear and greed cause investors to sell stocks at the bottoms or buy at the peaks -- thus destroying portfolio appreciation for the long run.
From Stephanie Loiacono and investopedia.com
The recent financial meltdown didn't change anything. The unfussy sayings from the Oracle of Omaha still RULE! So you see, we don't have to be experts when we already have them in our back pockets.
P.S. I do wonder, though, how Mr. Buffett would fare if truly lost everything.
18 February 2010
The other day a young man, named Ryan, asked me what I thought he should do. He had many ideas about what he might do, and mentioned some of things he had dreamed of doing. He even had reasons why he wasn't doing other things because "..right now, I'm not able to do them," as he put it.
As we talked he began the familiar litany of reasons why he CAN"T do the things he mentioned. He had some great ideas, some real life changers. But his speech was peppered with a constant stream of why he cannot do them. Some of these negative notions had come from others, and some he had decided on his own.
After listenting to him I laid out the simple formula that could get him where he wnated to go:
1. First decide what your Prime Directive is.
This isn't so much what you want to do, but that which you know you should be doing. There will be time for big dreams later - at the moment, there are things you should be doing to advance yourself to the next step. Decide what that is.
2. Stop listening so much to the naysayers.
For example, Ryan had been told by his father in law that one of the hings he had looked into would only lead to problems, hardships and ultimately, failure. But I saw a different reality - if he gave that thing an honest effort of only 80%, he would make more money than he had ever dreamed of, gain prestige and obtain a respected position in the community. It was done before by others and wasn't earth shaking, meaning it was very possible. SO who should he be listening to?
3. Eliminate CAN'T from your own vocabulary.
Our internal dialogue should be guiding us to where we need to go - not knocking us back to the ground. The one person you should be able to trust is yourself. So focus on CAN phrases. Instead of saying, "I cant do that because..." say, "I can do it, and here's how, why, etc." Direct your mind to see the solutions and face the difficulties, as opposed to cutting off your own legs - - and doing nothing.
Winston Churchill once said, “When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life... most of which had never happened”
If you are going to GO, DO and BECOME anything, you have to first be convinced that it is the right thing to be doing at this time. Then you have to choose your counsel well, from among those that realistically support you. And finally, you have to face the fact that you CAN do whatever it is you choose, as opposed to stopping before you start.
As we talked he began the familiar litany of reasons why he CAN"T do the things he mentioned. He had some great ideas, some real life changers. But his speech was peppered with a constant stream of why he cannot do them. Some of these negative notions had come from others, and some he had decided on his own.
After listenting to him I laid out the simple formula that could get him where he wnated to go:
1. First decide what your Prime Directive is.
This isn't so much what you want to do, but that which you know you should be doing. There will be time for big dreams later - at the moment, there are things you should be doing to advance yourself to the next step. Decide what that is.
2. Stop listening so much to the naysayers.
For example, Ryan had been told by his father in law that one of the hings he had looked into would only lead to problems, hardships and ultimately, failure. But I saw a different reality - if he gave that thing an honest effort of only 80%, he would make more money than he had ever dreamed of, gain prestige and obtain a respected position in the community. It was done before by others and wasn't earth shaking, meaning it was very possible. SO who should he be listening to?
3. Eliminate CAN'T from your own vocabulary.
Our internal dialogue should be guiding us to where we need to go - not knocking us back to the ground. The one person you should be able to trust is yourself. So focus on CAN phrases. Instead of saying, "I cant do that because..." say, "I can do it, and here's how, why, etc." Direct your mind to see the solutions and face the difficulties, as opposed to cutting off your own legs - - and doing nothing.
Winston Churchill once said, “When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life... most of which had never happened”
If you are going to GO, DO and BECOME anything, you have to first be convinced that it is the right thing to be doing at this time. Then you have to choose your counsel well, from among those that realistically support you. And finally, you have to face the fact that you CAN do whatever it is you choose, as opposed to stopping before you start.
24 January 2010
I listened recently to a radio program about the the "letters" of great men and women. Down through the ages, the written letter has given insight and solidity to the people that fill our histories. Through the letter, we are privileged to catch a glimpse of their inner workings.
Interestingly, it is the letters they DIDN'T post that often reveal the most about them. The next day, before the postmans arrival, they were reconsidered and tossed in a drawer or box... never sent to their recipient. More than a few reputations have been saved because of the unsent, hand-written missive.
One of the unseen impacts of electronic communications is that we guard our words less and less. We don't speak with significance or care, and we write well-considered letters far less than in the past. Some of us may have simply stopped doing so. Electronic "laziness" has set in, frankly.
But, that doesn't eliminate the power of the word. Modern arrogance does not remove the onus of being earnest and saying what matters. Firing off whatever pops into your head, trying to "keep it real" or be spontaneous... well, that is a poor salve for being insincere.
So, I recommend you attempt to treat ALL the things you write as serious. Everything you write in internet forums or post to your blog, for example, can be seen by the world. The internet has given us far more exposure than our predecessors ever had; millions of people can read what you say in the electronic age. And our words last a long time - I recently googled a topic, and stumbled over something I myself had written years before. Obviously, this makes it all the more important to be aware of the impact your words may have.
So, if you want to avoid membership in the "Foot-In-The-Mouth Club," behave as if you are writing a letter each time you begin clicking the keys. Consider what you say and how you say it, expecting that it cannot be retrieved or undone once you hit "SEND."
SUCCESS TIP: Do you want to really make an impact on someone? Send them an old-fashioned letter, card, etc. You WILL be remembered for it - I guarantee it..
Interestingly, it is the letters they DIDN'T post that often reveal the most about them. The next day, before the postmans arrival, they were reconsidered and tossed in a drawer or box... never sent to their recipient. More than a few reputations have been saved because of the unsent, hand-written missive.
One of the unseen impacts of electronic communications is that we guard our words less and less. We don't speak with significance or care, and we write well-considered letters far less than in the past. Some of us may have simply stopped doing so. Electronic "laziness" has set in, frankly.
But, that doesn't eliminate the power of the word. Modern arrogance does not remove the onus of being earnest and saying what matters. Firing off whatever pops into your head, trying to "keep it real" or be spontaneous... well, that is a poor salve for being insincere.
So, I recommend you attempt to treat ALL the things you write as serious. Everything you write in internet forums or post to your blog, for example, can be seen by the world. The internet has given us far more exposure than our predecessors ever had; millions of people can read what you say in the electronic age. And our words last a long time - I recently googled a topic, and stumbled over something I myself had written years before. Obviously, this makes it all the more important to be aware of the impact your words may have.
So, if you want to avoid membership in the "Foot-In-The-Mouth Club," behave as if you are writing a letter each time you begin clicking the keys. Consider what you say and how you say it, expecting that it cannot be retrieved or undone once you hit "SEND."
SUCCESS TIP: Do you want to really make an impact on someone? Send them an old-fashioned letter, card, etc. You WILL be remembered for it - I guarantee it..
04 December 2009
HOW TO KILL YOURSELF
Rocker Tommy Lee once said, "We're not here for a long time, we're here for a good time!" You tell 'em, Tommy.
Many of us follow his lead every day by shunning the most basic principles of Darwinian evolution, trying to kill ourselves through food, toxins and all manner of reckless lifestyles. If you'd like to get in on the act with Tommy, here are the Top Ten surest paths to self-destruction. Who needs a life worth living, any way?
10. Sacrifice Sleep
Inadequate sleep (less than 7 or 8 hours a night) has been tied to many different health problems, including obesity, diabetes and cancer. Mental fatigue is an equal risk factor for vehicular accidents as alcohol. SO burn that candle at both ends. And just think of all the time you'd have for destructive behavior if you stopped sleeping altogether! Eureka!
9. Ignore the Doctor
If you don't want to hear the doctor denounce the rest of these tips for self-destruction, just don't go. Early disease detection and important medical consultation will surely get in the way of your Tommy Lee lifestyle.
8. Dumb Down Your Brain
Reading, doing crosswords, tackling sudokus and other brain stimulating activities are known to ward off the effects of Alzheimers and other forms of senile dementia. So, forget trying to be smarter if you want to live a short life. Just let your brain rot, instead. The rest of you wont be far behind.
7. Sex
Sex in itself isn't bad... it's how you do it that means life or death. The smart self-destructor doesn't use protection, ignores the partner's sexual history and shuns the annual medical exam. Twelve million Americans contract sexually transmitted diseases every year, many of which leave the victim infertile. Killing yourself and preventing new births? Now there's a win-win!
6. Drive a Lot
If you want to increase your chance of living to a ripe old age, fly everywhere. Driving kills more people, aged 1 to 35, than anything else. Stay home and this becomes a non-existent threat. But what fun is that?
So hit the road and hit the gas. While you're at it, text on your cell phone, eat fast food AND neglect to buckle up.
5. Drink a Lot
The occasional drink of alcohol, especially red wine, can be beneficial to your health. But if you want to do yourself in right, overdo the two-drink-per-day limit. If you're lucky, you might become an alcoholic, contract diabetes AND get liver damage, too!
4. Stress Out
Creating more stress in your life is a great way to invite all kinds of diseases to attack the body. Chronic stress inhibits the immune system and allows disease to attack. So, if you wanna check out early, worry about everything from the color of your socks to whether dinner will be ready on time.
3. Watch More TV
Not only is television entertaining, it keeps us on the couch for hours at a time. The average American spends a full 9 years of his life glued to the boob tube. You could go ride a bike or take a walk, but that might be healthy - an we can't have anything but a wasted, sedentary existence if we want kill ourselves.
2. Smoke Tobacco
Tobacco-related illnesses are America's number two killer. So, if you really want to die early and leave your loved ones behind, light up. Just one cigarette will immediately increase your blood pressure and decrease the circulation to your extremities. Imagine what you could do with a pack!
1. Eat Junk
Here you go, number one. This isn't to say that eating healthy will undo the other nine destructive life behaviors. But, last year, at least 400,000 Americans killed themselves based almost solely on what they ate. Looking for the most effective, probably most enjoyable way to do yourself in? Have another doughnut... hell have six a day. And make them cream-filled!
Taken from the LiveScience.com website
Many of us follow his lead every day by shunning the most basic principles of Darwinian evolution, trying to kill ourselves through food, toxins and all manner of reckless lifestyles. If you'd like to get in on the act with Tommy, here are the Top Ten surest paths to self-destruction. Who needs a life worth living, any way?
10. Sacrifice Sleep
Inadequate sleep (less than 7 or 8 hours a night) has been tied to many different health problems, including obesity, diabetes and cancer. Mental fatigue is an equal risk factor for vehicular accidents as alcohol. SO burn that candle at both ends. And just think of all the time you'd have for destructive behavior if you stopped sleeping altogether! Eureka!
9. Ignore the Doctor
If you don't want to hear the doctor denounce the rest of these tips for self-destruction, just don't go. Early disease detection and important medical consultation will surely get in the way of your Tommy Lee lifestyle.
8. Dumb Down Your Brain
Reading, doing crosswords, tackling sudokus and other brain stimulating activities are known to ward off the effects of Alzheimers and other forms of senile dementia. So, forget trying to be smarter if you want to live a short life. Just let your brain rot, instead. The rest of you wont be far behind.
7. Sex
Sex in itself isn't bad... it's how you do it that means life or death. The smart self-destructor doesn't use protection, ignores the partner's sexual history and shuns the annual medical exam. Twelve million Americans contract sexually transmitted diseases every year, many of which leave the victim infertile. Killing yourself and preventing new births? Now there's a win-win!
6. Drive a Lot
If you want to increase your chance of living to a ripe old age, fly everywhere. Driving kills more people, aged 1 to 35, than anything else. Stay home and this becomes a non-existent threat. But what fun is that?
So hit the road and hit the gas. While you're at it, text on your cell phone, eat fast food AND neglect to buckle up.
5. Drink a Lot
The occasional drink of alcohol, especially red wine, can be beneficial to your health. But if you want to do yourself in right, overdo the two-drink-per-day limit. If you're lucky, you might become an alcoholic, contract diabetes AND get liver damage, too!
4. Stress Out
Creating more stress in your life is a great way to invite all kinds of diseases to attack the body. Chronic stress inhibits the immune system and allows disease to attack. So, if you wanna check out early, worry about everything from the color of your socks to whether dinner will be ready on time.
3. Watch More TV
Not only is television entertaining, it keeps us on the couch for hours at a time. The average American spends a full 9 years of his life glued to the boob tube. You could go ride a bike or take a walk, but that might be healthy - an we can't have anything but a wasted, sedentary existence if we want kill ourselves.
2. Smoke Tobacco
Tobacco-related illnesses are America's number two killer. So, if you really want to die early and leave your loved ones behind, light up. Just one cigarette will immediately increase your blood pressure and decrease the circulation to your extremities. Imagine what you could do with a pack!
1. Eat Junk
Here you go, number one. This isn't to say that eating healthy will undo the other nine destructive life behaviors. But, last year, at least 400,000 Americans killed themselves based almost solely on what they ate. Looking for the most effective, probably most enjoyable way to do yourself in? Have another doughnut... hell have six a day. And make them cream-filled!
Taken from the LiveScience.com website
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