When you think of the word leverage it generally ends up with a negative image intended mind. It sounds like being in debt.
In financial terms, leverage can have some negative connotation but today I am going to talk about the positive effects of leverage.
Archimedes is supposed to have said “give me a lever long enough and a fulcrum on which to place it and I shall move the world.” The biggest advantage of leverage that with very small effort you can achieve massive results. Little hinges swing large doors.
Moving in your car versus walking is leverage, automating a factory is leverage and all these help tremendously
In marketing (and sales also as part of marketing ) there are tremendous processes where we can leverage on things like automation etc.
But my favorite kind of leverage is relationships. These could be relationships with customers, relationships with vendors or your network. If you have enough good relationships in place, as Archimedes mentioned in a different context, you can grow your business dramatically.
However in any relationship is always better to give, before you get. That way the principle of reciprocity comes into play. Otherwise the person will feel exploited or used.
Other than relationships good sales people are tremendous leverage. A successful advertisement / message in one market can be leverage to get into other markets faster.
A CRM can help the new salesperson on speed faster to the accounts that she needs to target because all the historical information about the prospect is available.
A family of aspirational products and brands are also leverage for the company.
I would love to hear what is your favorite leverage in marketing or sales.
Till next time then.
Yesterday I wrote about my experience taking the COVID-19 vaccine.
Well yesterday late night the side effects of taking the vaccine started showing. I had so much weakness that all night and all day today, I was only sleeping.
Why am I telling this. It’s a known fact that there are side effects of taking the vaccine.
What is important though is that I got blindsided by the intensity of the weakness. Due to this I had to cancel all my meetings today.
In the technology market you can get blindsided so very often. A lot of you may have heard of the mobile phone brand Nokia. It was the number one brand and then it got blindsided by Apple with their iPhone. Today you don’t even hear about Nokia mobile phones.
For a product manager in the technology space, where the pace of change is so rapid its very easy to get blindsided and suddenly your product is not needed by your customers.
For today, this is all since I am still having a lot of weakness.
Today I went for my first shot of vaccination.
I had heard that in India we have now reached a vaccination figure of 2.5 million a day. That’s a very large number of people. My expectation was that there will be massive chaos when 2.5 million people are being vaccinated in a day.
In India all the Covid vaccination is free. In case you want to get the vaccine administered at a private hospital then there is a very small fee which the hospital can charge for the services.
I was amazed when I reached the government hospital in Noida. I must congratulate the government authorities for such elaborate arrangements to ensure social distancing, to ensure that not a single person faced any issue while getting the vaccine. In India we are generally apprehensive of government hospitals but my view of this handling has completely changed my view of government run hospitals.
Today whoever we spoke to after the vaccination, we absolutely referred this government hospital because of the amazing service we got with everyone from the security guards who were directing the flow of people, to the people who were administering the actual vaccine, to the CoWin App which the government has made.
Which brings me to another aspect of marketing. We rarely use referrals as a strategy to grow the business. Most of us including me sometimes, think that the customer is doing us a favour by referring us to others. On the other hand as you will see from my experience, I actually wanted to tell everyone about my experience because it was so good and because I want them to have the same experience. When they have the same experience they will thank me for it, which will make me feel even better.
We will explore referrals over the next few posts more.
Till next time
Yesterday I heard the amazing statement above, that I could not stop myself from sharing it with you.
All my life I have heard that time is money because it is one resource which cannot be replenished so you should use it very wisely.
I have worked on improving my ability to utilize my time and am continuously looking for ways to leverage my time. I stopped driving my car for health reasons, but now I feel that driving a car is not the best use of my time and I take a cab so that I can make better use of my time.
I delegate tasks to my team members so that I can work on higher value tasks.
Yesterday during the training from Ilovemarketing mastery program, I heard the coach from Strategic Coach talk about this. She explained this concept so well.
All time is not equal. The time spent in building relationships pays many times over compared to any other time spent.
As a matter of fact Richard Koch in his books also talks about this in the 80/20 rule. While I have read his books but this time the way this coach explained was so awesome that it hit me.
Being in marketing I have always prided myself for the relationships I have cultivated but I realized after this training that I could have achieved an even higher level of success if I had built even better relationships.
Most of my success in my career has been because of the people who supported me and believed in me and therefore gave us business. My own capabilities maybe limited but these relationships multiplied those so many times over
See how you can spend more time on building relationships by first giving because as Joe Polish says Life Gives to the Giver.
Till next time.