Learning from these posts

education, experiences, learning, mindset

Joe Polish had this wonderful statement which he’s made multiple times in his podcast ilovemarketing.com. There’s 3 ways to imbibe a learning or training –

First is by taking a course, attending a seminar etc.

Second is by practicing what you read, heard etc. By actually putting your training into practice, you are able to see both the positives and negatives and also based on that you formulate your own enhancements to what you learnt

Last and most effective is when you are able to teach the same thing to someone else. That’s because then you prepare to answer questions from the people who are attending the training. But the bigger benefit comes when you get to see where the questions are coming from….something that you had not even envisaged. That firmly establishes your learning forever.

I have written more than 400 posts now which cover 3 primary areas viz. Marketing, Human Potential, Financial Independence. These posts are an outcome of what I have personally experienced and what I have learnt by spending on books and trainings.

Some of you may read these posts for intellectual entertainment, but if you want to benefit, then you will need to practice on the ideas that I list. But if you want some of them to stick then not only practice but also teach the ideas you find worthwhile.

My endeavor is to see if I can help even one person improve their life because of what I write, then this daily writing would have achieved its purpose.

Till next time then.

Carpe Diem!!!

Working backwards from the customer result- Part 4

Assumptions, Customers, differentiation, Marketing, single target market

Till now we have looked at the Future Reality tree, then we have highlighted the unsaid assumptions so we don’t miss a ‘snake in the grass’ which can mess up our plans. Then we identified the various use cases for a simple regular item like engine oil for cars.

Now let’s move forward with the example of the engine oil for cars. We identified OEMs (brand owners like Ford, Mitsubishi etc.), service stations and gas stations.

Lets take first – Gas stations. There could be gas stions which are right in the heart of the city and there could be those which are on the Inter State highways. Both sell to retailers who come to fill gas and may ask for a top-up. But the ones on the highway will fill a larger amount of gas because they may be traveling long distance. Can you think of how you can package your engine oil sales with the higher intake of gas….

On the other hand the person who is taking gas in the city may not get his engine oil filled because he can send his car for service during the week end. So the gas stations in the city may see a lower number of people asking for engine oil versus the ones who are traveling long distance and want to have a hassle free ride.

For the product management person, it is now important to figure out the kind of packaging she will do for these 2 different kinds of gas stations , the kind of pricing options, the kind of promotions…..there are so many ways to get creative to figure out how you can work through different markets within in a niche also.

But if you think of only engine oil as the niche then it becomes difficult to think of differentiated strategies. The moment you think from the end result – a person wanting a hassle free long distance ride you can start getting creative.

One person whom you should listen is Dean Jackson on his podcast morecheeselesswhiskers.com and another podcast that he does with Joe Polish ilovemarketing.com. Just listening to them will get your creative juices flowing.

Till next time then

Carpe Diem!!!

Return on Relationships

Business, Partners, relationships

Relationships are all about building bonds which are generally based on trust. Once people start trust you, they also open up and share things with you. As the trust grows, the bonds grow stronger and people start wanting you to also succeed.

Return on relationships is a concept I learned from Dean Jackson. He’s one of the most fundamentally sound people and can cut through the problems and reach the core reason extremely quickly. You can listen to his podcasts on Morecheeselesswhiskers.com or Cloudlandia or Ilovemarketing.com. He talks about return on relationships from the vantage point of how many customers come back to you for more and refer other customers to you.

My concept of partnerships or “riding the elephant” are all about relationships at the core. Nothing in business moves if you don’t build relationships. How good your relationships are is measured by the fact if you get a lot of your business with repeat customers or you get referred a lot to different people.

There used to be a saying – its not what you know but who you know that is important. There has to be an extension to that statement – its not what you know but who you know, who is willing to refer you, that is important.

So you may have a lot of connections on social media platforms like Linkedin, but if they are not willing to refer you, then they are unimportant. The onus of getting people to refer you is your responsibility so that you program them to think about you when they come across something in which you excel. Getting referrals on a consistent basis is the best way to get business, because you don’t have to invest your time in convincing people to look at you.

Have a look at how much of your revenues are happening because of business coming in from the cold versus repeat customers and customers that have been referred. The lower the first part the more profitable your business.

Till next time then.

Carpe Diem!!!

Compelling versus convincing

compelling, education, education, Marketing

The appreciation of the difference in the words Compelling & Convincing, and its implications in marketing was made possible due to Dean Jackson. I would highly recommend his podcasts Morecheeselesswhiskers.com and his podcast with Joe Polish, Ilovemarketing.com.

Whenever you place an argument in front of a person, even with all the data in the world and show them a conclusion, they will be resistive to it. If the conclusion is not drawn by the person herself, she will always try to find the “catch”. What is it that she’s missing.

On the other hand if you educate a person and logically lead them on a path, then the conclusion that they draw is their own and then they are compelled to look at you.

Look at Apple. They have well designed products no doubt. But look at the closed hierarchy of systems they have created. Every few months they have some global launch in which they showcase how the integration between their products and the newer technologies they are launching will make your life even more comfortable.

Till about 4 -5 years back we didn’t have a single Apple device, we now have 8. And my family members wait when a new item is getting launched. Apple does not try to convince them to buy, but they have got so strongly hooked into the Apple ecosystem, they will give you all the reasons why you should not buy anything else.

A person who is compelled to take action will be your customer for a long time because she has taken the decision based on the education you have given her.

So instead of trying to convince people to your point of view, give them the tools by educating them and compel them to take an informed decision.

Till next time then.

Carpe Diem