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.
If you search Wikipedia the network effect is how the value of the good or services increases with the number of participants. Companies which operate on this kind of a phenomenon grow in value exponentially. Think Amazon. The more the participants on the market place that they have created, the more the customers whose needs will get fulfilled and they will buy more, more often. This is positive feedback loop with more consumers on the marketplace, more the people who will want to sell on the Amazon Marketplace. The growth of these kind of companies is exponential.
In case of B2B having connections with people and keeping relationships alive is a big positive. While social media helps getting connected to people, it does not help build relationships. So while I may have a 1000+ connections on Linkedin, my relationships would be very limited.
You build relationships by giving first. By doing that you invoke the reciprocity principle espoused by Robert Cialdini in his book Influence. What is however even more important, is to keep the relationships alive. People keep moving. They changes places, they change jobs. When they do that, they get connected to more people. To emphasise the value of your individual network, Joe Polish runs Genius Network which is a network where super successful entrepreneurs network and master mind.
The more people you know, the more people who fall into your network. I have had introductions to people because of my relationships that I cultivated over years. Those connects in turn helped us get even bigger, because now there were more people who got connected to us and invited us to work with them. Such people who can connect you to such major influencers can change the trajectory of your business completely. The more pf these kind of people you form relationships, the more influencers you get connected to indirectly.It was typical to the definition of the Network Effect I spoke about earlier. This kind of exponential growth is compounding over a period of time.
You have to however be patient. “Rome was not built in a Day” applies to building relationships as well. Also not everyone you “give first” will reciprocate and you don’t know the timeline when they will reciprocate, if they ever will. But you keep doing this work on a consistent basis because when the critical mass is reached, there’s a sudden explosion in the kind of business you can grow.
Till next time then.
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
I wanted to take this opportunity to thank all of you who read my posts and follow my blog. I hit two milestones in the last few days. The first one I crossed 400 posts total and the second one is that I have written one post everyday for the last 200 days.
One of the main reasons that I have been able to achieve this milestone is that you read my posts. I am grateful.
I talk about the the first step or just one step etc. Just so that all of you , who have started following my blog recently, understand where I have come from, I took the first step to writing my blog in 2017. There were a lot of start and stops. I thought I had to be an amazing writer with deep facts. Those were all the items my brain was showing resistance (creating fear) to do work for writing the posts.
Initial couple of years, I let the resistance overrule me and I put up posts only once in a while. After that I heard Joe Polish multiple times talk about being prolific versus being perfect. I slowly started putting up the posts a daily basis. these were typically short posts so that I didn’t have to have too much mental load of making a perfect post. The idea was that you could read this post on your mobile / tablet while waiting in the line for your coffee.
I have tried to maintain that style. Rarely are my posts longer than -3 minutes read and I try to give out the core message within that timeframe.
Whether its getting your marketing right or your financial independence, or your health – the 3 key themes I write about – just start, like I have. Once you start the momentum eventually carries you through. Today I feel incomplete if I don’t spend the 45-60 min to write a post for you.
Till next time …. for our next milestone