What do you do when you find yourself in a downturn?
No one enjoys this situation – and often, the result is that we start marketing obsessively, creating an appearance of desperation for business. Ironically, no prospect or previous client is attracted to a company that seems to be hurting for customers.
Instead, we need to consider a more guided and reassured approach.
Within the professional speaking segment of my career — as opposed to the consulting and education/training aspects of what we do — I’ve noticed that spring often brings a bit of a slowdown in activity. A smaller number of conferences and conventions are held when school is not in session, and families are taking vacations, so we typically get fewer calls in the spring to book speeches for meetings in the summer months. (It’s why the National Speakers Association has always scheduled their annual convention in the summer!)
And 2024 is part of the four-year cycle of both a Presidential election here in the States and the Olympic games occurring in the same year. This often means that keynote slots usually filled by professional speakers will now go to political analysts and successful athletes.
Is there a typical time when you experience a lull in your business?
It’s tempting to view these quieter periods as detrimental. However, it’s crucial to recognize them for what they are: seasonal adjustments, part of a natural ebb and flow in the cycle of business.
Understanding the patterns of our professional landscape can transform how we perceive and react to these lulls. Instead of succumbing to frustration, we can view them as an opportunity to regroup and realign our strategies. Here are four approaches to re-motivating oneself during these slower periods:
1. Strategic Planning and Goal Setting
Use the quieter times for strategic planning and setting new goals. It’s an opportune moment to reflect on your business’s direction, evaluate past performances, and set clear, achievable objectives. This is not merely about continuation but a strategic recalibration to ensure that when the pace picks up again, you are ahead of the curve.
2. Skill Enhancement and Learning
Slow periods are ideal for personal and professional development. Whether it’s attending online workshops, reading the latest in your field, or learning a new skill that can add depth to your offerings, the investment in your growth will pay dividends when the demand picks up.
3. Strengthening Connections
Networking doesn’t only have to occur in peak business times. Reaching out to your network, checking in on colleagues, or even setting up informational interviews can foster relationships that yield future opportunities. This is also a perfect time to collaborate on new ideas with peers. Knowing you aren’t alone in this situation can provide assurance, as long as it does not become a “woe is me!” conversation. My mastermind group meets every summer – and a small group of pals and colleagues meet on Zoom every week. We help keep each other motivated and encouraged.
4. Innovative Experimentation
With more time at your disposal, experiment with new ideas that you wouldn’t during busier periods. Whether it’s a new marketing technique or a fresh topic for your speaking engagements, experimentation can lead to innovation and renewal. It was during a slower period in speaking that I created the concepts that became my bestselling book, “ICONIC.” You never know where your experimentation might lead!
Reflecting and Renewing for Enhanced Relevance
Reflecting on past successes can indeed be a double-edged sword, particularly for seasoned professionals who might worry about remaining relevant in a rapidly evolving market. Here’s how to reflect on your achievements and use them to foster continuous renewal:
Analytical Reflection: Examine your past successes to understand the qualities that distinguished you then and consider how these can be adapted or expanded upon to meet current trends and expectations.
Feedback Loops: Engage with peers, mentors, and trusted clients to get feedback on your current offerings. This can provide insights into how the market perceives your relevance and where there might be opportunities for innovation.
Personal Branding: Update your personal branding to reflect both your legacy and your adaptability to current market demands. This shows that while you respect and acknowledge your past work, you are also fully engaged with your industry’s present and future.
Continuous Learning: Embrace a mindset of continuous learning and curiosity. Being open to new ideas and approaches not only enhances your skill set but also signals to your industry that you are a dynamic and evolving leader.
Embracing Reverse Mentoring for Fresh Perspectives
Another powerful strategy I’ve employed to stay engaged and relevant during quieter times is reverse mentoring.
This involves partnering with younger professionals who not only value my experience but also challenge my thinking with their fresh, generationally unique perspectives. Here are four reasons why reverse mentoring is a critical element of staying motivated and relevant:
1. Cross-Generational Insights
Reverse mentoring allows for an exchange of ideas across generations, fostering a deeper understanding of emerging trends and consumer behaviors that are shaped by younger demographics. This can be particularly valuable for tailoring our strategies to meet the expectations of a broader audience.
2. Challenging Established Norms
Young professionals often bring a different approach to problem-solving and innovation. By engaging with reverse mentors, seasoned professionals can challenge their established norms and potentially outdated methods, ensuring that their strategies remain dynamic and adaptable to new market conditions.
3. Fostering Inclusivity
Reverse mentoring encourages a culture of inclusivity by validating the contributions of younger team members. It demonstrates a commitment to hearing diverse voices within the organization, which can inspire loyalty and a positive work environment.
4. Mutual Benefits
While reverse mentoring is designed to benefit the more experienced professional, it’s a reciprocal relationship. Young professionals gain from exposure to the seasoned insight and strategic thinking of their mentors, enriching their professional growth and understanding of the industry.
Incorporating reverse mentoring into your professional life not only bridges the gap between generations but also injects new zest into your career.
It’s a testament to the idea that learning and motivation are lifelong processes, invigorated continually by new challenges and perspectives.
Every professional will experience cycles of peak activity and slower periods. The key is to use these quieter times as strategic periods of growth and development.
By embracing these lulls as opportunities for strategic planning, learning, and innovation, you can ensure that you remain motivated and ready to meet the challenges and opportunities of your next busy season.
One common theme I’ve observed among successful organizations—from those directed by young entrepreneurs to major corporations to highly distinctive educational institutions—is their ability to differentiate themselves from their competitors.
From Apple to High Point University, from LPL Financial to BMW, they understand that customers don’t choose them for their similarities to others in the market but rather for the unique qualities that set them apart. These businesses have not only thrived but also inspired others with their success stories.
When you look at your business, ask yourself: what makes you different?
This is the key to attracting and retaining customers who value what you bring to the table. By identifying and leveraging your unique qualities, you can open a world of opportunities and potential growth for your business. Here are five steps you can take:
Innovation is a powerful differentiator. Customers are drawn to businesses that constantly push the boundaries and seek new ways to solve their problems. If you can demonstrate that you’re at the forefront of your industry, always exploring cutting-edge solutions, you’ll stand out from the crowd.
Personalization is another critical factor. A human touch goes a long way in a world of automated responses and generic customer service. I tell the story of a distinctive cab driver, “Taxi Terry.” Part of what made the experience with him distinctive was his effort to take the time to listen to his customers, understand their individual needs, and tailor his approach accordingly. Show your customers, prospects, and employees that they’re more than just a number to you.
Trust is the foundation of any strong business relationship. As one of the keynote speakers at this year’s Trust Summit organized by my great friend, David Horsager, we had the opportunity to explore how his extraordinary “Pillars of Trust” are congruent with my “Four Cornerstones of Distinction.” You can’t build distinction in a culture of distrust. Be transparent in your communications and act with integrity in all your dealings. Your customers will appreciate your honesty and will be more likely to choose you over competitors who may prioritize short-term gains over long-term relationships.
Flexibility and adaptability are also crucial. The business landscape constantly evolves, and your customers’ needs may change over time. Be willing to adjust your approach, customize your offerings, and find creative solutions to new challenges. Show your customers that you’re a flexible partner they can rely on.
Finally, don’t underestimate the importance of community involvement. Customers increasingly want to work with businesses that share their values and are committed to making a positive impact. By actively engaging in local initiatives and supporting causes that matter to your customers, you’ll demonstrate that you’re more than just a business – you’re a valued member of the community.
Your customers will choose you for your differences, not your similarities. Embrace what makes you unique.
Don’t try to be a copy of your competitors. By focusing on innovation, personalization, trust, flexibility, and community involvement, you’ll create a distinctive approach that sets you apart and attracts customers who appreciate the value you offer.
Remember, your differences are your strengths.
Celebrate them, communicate them, and use them to build lasting relationships with your customers. Distinction is the path to long-term success and growth.
In today’s hyper-competitive business landscape, an organization’s success hinges on its ability to stand out from the crowd.
Therefore, as a leader, it is not enough for you to simply manage your team and ensure smooth operations. To truly excel, you must inspire and empower your team to create distinction in every aspect of their work.
This foundational perspective on leadership is crucial for driving organizational success and separating your company from the competition. I fervently believe—and this is supported by my experience and research—that creating distinction is the key to organizational success, profitability, and creating the kind of culture that inspires the retention of your best customers and employees.
At the core of this leadership approach is the belief that distinction is not just a top-level concern but rather a responsibility that should be embraced by every department and individual within the organization. Leaders must effectively communicate this vision and provide their teams with the tools, resources, and support they need to innovate and deliver exceptional results.
One of my favorite examples is the Fairmont Scottsdale Princess, a renowned resort that has successfully created distinction in a crowded market. Rather than focusing solely on creating a distinctive resort as a whole, the leadership team with CEO Jack Miller broke down the goal into meaningful elements, such as crafting a distinctive check-in experience and providing distinctive housekeeping services. By empowering each department to contribute to the overall goal of distinction and the Ultimate Customer Experience ®, the resort was able to create a truly memorable and differentiated experience for its guests that has made it the most profitable of all Fairmont properties.
As a leader, it is essential for you to foster a culture of continuous learning and improvement within your organization. Encourage your team members to seek out new ideas, best practices, and innovations that can help set your company apart. Provide opportunities for professional development, cross-functional collaboration, and creative problem-solving. By investing in your team’s growth and development, you not only enhance their individual capabilities but also strengthen the organization’s ability to create distinction.
Moreover, leaders must lead by example and demonstrate a commitment to distinction in their own work. This means consistently pushing boundaries, challenging the status quo, and seeking out new and better ways of doing things. By embodying the values of innovation, excellence, and differentiation, leaders can inspire their teams to follow suit and contribute to the organization’s success.
The pursuit of distinction should be a top priority for any leader looking to drive organizational success in today’s competitive landscape.
By inspiring and empowering your team to create distinction in every aspect of their work, you can set your organization apart from the competition and achieve long-term success.
Remember, distinction is not just a goal but a mindset that should be embraced by every member of your organization, from the front lines to the executive suite. You can lead your team to create distinction!
In business and leadership, the pursuit of distinction and the delivery of the Ultimate Customer Experience® are paramount. Yet, a pervasive challenge that I’ve observed in several organizations threatens to undermine these objectives: the echo chamber effect.
This phenomenon, where similar thoughts and ideas circulate and reinforce themselves within a group, can stifle innovation and lead to a narrow-minded understanding of customer needs. This issue is particularly concerning in today’s diverse marketplace, where understanding and catering to a wide array of customer preferences is crucial for standing out and driving success.
The echo chamber effect is not just a social or political phenomenon; it extends deeply into the business world.
Leaders and teams often fall into the trap of designing products, services, and experiences based on their personal preferences and biases rather than on a deep understanding of a diverse customer base. This inward-looking approach can lead to the disconnect I wrote about in my book, “What Customers REALLY Want,” between what businesses offer and what their customers crave.
For instance, web designers may create complex, cutting-edge websites aimed at showcasing their technical prowess to peers, neglecting the ease of navigation and accessibility for the average user. Similarly, product developers might focus on features they find innovative or exciting, overlooking the practical needs and preferences of their target audience.
At some point, I think most of us have been on a website or using a product and thought to ourselves, “How do I work this damned thing?”
This misalignment not only hampers the customer experience but also erodes the competitive edge businesses strive for.
The echo chamber effect also reveals itself in the people we choose to surround ourselves with. In the quest for racial, gender, and other forms of diversity, it’s crucial to remember that cognitive diversity is equally important. Bringing together individuals who think differently, challenge the status quo, and offer unique perspectives is vital for fostering innovation that creates distinction and delivers ultimate experiences that resonate with a broad customer base.
Yet, often, businesses prioritize typical diversity metrics and ignore deeper, impactful cognitive and experiential diversity.
Breaking free from the echo chamber requires deliberate and strategic efforts.
It begins with cultivating a culture of curiosity and openness, where questioning and challenging the norm is encouraged.
Leaders must actively seek out and listen to voices that differ from their own, ensuring that decision-making is informed by a multiplicity of perspectives.
This involves not just listening to diverse team members but also engaging directly with a wide array of customers to understand their needs, preferences, and pain points.
Leveraging data and analytics can provide objective insights into customer behavior and preferences, helping to counteract subjective biases. Regularly testing and improving on products, services, and experiences with real users from diverse backgrounds can help ensure that you are meeting the actual needs of your customers rather than what you might presume those needs to be.
The echo chamber effect poses a significant threat to the creation of the Ultimate Customer Experience® and the pursuit of distinction in business.
By recognizing this challenge and taking proactive steps to foster diversity of thought, engage with diverse customer bases, and leverage data-driven insights, leaders can steer their organizations away from the echo chamber and towards a more inclusive, innovative, and customer-centric future.
This not only enhances the customer experience but drives sustainable growth and distinction in your competitive marketplace.
If we can assist you by bringing fresh perspectives and helping you escape the echo chamber, we would love to connect! Contact Shelley at shelley@scottmckain.com.
This afternoon, I’m in a meeting in Buffalo, New York, listening to leaders of this retail company and their vendors talk about commoditization in today’s marketplace. In today’s rapidly changing business landscape, one of the greatest challenges organizations faces is the perilous trap of the “sea of sameness.” It’s all too easy to become just another face in the crowd, blending into a swarm of indistinguishable competitors.
But fear not, for there is a powerful antidote that can help you rise above this trap – the Ultimate Customer Experience®.
In my years as a professional speaker and author, I’ve had the privilege of working with organizations worldwide, helping them understand the significance of creating an unforgettable customer experience. Here’s are seven ways the Ultimate Customer Experience® can be your ultimate weapon against commoditization:
Distinctiveness is Your Shield: In a commoditized market, customers often make purchasing decisions based on price alone unless you provide them a reason to make a different choice. When you offer a unique and exceptional customer experience, you become a brand apart. You stand out in a crowded marketplace, and customers are more willing to pay a premium for what you provide. Distinctiveness becomes your shield against price-driven competition.
Building Emotional Connections: The Ultimate Customer Experience® goes beyond transactions; it’s about forging emotional connections with your customers. When you invest in creating meaningful, memorable interactions, you develop loyal advocates who not only return but also spread the word. These customers become your brand ambassadors, helping you expand your influence.
Consistency is Key: A crucial aspect of delivering the Ultimate Customer Experience® is consistency. Your customers should know what to expect every time they interact with your brand. You cannot become “Ultimate” if what you deliver is random. Consistency builds trust, and trust is the foundation of long-term relationships. Organizations that prioritize consistency demonstrate their commitment to excellence.
Continuous Improvement: The pursuit of the Ultimate Customer Experience® is a journey, not a destination. Embrace a culture of continuous improvement, always seeking ways to enhance the customer journey. Gather feedback, analyze data, and adapt your strategies accordingly. This commitment to growth not only keeps you ahead of competitors but also delights your customers.
Personalization and Inclusivity: In today’s diverse world, personalization and inclusivity are essential. The Ultimate Customer Experience® acknowledges the individuality of each customer and ensures that no one feels left out. This works in both B2B and B2C situations. As an article in Harvard Business Review stated, “The fundamental change in B2B is that it has become more like B2C.” By catering to diverse needs and preferences, you expand your reach and make everyone feel valued.
A Competitive Edge: Commoditization often leads to price wars that erode profitability. However, by providing the Ultimate Customer Experience®, you shift the focus away from price. Customers are willing to pay more for an exceptional experience, giving you a competitive edge and increased revenue.
Authoritative Insights: As an author and professional speaker, I’ve witnessed how organizations that invest in our training on the Ultimate Customer Experience® gain authoritative insights into their industry. They become thought leaders and trendsetters, setting the standard for excellence.
It’s important to remember that the Ultimate Customer Experience® is not just a strategy; it’s a commitment to excellence that helps organizations transcend the trap of commoditization.
It’s about creating a distinct, emotional, and consistent experience that builds trust, fosters growth, and makes your brand a global leader.
As you embark on this journey, remember that it’s an ongoing process that requires dedication and continuous improvement. Seek out diverse perspectives, stay relevant on a global scale, and never stop advocating for the importance of standing out and delivering the ultimate customer experience.
And if we can help you with training your team, coaching your executives, and consulting with your leaders, we stand ready to be of personal assistance.
By embracing these principles, you’ll not only escape the commoditization trap but also lead your industry with unwavering distinction. Your customers will thank you, your brand will thrive, and your organization will reach distinctive heights of success.
Walking through airports this past week, it seemed like every terminal had a new store featuring Amazon’s “Just Walk Out” equipment. As their website says, the technology “lets consumers enter a store, grab what they want, and get going.” In the ever-evolving business landscape, the introduction of self-checkout systems was hailed as a breakthrough in customer convenience and operational efficiency – and this approach of Amazon for in-store retailing takes it to another level.
And while shopping there makes for a unique experience, it frankly also left me a little cold. No one to help…no one to say, “Thank you for shopping with us.”
My feeling of being underwhelmed by the self-serve shopping experience ties in with recent studies and observations, suggesting a nuanced impact on customer loyalty — a cornerstone for business success.
Businesses of all types who have leaned heavily into self-service technologies are finding that, while these systems offer speed and efficiency, they may also be inadvertently eroding the personal touch that fosters customer loyalty. According to a report by RBR, global installations of self-checkout systems increased by 10% in 2020 alone, signaling a growing trend in the industry.
However, this shift towards automation has brought with it an unexpected challenge: a potential decline in customer loyalty.
A study by Harvard Business Review highlights the importance of human interaction. It found that customers who had a personal interaction with a staff member were 23% more likely to return to the store. This statistic underscores the value of human engagement in creating a memorable and loyal customer base.
A major supermarket chain known for its extensive use of self-checkout systems observed a gradual decline in repeat customers. An internal survey revealed that 35% of customers felt less connected to the brand due to the impersonal nature of self-checkout.
In contrast, a regional grocery chain that focused on personal service over automation reported a 15% increase in customer retention over two years. Their approach included trained staff at checkout points, offering assistance, and engaging with customers, which significantly enhanced the shopping experience.
The LeBow College of Business at Drexel University examined how grocery store self-checkout systems influenced customer loyalty compared to regular checkout systems. Yanliu Huang, Ph.D. and Farhana Nusrat, Ph.D., discovered that loyalty and repeat business decreased among customers using self-checkout – and the disconnection was higher the more items the customer purchased.
In other words, the better the customer, the less likely they were to return to do more business with you after they used self-checkout.
The key for any business to create an Ultimate Customer Experience® is to find the right balance between technological efficiency and human interaction.
For instance, introducing a hybrid model where self-checkout is available alongside traditional manned checkouts can cater to diverse customer preferences. Additionally, employing technology to enhance personal service, such as mobile apps that offer personalized recommendations or assistance, can bridge the gap between efficiency and personalization.
Looking forward, every business must discover how to navigate the delicate balance of integrating technology while maintaining the human element that fosters customer loyalty.
As noted by a Fortune 500 CEO, “The ultimate customer experience is not just about the efficiency of the transaction, but the emotional connection made during the process.”
Customer loyalty is not just about the product but also about the overall experience.
The challenge lies in integrating technology in a way that enhances, rather than replaces, the personal service that customers value. By doing so, businesses can create an experience that is not only efficient but also emotionally rewarding, fostering a loyal customer base in an increasingly competitive market.
How can we help you create distinction and deliver the Ultimate Customer Experience®? From ongoing consulting and in-depth training programs to dynamic keynote speeches and interactive workshops, we stand ready to take your organizational culture to the iconic level!
