strategy

Do You Know Your Target Audience?

October 25, 2018 By kwmccarthy

Are your sales not where you would like them to be?

With many new clients, I often find that the failure to aim narrowly at a specific target audience is

confusing clients
extending the sales process
demanding on salespersons
losing them business

Is your marketing strategy and plan truly promoting your goods and services to the right people?

Time and again when interviewing business owners, salespersons, and marketers, I find their marketing message falls short because of confusion over a target market versus a target audience. This simple strategic marketing mistake costs dearly as the customer is left confused with messages that speak at them instead of to them. Confused customers are less inclined to buy.

Conducting a target audience analysis identifies specific needs, wants, hopes, and aspirations.

When you speak the customer’s language it offers assurance that you understand them and know how to solve their problem. Their comfort that you can identify their specific problem draws them to a conclusion that you are more appropriate and capable of caring for them.

When you’re perceived to be a less risky purchase, then the value proposition tilts in your favor. More sales can follow.

Communicating in generalities leaves customers guessing.

Here are two examples of ads from home heating and air conditioning companies in a local paper.

Ad #1 reads: “We’re the number one HVAC specialists. Call us for all your needs.”

Ad #2 reads: “Has your home air conditioning system just stopped? Call and be cool soon.”

Advertiser #2 has invested a bit more time that speaks to the specific needs of his target audience. It may appear a more expensive and narrow strategy, but the real test is not the number of calls, but the number of qualified calls. What do you think, will #2 beat #1?

Follow this simple On-Purpose Business Person rule of thumb:

Now that you’re thinking about the concept, who’s your target market and target audience? Want to talk it out? We’re here to help you.

Just Because We Can, Do We?

July 19, 2018 By kwmccarthy

Spread way too thin?

Does your “To Do List” look more like an “It’ll Never Get Done List”?

Welcome to my world where I have

more ideas than time
more projects than production capacity
a willing work ethic that admittedly tends toward workaholism

Who in your life is asking you this question: “Just because we can, do we?”

As a business advisor who develops deep strategy and designs businesses, I’ve seen far too many entrepreneurs and business owners confuse their capacity to perform as their reason to perform.

“We can do that!”

Having the ability to do something isn’t necessarily a sound reason for actually taking it on. I’ve been learning to be far more judicious about what I do. I also keep an “Ideas” file. Placing my scribbles and thinking into notes and notecards tends to discharge the energy or the immediacy and provides a cooling off period where perspective can be gained and better judgments made about what matters most.

Admittedly this is easier to write about than to live into.

The phone rang from a new business advisory client. I took the call. The business was in a revenue freefall.

Sales had dropped from $220 million to $70 million.
The business fundamentals had changed.
The unexpected death of the co-founders created chaos and confusion.

The young new family ownership was unprepared to lead or manage a business of this scale. Something had to change—fast!

The business had many functional strengths in operations, finance, facilities, brand, and such. Tremendous business capacity resided with relatively very sound infrastructure. They could do business, but could they remain in business?

Business is an inside-out reality.

What’s happening within the business is reflected outside the business. Customer engagement is important; however, it is leadership and management who create the means for that engagement to shrivel or thrive.

Marketing, in this case, had never been strategic. The deceased owner had a knack for it. Today, no one was at the helm with a feel for the business. In short, the company was in the midst of a very costly identity crisis that affected the internal culture and marketing. The customer experience suffered and very predictably, sales plummeted.

Working with the new owners and the hired president, we crafted a heartfelt purpose, vision, missions, and values. Then we partnered to develop a business plan. It rippled into a renewed marketing plan, sales plan, sales tools, sales training program, and field train-the-trainer program.

Let’s just say, probably a million dollars was invested in the entire project by the time we were ready to launch.

The relaunch date of the company was set. Company-wide months of thought, effort, and resources had been poured into this push to reinvigorate the business. A special convention was called to unveil the months of planning and preparations.

The week before the big relaunch, the company president attended a technology conference extolling the opportunities to be found in that industry, an unrelated business. The president, however, figured, “We have a loyal customer base and the capacity to attempt this. They’ll follow us.” This was true, but not wise.

Over my and his managers’ vigorous objections, he hurriedly hijacked the conference agenda, threw together a presentation of his vision, and launched a business concept (no support in place, mind you, to execute) to his 500-person sales force flown in and housed at the company’s expense.

Need I say more! The sales force wasn’t just confused, they were red-hot angry. It was as if a “bait and switch” had happened right before their eyes. The owner was playing around willy-nilly with their livelihoods.

The day after the “announcement,” the engagement with On-Purpose Business Advisors was mutually ended. The company could pursue what eventually proved to be—no big surprise—a very costly tangent that killed trust and momentum … and eventually put the company all but out of business.

Of course, this client had a host of people telling him not to do what he was doing. He just refused to listen and paid with his family’s business.

An idea alone, even a great idea, is never justification or rationalization for starting new initiatives, projects, or companies. In most cases, investing the same effort to launch something new is more wisely invested in updating, upgrading, and deepening what exists already.

Let the simplicity of the On-Purpose business approach guide you: Do More of What You Do Best More Profitably. A great exercise for new projects or businesses is to use The Service Model to design and develop your idea.

By capturing the essence of your thinking with a consistent approach, you will be more realistic.

Then file it away and give yourself a cooling off period. Later pull it out and evaluate it against the other opportunities, projects, and ideas you have.

Personal/Team Discussion: Show and read this On-Purpose Business Minute to your team and ask the following: Considering the many projects and opportunities on our plate, assess each against … Just because we can, do we?

The drive to make money and the capacity to produce are not predictors of customer acceptance. What lessons or stories do you have to share about leading the organization?

Is Your Work Working?

May 3, 2018 By kwmccarthy

How does one meaningfully align and engage one’s heart in his or her work?

Is work truly just a job or is it an expression of something deeper?

The On-Purpose^® Principle (Pp<=>Po) is about “The purpose of the person (Pp) aligned with the purpose of the organization (Po).” Today, let’s further dissect The On-Purpose Principle up close and personal.

By the way, the Purpose of the Organization doesn’t just refer to a business. A marriage, family, hospital, agency, team, department, church, or club are just a few examples of the many organizations where this is applicable.

TOPBPerson cover — Click the Cover to Purchase

So how do you make your work work?

The clean and clear articulation of your purpose is the starting point. After that, decide to infuse your purpose into your decisions and actions. Your thoughts, spiritual posture, and language will begin the shifting or (to borrow a sailing term) “coming about” to catch the full strength and flow for the design of your life.

The difference is like bumping along in your car on a washboard dirt road versus getting on the interstate. The car and driver are the same but your life is on a smooth track.

All organizational development is within The On-Purpose Principle.

If you stay on the surface of it, the simplicity of this “equation” can deceive you. Ponder it for a bit, and you’ll discover that almost all of leadership and management theory is fundamentally attempting to create high alignment and integration of the purpose of the person with the purpose of the organization.

So if you truly seek to be a leader of your life and a person others would follow, invest some time to understand The On-Purpose Principle. You can read more about it in The On-Purpose Business Person.

How Much Planning Is Enough?

April 26, 2018 By kwmccarthy

“How much planning is enough?” is a question I’m often asked by business clients. It poses an interesting query because some of us are planners and others of us are more action-oriented.

There is a fine line between “gettin’ ready” and “gettin’ going.”

None of us are immune from the dilemma of how much is enough.

I see this in my business and life, and, even, authoring books and articles or producing On-Purpose Business Minutes.

Here’s one of my On-Purpose Proverbs on the topic. Perhaps it will give you a rough rule of thumb:

People who don’t have time to plan, need to plan more. People who have time to plan, need to execute more.

Figure out which one “people” you are and adjust accordingly!

Here’s a bit of a litmus test for you to see if you’ve got it right.

If your business is making sufficient revenue AND you have a high degree of personal and professional satisfaction PLUS you’re optimistic about the future, then chances are you’ve struck the right chord. If, however, the previous sentence doesn’t describe your current reality, then use The On-Purpose Proverb above to make a quick assessment of where you need to adjust your attention to find improvement.

Planning is typically considered to be in the wheelhouse of strengths for executive officers.

The reality is we all need to be planners to some degree. The difference in planning from the boardroom compared to the mail room is the scope and authority of the influence. The greater the authority and number of people following the plan, the more important the role of planning becomes to the organization.

Oh! One last thing. When doing planning, please make sure you execute on at least one thing: create a written plan, even if your plan is as simple as a “to do list” with names and dates. The “I Got It Right Here Between My Ears Plan” is really a dream without a deadline, details, and typically, satisfying results. You’re too at-risk of being distracted by shining new objects that cross your path.

“The executive of the future will be rated by his ability to anticipate his problems rather than to meet them as they come.” — Howard Coonley

Admit it! You’re prone to unproductive distractions, but chances are if you’re a person who invests time to watch the On-Purpose Business Minutes, then you’re committed to working on you, to becoming a better person and leader. What tips or suggestions can you offer us? Please use the comment section below to share your wisdom and school of hard knocks lessons learned.

How To Get To Business Clarity

January 18, 2018 By kwmccarthy

We have just started a New Year. 2018 is rich with possibilities—so rich, in fact, it can be overwhelming.

My word for you for this coming year is this:

Depth through business clarity.

We’re all a bit ADD these days with the pace of life and the demands on us at work. It is easy to bounce from activity to activity. Playing in the shallow end of business typically produces meager results. You’re ready! Wade into the deep end of the pool.

Be more mindful in 2018 to keep your business simpler and more focused on what matters most.

Work on depth of

thinking
planning
relationships
business performance

Instead of being scattered across the plains of busyness, get focused on the gains in business that await when your team and you pursue excellence over expedience. Once you’ve positioned your business to be a leader, then you can focus on doing more of what you do best more profitably. Sounds like The On-Purpose Business Person to me. Re-read it this New Year.

Need some executive coaching or small business advisor services or consulting? We’re here to help! Email me.

Why Is Life So Hard?

October 10, 2017 By kwmccarthy

In this On-Purpose Minute we’re exploring one of the greatest hidden impediments to living a better life: confused language, in general, and—specifically—the words of strategy and planning. Purpose, vision, and mission are used synonymously though they are not the same. Each has a unique quality, capacity, and meaning.

Each strategic term of Purpose, Vision, Mission, and Values answers a specific question and speaks to a distinct aspect of personal and organizational strategy.

Purpose: Why do I exist? (Being: Identity and worth)

Vision: Where am I going? (Seeing: Direction and dreams)

Mission: What do I do? (Doing: Planning and action)

Values: What is important? (Choosing: Decisions and importance)

On-Purpose, therefore, is when your heart, head, and hands are aligned and integrated with the highest values.

On-Purpose^® is both a process and state of being strategically integrated while giving practical expression to who you truly are. You prosper others and yourself—it’s a win–win. As a result, you can’t help but make a difference.

Too many of us live our lives desperately seeking “to make a difference.” It is a noble aspiration, but a misguided approach. When the focus is the result and not the cause, then we’re almost sure to get distracted and detoured.

Instead, focus on becoming the personal leader of your life.

Know who you are—really.

Write your 2-word purpose statement.
Invest the time to clarify your vision and missions.
Specify your values—the boundaries and guidelines of your life that matter most to your overall health and well-being.

Need help? Explore The On-Purpose Shop for books, tools, coaching, and more.

Decay and destruction are easier than growth and construction. Being on-purpose is work … but consider the alternative. And that, dear reader, is why life is so hard.

Rock–paper–scissors chart (Photo credit: Wikipedia)

When there isn’t agreement on the definitions of Purpose, Vision, Missions, and Values—but plans are made with them—then those plans are confused. Confused plans result in under-performance. Under-performance calls for a review and update of the plans. Rock–Paper–Scissors!

Can a good old game of Rock–Paper–Scissors help you to unlock the difficulties of your life?

Yes!

Rock breaks scissors.
Scissors cut paper.
Paper covers rock.

We know the rules and the game.

The problem isn’t the process, tools, or sincerity of the people. The problem is outside of the system. The terms of leadership and strategy are confused so the entire “game” is rigged against you to almost always fall short.

Have you ever asked yourself, Why am I so frustrated and overwhelmed? Do you think you’re crazy or something is wrong with you?

If you’re crazy, then you don’t know you’re crazy. If you think you’re crazy, then you’re sane enough to know you’re not going mad. All this, therefore, means you aren’t crazy—just stressed, worn, and detoured from the life of your dreams but not the life of your reality.

When the world within us is confused, directionless, and searching, to assume the world outside of us is going to magically provide what we’re looking for is stepping on the unhealthy path of voluntary victimhood.

To make sense of the world about you, make sense of your life.

Start with consistent definitions of purpose, vision, missions, and values. Then, answer the questions above. The On-Purpose Person provides the method and steps to lead your life on-purpose.

What Is Your Cost of Poor Direction and Communication?

July 13, 2017 By kwmccarthy

At a client management roundtable I facilitated, the participants emphasized the lack of direction and communication. Their sentiments were echoed and validated by an employee survey. When asked to perform a financial assessment on the cost of poor communication and direction, within two minutes these leaders had calculated over $12 million in costs or 25% of the company’s gross revenues.

Is this high cost an exaggeration? Not at all. Their experience is typical.

Through the years I’ve invited clients to assess the cost of being off-purpose. Consistently, it is a breathtaking percentage of revenues. Here’s why: every line item on the financial statements is affected. The effect, however, is mostly indirect so the true cost is out of sight on the typical performance metrics.

Broadly insufficient direction and communication reflect on the top leaders. Experience tells me it isn’t that the top leaders won’t direct or communicate, it is that they don’t know what to communicate.

Direction and communication are deep strategic matters residing in the office of the CEO and C-suite.

Purpose, vision, missions, and values form the basis of core strategy that informs the business plan. Generalities instead of strategic clarity muddy direction and communication. When the leadership and management team are fuzzy, then the supervisory and frontline people are left guessing what to do.

Interestingly, those who “guess” better than most, get promoted. They imagine being in management will give them the opportunity to manage better than they were managed. In fact, they soon discover they’re just closer to the source of the problem and are even more exposed to the risks of managing through the mud. This can lead to a feeling of being squeezed between upper management and frontline workers.

On one hand, one wants to be loyal to their employer; yet, on the other hand, it is really hard to defend dumb policies and procedures with no basis of strategy or logic. In top management’s defense (to some degree), it is a fine line to walk between leading and managing versus dictating and micromanaging.

If you are the CEO, figure out your strategy and direction and commit yourself and your team to being true to it. Sell it consistently with great internal communication and reward right behaviors.

One of the great movie lines of all time comes from the movie Cool Hand Luke starring Paul Newman. The chain gang prison captain says to Luke after rendering a whipping on him, “What we’ve got here is … failure to communicate.” Watch Video.

Indeed, we do have … failure to communicate. Imagine being in my shoes and seeing huge gains and savings to be had in a business, yet the leader is out of the comfort of his or her experience or they assume they are communicating.

Expecting others to be mind readers is frustrating for everyone.

Purpose is the beginning of clarity in life and business. It pays big dividends to be on-purpose.

Employee Engagement: How Are Your Three E’s?

October 27, 2016 By kwmccarthy

Peter Drucker, the famous management guru, spoke of doing business with effectiveness and efficiency. Let’s add another “E” to the equation: Engagement, as in “employee” engagement. Learn to assess your career and business using these 3 E’s and you’ll be amazed what might be revealed about your career, team, or business.

Engagement has more recently come to the forefront of employee discussions by The Gallup Organization. I admit to being a huge fan of their work on Employee Engagement. Twenty years ago, I had the pleasure of partnering with a Gallup leader on a client assignment, and I was roundly impressed. Several years back, I reconnected with their work again through a client’s company. Their books and StrengthsFinder survey are first rate as well.

Jim Harter, Ph.D., author of New York Times bestseller 12: The Elements of Great Managing, talks about the power of Gallup’s 12 questions at this Gallup site.

Team Engagement is one of the primary measures for a Chief Leadership Officer™. If you’re leading a business, then you need to get your head into this topic. Leadership of people is the future — engage with it! Be a CLO

Efficiency. Effectiveness. Engagement

Chapter 7 of Chief Leadership Officer will positively rock your take on employee engagement. Basically, the very use of the term “employee” dooms the engagement effort to failure. An employer-employee relationship is transactional. Whereas, engagement is relational.

Chief Leadership Officer – order your book today!