(Time to read this Blog is about 2 minutes)
Before we get to the main topic, here are a few things to get you thinking:
- My biz quote of the week:
“Many businesses approach to profitability is, ‘We’ll do our best and hope for the best.’ but our profit is something we plan for and commit to…not something we hope for. What is your profit commitment for this year and what are you doing to make it happen?”
- Who is nipping at your heels…and what are you doing to keep ahead? For years, Singapore Airlines was rated the #1 airline in the world. Last year, Air New Zealand took the #1 spot and this year Qatar Airlines is #1, Air new Zealand is #2 and Singapore Airlines has slipped to #3.
Whatever industry you’re in, someone is trying to be ‘better’ than you at something that matters to your target customers. Who is that in your industry or market and what are you doing to keep ahead?
- Are you constantly creating better ways of doing everything in your business? Whatever business you’re in, creating world-class operating efficiency in every part of your business is key to your success in today’s hyper-competitive world.
Example: A construction company in Hunan, China built a 57-storey skyscraper in just 19 days using innovative prefab, modular construction techniques. That’s 3 stories completed each day.
- Ice cream facts. It’s summer in the Northern Hemisphere, so here are a few ice cream facts from the USA. For all the dozens of available ice cream flavours, vanilla ice cream is still #1 at 26% of the market. That blows my mind.
‘Moose Tracks’ is the 2nd most popular flavour in 12 States…and I thought ‘Moose Tracks’ was a specifically Canadian thing. Green Tea ice cream is the 2nd most popular flavour in 5 states, including Alaska. That also blows my mind. When I think of Alaska, I definitely think of ‘Moose Tracks’! 😊
Now, to this week’s important topic:
The simple truth about ‘Benchmarking & Best Practices’:
‘Benchmarking & best practices’ is a hot subject in business today. You can pay $1,500 to attend a 2-day workshop on this subject. I’ll save you the time and the money. “Benchmarking and best practices” means finding out who does it best…and copying them. That’s it! How do they stretch that out for two days?
The easiest way to improve your business is to learn from the best. Do you know who does it better than you, anywhere in the world? Better design, better service, a more amazing customer experience, better packaging, more effective management, more efficient processes, quicker response time, better policies, marketing or promotion? What are they famous for and how do they do it? Have you studied them? Have you even checked out their website?
Who in your industry, in the entire world, has the lowest price? Are they making money? How do they do it? What can you learn from them about efficiency, logistics and process?
Who in your industry charges the highest price? What do they do to justify that high price? Are they making money? What can you learn from them about creating extraordinary customer experiences, adding value, marketing and brand positioning?
Who are the ‘disruptors’ in your industry…those innovative upstarts who may change ‘the game’ completely and make your business model obsolete? Don’t dismiss them or write them off. They may be the future.
Who are the legends, the ‘celebrities’ in your field? What are they famous for and how did they get there? In every industry there are ‘commodity’ suppliers who are undifferentiated and, usually, struggling. Then, there are the ‘experts’ who are known, respected and sought out for their knowledge and ability to deliver. They get more than their fair share of the business and often command a premium price for their products or services. And then there are the ‘celebrities’. Those few brilliant operators and tireless marketers who have mastered the art of becoming famous. Customers rave about them, text and tweet about them. The media talks about them and makes them even more famous.
So, what will you do to learn from the best…then do it even better…and become the new best? Could you take it to a whole new level and become a ‘celebrity’ in your industry? Now is a good time to start.
That’s it for this week…
Stay safe…live brilliantly!
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at firstname.lastname@example.org in Toronto, Canada.