(Time to read this Blog is about 4 minutes)
Before we get to the main topic, here are a few things to get you thinking or smiling:
- My Biz Quote of the week:
“Technology makes it possible for us to continuously improve our business. But, we must also have the passion and desire to improve…plus a sense of what ‘better’ might look like in every part of our business.
The technology itself is useless without the vision of a better future and the passion to get there.”
…Donald Cooper.
- Quick Biz Tip:
2 weeks annual vacation simply doesn’t cut it anymore.
‘Vacation time allowed’ is a major factor in attracting and retaining top performers, but many businesses still stick with the old 2 weeks of annual vacation for the first 5 years of employment…and then 3 week’s vacation for each of the next 5 years. They’re completely out of touch with the reality of employee expectations and lifestyles these days.
North America is way behind other countries on this. In Australia, employees are entitled to 4 weeks off per year, but it’s common to receive 5-6 weeks of vacation. In Italy, Germany and the Netherlands, the mandatory minimum is also 4 weeks of paid vacation.
In Sweden and France, employees are entitled to a minimum of 25 days (5 weeks) of paid vacation.
How does your vacation policy need to be changed to make you congruent with the ‘work-life balance’ realities of your current and future employees?
- Fun Fact – Dogflation: The lifetime cost of owning a large dog in Canada is $54,000, up 17% in just one year. The lifetime cost of owning a small dog averages just $17,000.
- The high cost of hosting the FIFA World Cup. Between Toronto and Vancouver, over $1 billion in taxpayer money will be spent to host 13 matches. Since 1966, only one World Cup host city has turned a profit (Russia in 2018).
- Deliberate customer annoyance is a calculated strategy for many companies that are betting that you would rather give up a few bucks than jump through a frustrating series of hoops.
A recent study by a Stanford University economist found that many companies are intentionally making it as difficult as possible for us to do everything from cancelling subscriptions to getting a flight refund.
This so-called ‘annoyance strategy’ (think long hold times, hidden fees and stonewalling customers on refunds) costs US an estimated $165 billion a year. Turning basic customer service interactions into a test of mental willpower is quite profitable, especially when it comes to cancellations. A companies’ revenue can jump by 200% simply by making it harder to cancel subscriptions to their product.
- How I can be helpful: If your company, Industry Association or local Chamber of Commerce has a Conference this year, I’d love to chat with you about how my bottom-line insights on effective management, value creation, the customer experience, sales & marketing, creating a ‘winning culture’, accountability and profitability can be helpful.
I deliver transformational keynote Sessions, half-day and full-day Programs, complete with ‘Business Assessment & Management Implementation Tools’ that have transformed 100s of businesses around the world. I’m easy to find at donald@donaldcooper.com.
- AI Update: To overcome internal resistance to AI, rather than focusing on task automation and job reduction, focus on how AI can make people more valuable by freeing time for work that matters, like making better decisions, developing growth strategies, improving quality and productivity, creating more compelling value and stronger customer connections.
Now, to this week’s important topic:
What are you doing to be the ‘Caring Coach’ for your target customers?
Whatever product or service you sell, your target customers are confused and stressed about what’s best for them and how to wisely choose and effectively use what you sell.
The answer is to be their ‘Caring Coach’. Here are few examples of businesses that ‘get it’:
- OFF Insect Repellant offers a weekly online ‘Mosquito Forecast’ for all areas of North America. This coaches folks on how to properly prepare for the insect hazard in their area throughout the season.
- Hues Art Supplies in Saskatoon offers classes in the various art forms, for which they supply materials. They’re coaching and empowering people to explore their creative potential…and buy art supplies.
- On their website, a Heating & Air Conditioning (HVAC) Company coaches folks on why the proper humidity setting is important to your home and your family…and they coach you on how to achieve that.
- Each July, Staples issues ‘Canada’s Official Back To School Guide’ to coach families on what their kids need to be prepared for a successful year in the classroom.
What might being the ‘Caring Coach’ look like in your business? Sit down with a few of the best minds and hearts in your business and make a list of all the things that your target customers might be confused and stressed about when it comes to choosing, buying and using what you sell. What don’t they know about you and what you sell that they should know?
Then, get creative and figure out how you’ll Coach them to be aware of, to wisely choose, buy and effectively use…and, in some cases, update, maintain and eventually recycle or dispose of what you sell.
That’s it for this week…
Live brilliantly and be kind to each other!
Donald Cooper
Donald Cooper speaks and coaches internationally on management, marketing, and profitability. He can be reached by email at donald@donaldcooper.com in Toronto, Canada.
