If your biased and you know it clap your hands

Organizational alignment isn’t necessarily a positive. Huh? Having everyone on the same page, aligned, and headed in one direction can be a very good thing…unless of course the same page happens to be in the wrong book and/or the direction is the wrong direction.

There is something called ‘Choice-supportive bias‘.
In short, you ascribe much value to the known quantity that is your decisions.

When someone looks to take a company or a division a new direction or re-align sales territories they are bucking the system. Perhaps in a small way, perhaps in a big way, but either way, there is no longer alignment but rather diffusion is introduced.

If you are in sales or marketing you run up against this everyday. When I am selling something I am attempting to challenge another individual’s (or company’s) past decision/s. This is emotional. People, myself included, really like the decisions we have made and sometimes hate it when people try to ‘buck’ their system.  Continue reading

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Ascribing Value: How your clients view your brand

The human mind is generally far more eager to praise and dispraise than to describe and define. It wants to make every distinction a distinction of value; hence those fatal critics who can never point out the differing quality of two poets without putting them in an order of preference as if there were candidates for a prize. -CS Lewis

Rarely do you hear a referral/non-referral of a product or service that is void of emotion. Rather, it’s based on emotion. We find ourselves using the features and aspects of a service to justify our emotion behind the praise/dis-praise always adding a personal bias to what it is we are describing. Lawn care, a bowling ball, outsourced technology, a CPA – none are exempt from this range of thinking.

Thus, as a marketing/sales person I must remember the ramifications of this as I engage in the market place.

  • Our clients, to no fault of their own, will only dig as deep as their recent emotion to validate or dismiss the product/service.
  • Managing expectations may be the most crucial aspect in protecting the future praise of your service
  • In a service model, strong client relationships protect against dis-praise and/or promote praise despite the actual evidence for such a testimony
  • Law of diminishing return will set it in with long standing clients, the pain, now gone due to your product/service, tends to lose meaning over time, thus emotions must be stoked through proving new value and/or services that further enable or prevent pain
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Baumol’s Cost Disease and What it Means to You

When I went college it cost roughly $5,000 a year for tuition and books (yes, it was a state school). The same school now costs about $8,000 a year. My guess is that the education hasn’t changed much materially but the cost has increased roughly 60%. Why is this the case?

Baumol’s Cost Disease  – in short - a rise of cost with little corresponding increase in productivity

Many people, wrongly in my assumption, have turned to education as a way to punt on these ‘hard economic times’. They have chosen to stay in school or go back to school in search for greener pastures that they assume will be there after graduation. This has led to a surge in demand causing a material increase in the cost of education while the quality in education has remained constant and/or declined due to the volume/quality argument. Continue reading

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4 C’s of Business Development

Business Development (BD) seems to be the buzzword of 2011 (probably 4th behind Cloud, Social Media, and Merger).  As new business has been difficult to find, even harder to win, and harder still to be profitable on, the profession has started turning over new rocks in search of some answers. The quest for good professional services business development people is underway at many firms.  In other cases firms are looking to partners to pick up their BD efforts as part of their role in being a partner. Either avenue your firm takes, it’s important to consider the basic qualities needed in a BD role. As a person learning the craft, I have found 4 qualities (conveniently all C’s) that are needed to make for a successful business development person…which leads to the 5th C – cash.

First, what exactly is business development?

Business Development [biz-nis dih-vel-uh  p-muh  nt]
Business development comprises a number of techniques and responsibilities which aim at attracting new customers and penetrating existing markets.

Next, what should you look for in people (the 4 C’s)?

Connector
The person who acts like they are in timeout at a cocktail hour is probably not the best person for a business development role. This doesn’t mean they are the incessant storyteller who can’t shut up, but rather a person who rarely meets a stranger and when they do they LISTEN more than they talk. This trait is wired into an individual  and, best I can tell, cannot be taught. Sure someone can get better and improve, but this same person should not have that as their primary role.

Continue reading

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Social Media for Busy People

Jumping into Social Media to many people feels like diving head first into the deep end without knowing how to swim. They feel like if they bite the bullet they have to all of a sudden create a Facebook account and say good-bye to a few more hours a week looking at pictures of a dead deer shot by their 3rd cousin or read about a neighbor’s vacation to the Bahamas. While this could be your plight, it doesn’t have to be, nor should it be. Here are some quick tips to try your hand at a few different aspects of Social Media geared for busy professionals.

Bring the web to you: Google Reader

What if a newspaper dropped on your doorstep every morning with news tailored just for you? No more throwing away this and that section or going straight to Sports or the Business section.  Instead everything is relevant and hand picked. This is Google Reader in a nutshell. It’s simple to set up and all you need is a Gmail account. It uses something called RSS (Really Simple Syndication) technology that pulls info as it’s released/updated across the web on the sites you want to follow and/or news you want to be privy of.

Other RSS Reader option:
Microsoft Outlook

Read smart people: Blogs

If you could be a fly on the wall, listening into someone’s thoughts, who would that someone be? For me, it’s Mark Cuban. I really, really like what he has to say and when he speaks, I listen (doesn’t mean I heed all of it). Lucky enough for me, he has a blog where he talks about a variety of issues that I value – economy, sports management, start-up business, etc. While not everyone is a fan of Mark Cuban, I think you get the point I am trying to make – why wouldn’t I read insights from someone whose thoughts I value on a particular subject matter? Blogs are an easy entrance into Social Media by way of being a spectator and, in combination with the RSS technology mentioned above (Google Reader or like tool), it’s super efficient.

Many thought leaders in various fields have a place where they go and freely share their thoughts.

Some blogs I read that you may also like:
Mark Cuban
Harvard Business Review
McKinsey
Rita Keller, Firm Management 
Michelle Golden,  Firm Marketing & Sales
The Progressive Accountant

An excuse to say ‘Hi’: LinkedIN

Any good business development person breaks the token sales rule – ABC – Always Be Closing. They follow a different rule – ABB – Always Be Building. LinkedIN is a perfect tool for building a relationship with someone over time. How? Conversations are the key to business development, and LinkedIN, if used correctly, is a conversation starter for professionals. One tip is to stop carrying business cards and instead immediately Link-IN with the people you meet via your smart phone. While this doesn’t fly if you are doing business in Asia, for example, it can fly here. This gives you a much easier way to contact people as well as expose them to a stream of information coming from your profile. All it takes to set up a profile is 20 concentrated minutes while at home in between a house project or your favorite sitcom. Continue reading

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