Posts Tagged ‘speed’

Friends Reunited

Friday, October 6th, 2017

The squirrel in the garden this morning made his usual tour of the more verdant patches of the garden but on his way home, he made a stop at a less verdant area that was once one of his favourite hunting grounds. Turning over a few empty conker nut shells, he found a couple of worms drawn to the surface by the increasing cover of autumn leaves and increasing soil moisture. It reminds me in business, how easy it is to forget the converging value that lies with past friends, past school and university acquaintances, past customers, past investors, past employees, past business partners, past media contacts and so forth, who we have ignored for a good few years. Yet circumstances change in some of theirs and our lives causing our interests to increasingly converge rather than diverge. Yet for most people that is an accidental occurrence. In a world with greater connectivity, there is no real excuse unless you are poorly disciplined. My advice, on a quarterly basis throughout the year, trawl through 2014 and prior email inboxes, client and prospect files, personal photo storage boxes or albums. Write down a list of 40 names. Over a gentle two hours, perform a maximum 3-minute google or social media search, highlighting those that are of “known” and “questionable” converging value. Make a diary note to call the top half of your list (“knowns”), and at a minimum, drop a brief four sentence “re-connecting” email to the rest.

Explain that “I’ve been remiss in keeping in touch but I heard/read/saw something of interest (new job announcement, award, an interview) and thought it might be an opportune time to talk? Recently, I have undertaken ____ assignment/project/deal/experience with ___ (high relevance to the other party)  and it reminded me of our past relationship. I would love to hear your news and what you are priorities are today and share my news.  I am in your neighbourhood visiting clients/friends on dd/mm, would you have 30 minutes or time for coffee/breakfast or lunch?”

If 50% respond, you have 20 people of interest. If you are accurate with 50% in terms of their mutual interest, you have 10 new people of short-term interest. Meet two of them a week, you have 10 valuable relationships to nurture over the next month, where you at a minimum start with some meaningful trust, past affiliation and a discernible interest in how you might be of help.

© James Berkeley 2017. All Rights Reserved.

Great Service Begins At The Top

Tuesday, August 15th, 2017

 

If you aspire to or are a pre-eminent global service business, shouldn’t the CEO’s communication and feedback systems with its’ customers reflect its’ pre-eminence and branding? Here is a recent example of personal response times from constructive customer service letters to European CEOs:

3 days, in person Ewan Venters, CEO of grocer, Fortnum & Mason

14 days, in person Nigel Wilson, CEO of insurer, Legal & General

135+ days, zero response Dame Carolyn McCall, CEO of budget airline, easyJet

645+ days, zero response Keith Gibbs, CEO of insurer, Axa PPP Healthcare

795+ days, zero response Rickard Gustafson, President and CEO of airline, SAS Group

Letter writing might be unfashionable in certain quarters but when a customer today makes the effort to put pen to paper, it is a common sense assessment that they are serious about their intent to point out a superior or underwhelming experience. Based on my anecdotal research, a great experience buying a tin of biscuits will elicit a 4x faster response from the CEO than buying a cumbersome life insurance policy, 45x faster response from the CEO than being stranded late night in a desolate European airport or 219x faster response from the CEO to acknowledgement of proactive service in a healthcare insurer! Why would a CEO’s office operate like that unless it is seriously disorganised, it doesn’t hold itself accountable for the promises it makes to its’ customers or it is simply arrogant?

© James Berkeley 2017. All Rights Reserved.

 

Inconvenience Squared

Monday, July 10th, 2017

Sitting on a EasyJet plane last night in Nice’s Côte d’Azur Airport minutes after boarding and the Captain gets on the microphone apologising that due to inclement weather on route, we must wait 55 minutes on the tarmac in Nice because “he needs to free up the gate”. He then invites those who would like to look around the cockpit to pay him a visit when the engines are off.

Kudos for the leader of the ship for addressing the audience and his openness to entertaining the frustrated passengers (quite how that is squared with EU security protocols preventing access to the cockpit is something of a mystery). Yet the obvious thing to ask is why would you ask 170 customers to be inconvenienced to a great extent in boarding a plane that you know is going nowhere for a considerable amount of time? Why couldn’t you move the plane 200 metres to another stand?

Perhaps you don’t care or perhaps the airline’s priority is more important than that of its’ customers comfort?  I see the same thing in a number of businesses.  Think about the unnecessary inconveniences that you are asking your customers to tolerate for your benefit? What stops you changing your behaviour and applying common sense? Is it a material or immaterial reason (safety or Company Policy)?

Too often our best intentions to manage customers expectations are largely overlooked because we insist on dumb decisions which are clearly not in our clients’ best interests.

© James Berkeley 2017.

 

Framing Your Ideal Investor

Monday, February 27th, 2017

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“We need more investors, can you help?” is a request I hear daily from entrepreneurs and executives, co-investors and seasoned corporate finance experts. The obvious response is “yes, maybe or no”. Sometimes the obvious is not the most helpful to gain control of the conversation and kick start movement. Let’s frame the real “need”. Remove the irrelevant, focus on the relevant information. You will get dramatically quicker towards your goal.

  1. You’ve asked for capital raising assistance. Are you talking about your ability to attract follow-on investments from your current investors, new investments from your current investors, new investors for your current businesses or new investors for new businesses? What is it exactly?
  2. Then, I am curious where is your current marketing time and money being deployed? Is it being directed to all investors, or those within a specific geography, deal size, stage, investor type? There are 5 generic types of investor for you. Those that are apathetic, pretenders, aspirants, serial developers and leading-edge investors. The first three make up the majority of your audience and are the most price-sensitive, the final two are highly value-driven. Who exactly are you currently talking to? Would you recognise the differences (past relationships, capabilities, substance, style etc)? Let’s agree who you should be talking to?
  3. Then, what are the existing or anticipated needs or needs that you can create for your ideal investors that you are uniquely able to address? How is your investor better off or personally better supported after realising their investment with your help? (Financial, intellectual, social, cultural improvements)
  4. Then, who ideally has a need now or one that could be readily developed for that “return” on their investment? Who has the means and authority to approve the investment? Who can move quickly? Who is not overly prescriptive about the your “past”?
  5. How do you best reach those investors and they you? (referrals, networking, publishing, speaking, awards, media interviews etc)
  6. How do you create the ideal conditions? (eager to meet you, strong word-of-mouth)
  7. How do you create the ideal time? (no disruptions, no delays)
  8. How do you create the ideal location? (neutral, zero distractions)
  9. How do you create the strongest first impression? (impressive content, credibility, rapport)
  10. What competitive, distinctive or leading-edge offerings do you have to draw them in as a current or a future investor? (increasing investment, intimacy)
  11. Are there gaps where you need to add new offerings or to create greater differentiation (value) between existing investor offerings?
  12. What have you jointly agreed to do next? (exchange information, call, meeting)

You can see quickly here that framing your investor question, creates a dramatically sharper point on your arrow.

 

© James Berkeley 2017. All Rights Reserved.