How to Create Repeatable Success and Endless Encores

Repeating Success

 

Ever feel frozen in place?

Have you seen something take off and then get consumed with worry about what’s next?

How do we create an encore worthy of that success?

 

Ken Goldstein’s new book, Endless Encores: Repeating Success Through People, Products, and Profits, tackles the difficult topic of creating continued, repeatable success. His various corporate roles make him uniquely suited to share his perspective on success. Currently, he is Chairman & CEO of SHOP.COM and previously he was Executive VP of Disney Online and Publisher of Broderbund.

 

“All success resets expectations for what comes next.” -Ken Goldstein

 

How to Create Repeatable Success

You wrote a fictional story about a topic that seems to haunt many: repeating success. Why did you choose this topic?

I think there are two challenges that weigh heavily on our minds at work: first, how do we achieve success, and second, once we achieve some success, is that the last success we are going to have? In many senses, the second challenge is much more haunting than the first. When we’re initially trying to break through the noise and get noticed, we have nothing to lose, so our leaning toward risk is high and our openness to the unusual is ungated. We are open to helping others, and we welcome their help because together we are stronger. Once we have a reputation of any kind, fear starts creeping into the mix. No one wants to be a one-hit wonder, but often we become our own worst enemy and unintentionally box ourselves in. We worry about our next thing being compared to our last thing. That worry can filter our creativity, our bias to action, even our kindness toward others as competitiveness takes over. None of that negativity helps us win again at all, it just clouds the way forward. That’s why I chose this topic. So many people I know are consumed by it, overwhelmed by it, and sometimes frozen in place. The colleagues I’ve helped in person in a leadership capacity have continued to move forward with the new, and I thought if I could capture that spirit of innovation in a story with real characters, I could inspire others to keep looking forward and only forward.

 

“Leadership is earned and recognized, not granted.” -Ken Goldstein

 

Why We Learn More From Failure

Why is success difficult to repeat? After all, if you did it once, you can follow the same process . . . or not?

Ken GoldsteinHere’s what I have discovered repeatedly: You can almost never recreate a success, but it is absolutely predictable that you can recreate a failure. That’s why we learn more from failure than we do from success. In failure, we learn what not to do again. It didn’t work, so put that on your list of things you don’t need to try again. In success, if we do the same thing again, or even a modest alteration, we will not create the same inventiveness or excitement that we did with the original. Something can only be unique once, and success is usually unique. That’s why it is so hard to repeat success, because no matter who you are, no matter what you’ve done, all that is in the past, and you must start from zero. It’s also why I say you’re not really failing if you’re learning, because the learning is what sends you back to try again. When we embrace the empowerment and humility of starting over, releasing defensiveness and facing the blank canvass with a set of trusted colleagues, we have the best shot at repeat success, which is the same shot we had at first success. Accept that and innovation is all you need to worry about (and that’s plenty).

 

“Offer customers more than what they think they want.” -Ken Goldstein

 

Build a Mission That is More than Words

What’s the best way to have a mission that is “more than words”?

When a company’s mission statement is in a binder on the shelf or buried in the company handbook, it’s dead text — it means nothing and empowers no one. Shared values are what drive people to work together and innovate. A set of shared values allows a mission to be more than words, but only if those around us embrace the values with authenticity and conviction. We live in a cynical world where conflicting data and untested opinions are communicated broadly in real time. If we say “our people are our most valuable asset” and then lay off 20% of our staff because of a bad quarter, was that a shared value? If we say, “We cherish integrity here,” and then our CEO resigns for unexplained reasons around a publicly broadcast compensation scandal, what happened to our commitment to integrity? Walk the walk, lead by example, and you can get the people around you to rally to any cause you share, but you must share it as a set of consistent actions (emphasis on “consistent”), not a slogan.

 

“Long-term leaders spend the majority of their thinking about talent.” -Ken Goldstein

 

3 Steps to Building a Winning Team

7 Corporate Strategy Myths That Are Limiting Your Potential

7 Corporate Strategy Myths

Dr. Chuck Bamford’s new book, The Strategy Mindset, is a practical guide for creating a corporate strategy. Having read more books on strategy than I can remember, I particularly like this one. As I read the book, there were times I found myself arguing with the author. At other times, I was nodding. Still at other times, I found myself with immediately actionable ideas to improve the process at my own organization. And that’s why I enjoyed the read so much.

I think the most controversial part of his book is likely the myths section, where he takes apart existing myths of corporate strategy.

 

“Strategy is about making decisions that will impact the company in the future.” -Chuck Bamford

 

1. People Are Not A Competitive Advantage

Let’s talk about the myths.

First, you say that people are not a competitive advantage. You argue that almost all employees are interchangeable. Good employees are just “table stakes.” Is it not possible to have employees who, on average, are better than the competition?

It flies in the face of so many beliefs that it is just hard to accept. Employees are VERY important as the way that business delivers to customers. However, the moment that you actually believe that your employees are smarter than your competitors’ is the moment that your competitors will start beating you in the market. You have the same (or relatively the same) collection of amazing employees, capable employees, and poor employees as your competitors. All the HR processes in the world today have not changed that dynamic in companies. The employees that you have working in your company are a combination of luck (the biggest factor), HR practices, networking, and did I mention luck!

Bamford CoverI’m not trying to be divisive here, but most of your customers do not generally care (or if they care at all, it is slight) who takes care of their business needs as long as the needs are taken care of. This does not apply to every employee in a company, just most. At every company I have ever worked with or for, there is a contingent of “franchise” employees. Those are employees who, if they left the company, would impact the success of that company quite substantially. We all know who these folks are, and if executives are smart, they take care of these employees to ensure that they stay with the organization. These “franchise” employees are not just the customer-facing employees; they reside throughout an organization.

 

“Employees are not your competitive advantage.” -Chuck Bamford

 

2. SWOT is NOT Strategy

Second, you are not a fan of the SWOT. What’s wrong with the way most organizations use it?

SWOT is the single biggest impediment to doing real strategy that exists, and it exists because certain big consulting firms continue to use it with their clients, and it makes clients “feel good” without really having to do strategy.

SWOT was an attempt to bring some structure to the topic, and as a conceptual approach, it is still fairly robust. Unfortunately, many authors, academics, and practitioners decided that SWOT was an analysis tool and a means for a company to develop its strategy. SWOT is NOT strategy, and it is not an analysis tool.

Anyone can create a SWOT. It is grounded in your own biases and view of the world. In the end, a SWOT is simply the opinion of the person or group filling it out.

 

“SWOT is the single biggest impediment to doing real strategy.” -Chuck Bamford

15 Bad Habits that Inhibit Brand Building

Managing A Global Brand

Building a global brand today is different than it was only a few years ago. Globalization, localization and personalization are forces that impact how to best manage a global brand. In Larry Light and Joan Kiddon’s new book, New Brand Leadership: Managing at the Intersection of Globalization, Localization and Personalization, the authors share their over 50 years of experience in building the world’s largest brands. From forming a brand vision to measuring its performance, they share a framework for developing and executing a global brand strategy.

Recently, I had the opportunity to talk with Larry Light about his new work. Larry is the CEO of Arcature LLC. He was a senior executive and board member at BBDO and President of the international division of Ted Bates. He was Global CMO of McDonald’s from 2002 to 2005. More recently, Light was the Global Chief Brands Officer of IHG.

 

“Low price and best value are not synonymous.”

 

Bad Habits That Inhibit Brand Building

Would you share the bad habits that inhibit brand building? I found myself nodding and think readers would find these compelling.New Brand Leadership

We identified 15 bad habits that impede organizations from building brands, regardless of industry, category, and geography. These habits are not stand-alone forces: there are two underlying connections among these, and these are enterprise culture and leadership. First, culture matters. When there is a conflict between culture and strategy, culture wins. Culture fights change. Culture fights for the status quo. Culture nurtures complacency. Second, brand leadership is different from brand management. Brand management is taught in business schools. Effective brand leadership is different. Brand management is about the execution of specific brand-building actions. Brand leadership is different. It is about getting the right results through the efforts of others. It is about educating, inspiring, influencing and evaluating. Effective leaders create results by getting others to do the right things to produce the right results. Effective brand leadership is top down. For example, none of the work we did at McDonald’s could have happened without the leadership of Jim Cantalupo and Charlie Bell. Nissan needed Carlos Ghosn. IBM needed Lou Gerstner. Popeye’s needs Cheryl Bachelder.

 

“Brand leadership is different from brand management.” -Larry Light

 

15 Bad Branding Habits

  1. Complacency
  2. Change for the Sake of Change
  3. Financial Engineering as a Growth Strategy
  4. Cost-Managing the Way to Profitable Growth
  5. Focusing on Customers You Do Not Have at the Expense of Customers You Do Have
  6. Failing to Keep the Brand Relevant
  7. Price Segmentation Instead of Market Segmentation
  8. Thinking the Lowest Price Is the Same as the Best Value
  9. Failing to Instill a Quality Mind-Set
  10. Silo Mentality
  11. Focusing on the Short-Term Rather Than Creating a Short-Term/Long-Term Strategy
  12. Not Sharing Across Functions, Geographies, and Brands
  13. Believing the Regions Are Not as Sophisticated as the Center
  14. Believing That Brand Management Is All About Marketing Communication
  15. Allowing Data to Decide

 

The Most Insidious Bad Brand Building Habit

What’s the most common bad habit you have witnessed?

One that is becoming increasingly visible and insidious is the desire to satisfy the demands of Wall Street over satisfying the demands of customers. Ultimately, the sustainable source of cash flow comes from customers exchanging money for your offer. Financial engineering is not the basis for enduring profitable growth. Managing money is not the same as managing brands. Stock buybacks and increased dividends indicate that a company believes that investing in product and service development, innovations and brand-building will not yield satisfactory returns to shareholders. So, they just give cash back to shareholders and let them decide where to invest.

 

“To grow trust, we need to grow quality.”

 

The Evolution of Global Marketing

Create Your Brand Story

This is a guest post by Robert Murray, author, speaker, executive, chairman, advisor, and associate professor. Robert’s latest book is Unlocked: Finding the Key to Practical Leadership.

Connecting At A Deeper Level

The first step to strategizing what kind of team you want to lead is deciding what kind of story you want for your organization.  What stories will your customers tell their friends and family?  What stories will your employees tell their friends and family?  Your business’s success and profitability depend on the stories that get told.  Take the time to develop a story that captivates and engages.

Here’s an example.  I have spoken many times around the world about a disastrous experience I had on Lufthansa Airlines over ten years ago. There is even a video of me available on the Internet telling the story. Personally, Lufthansa has lost over $350,000 in business that they could have potentially got from my international travels because of this experience.

Conversely, British Airways is one of my all-time favorite airlines because of the emotional connection I have with them. Why? What is the STORY that makes me go out of my way to do business with them?

 

“Your story must encompass your values.” –Robert Murray

 

Create a WOW Story

It was New Years 2010, my daughter, then 19 years old, flew back to Europe to see her school friends and celebrate New Years with them. She had a lot of fun – apparently too much fun because when she was returning home, she had to transfer to the last leg of her trip at Heathrow Airport. While she was waiting for her next flight, she fell asleep in a chair at the gate and missed repeated PA announcements calling her to board her flight.

Twitter is Not a Strategy

Techniques from an Expert Marketer

If you are marketing a company, a product, an idea, or even your personal brand, you may feel the pull between the new-media world and the traditional marketing methods you studied in school. When new technologies emerge, it often seems like everything is changing. Whether digital, mobile, or social, we are looking for new ways to connect with our audience.

What if these new ways actually prevented a brand from reaching its potential?

How do you get people to stick around?

How do you engage people in a substantive way, winning them over? 

 

“Timeless can be new.” -Tom Doctoroff

 

Tom Doctoroff has more than 20 years of experience shaping hundreds of global brands ranging from Microsoft to Ford to Nestle.  He’s appeared regularly on NBC, CBS, CNBC and other major media outlets. Tom’s new book Twitter is Not a Strategy: Rediscovering the Art of Brand Marketing is all about engagement. Its wisdom spans the two worlds, combining digital and traditional marketing to win and engage consumers.

 

The Marketing Identity Crisis

Tom, you’re the CEO of J. Walter Thompson in AsiaPacific and for decades have shaped some of the world’s biggest brands. Your new book title, Twitter is Not a Strategy, seems to imply some level of frustration.  Did you write this book with some level of frustration?

I wouldn’t call it frustration exactly.  But, yes, I do think the communications industry is going through something of an identity crisis.  The fundamentals of advertising and branding are too often forsaken as marketers seek technological and algorithmic salvation. The rise of digital has led to marketer anxiety, consumer confusion and too many transactional brands.  But old and new, traditional and digital, broadcast and “lean in” media are complementary.

 

“Each creative expression of the brand idea should be conceived with a specific behavioral objective in mind.” -Tom Doctoroff

 

Twitter is Not a Strategy is not meant to be a breakthrough book.  Indeed it might even be “anti-breakthrough.”  It is a call for the entire industry to stand up and reclaim the conceptual high ground of marketing communications.  Carefully crafted strategies and executions—adherence to the ABCs of brand building—will remain our lighthouse.  As brand pioneers, we must explore the shoals of a new digital landscape.  But let’s not become stranded by anxiety and indecision. Timeless can be new.

 

Traditional versus New Marketing Tension

Your book explains the traditional top down branding approach (message clarity) with a bottom up (consumer empowerment) approach. How do these two approaches need to work together?Twitter is Not a Strategy

To avoid confusing consumers, engagement needs to be both authentic and constructed. Marketers must forge a paradigm that allows freedom within a framework, pulling off the trick of simultaneously permitting consumers to participate with brands while empowering marketers to manage the message and dialog.  Marketers must achieve:  harmony between the clarity of top-down positioning and the dynamism of bottom-up consumer engagement; between long-term brand equity and short-term tactical messaging; and between emotional relevance and results driven by data-driven technology.

Different kinds of media reach us for complementary purposes.  Analog (traditional) media shape our brand preference while most digital media deepens our engagement and leads to brand loyalty.

The former boast broad reach.  They forge perceptions across consumer masses. Film—with its sound, color, movement, and ability to break through clutter—is an indispensable tool to guide consumers amid an explosion of offerings. Even in the United States, despite the proliferation of smartphones and other digital devices, the 30-second broadcast television commercial continues to rule (and increase). Manufacturers spent some $67 billion on network and cable advertising in 2013 – and not for sentimental reasons.

The latter encourage engagement with brands. With more opportunity to trigger behavioral changes – learning more, using more, buying more, advocating more – marketers can increase the probability of purchase and repeat purchase.

 

Traditional media shape brand preference. Digital leads to loyalty.

 

As consumers move toward purchase, direct and digital media should dominate. These media provide more opportunity for engagement—that is, direct interaction with a brand idea and its creative expression. Marketers have more opportunity to trigger behavioral change and increase the probability the consumer will buy a product.

Advertising can encourage a limitless range of actions—from clicking through a banner ad and spending more time on a microsite to increasing consumers’ frequency of washing their hair. The arsenal of tools marketers can deploy to encourage certain behavior is broad. Marketers also can use analog media to trigger specific behavior during later phases—for example, by using stunning “product beauty shots” and other point-of-sale material to stimulate trial usage.

 

Start with the Brand Idea