August 2010 | Bigg Success

Monthly Archives: August 2010

Small Business Owners Should Be Less Independent

Written on August 9, 2010 by George Krueger & Mary-Lynn Foster in Business

interdependence Small business owners are a pretty independent group. In many cases, that independent streak is what sparked their drive to business ownership in the first place.

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Hear George & Mary-Lynn discuss today's business topic on The Bigg Success Show! Click the player to listen [4:14m]: Play Now | Play in Popup | Download

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The most successful entrepreneurs see things that others don’t. They’re independent thinkers and it has served them well.

But there’s something that we must always remember:
What worked yesterday may not work today.
What works today may not work tomorrow.

A dangerous combination or an opportunity?
Independence worked yesterday. But the world has changed. The business world is more complex. At the same time, things move faster.

More complexity combined with speed – it could be a dangerous combination. Or it may spell opportunity.

Large companies hire specialists to deal with the complexity. Small businesses can’t afford to do so.

Small businesses can move fast. Large companies have more bureaucracy. People must cover their rear ends. So it’s difficult for them to move fast.

A changing paradigm
The buzz around Web 2.0 tends to be about social media. The buzz about social media tends to focus mostly on marketing. Businesses of all shapes and sizes are trying to understand how to use these new tools to increase sales.

It’s yesterday’s trap.

Savvy small business owners don’t put their primary focus on sales. They focus on profits. Yet if you listen to bankers, you’ll hear them say that very few of their small business customers talk about the bottom-line as well as the top-line.

Small business owners who understand Web 2.0 can gain a competitive advantage. And it goes beyond marketing with social media. It begins by understanding a new business model.

Learning to be interdependent
Yesterday’s business model was independence. Today’s business model is interdependence.

Interdependence is a higher order. It relies on a greater level of maturity. It’s essential for small businesses who want to thrive today.

It’s all about collaboration – working together to deal with the complexities more successfully, working together to move even faster. Web 2.0 tools make it easier to collaborate than ever before.

Small businesses can also find ways to band together to gain access to specialists they couldn’t afford on their own. Social media makes it easier than ever to find these people.

Large companies are collaborating more than ever, in spite of their teams of internal specialists. Small business owners have to give up independence for a higher order – interdependence. It’s the path to BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00616-080910.mp3

(Image in today's post by kikashi)

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The Problem with Market Research

Written on August 4, 2010 by George Krueger & Mary-Lynn Foster in Business

horse power There’s a quote attributed to Henry Ford: "If I would have asked my customers what they wanted, they would have said a faster horse."

Great quote. Just one problem:

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Hear George & Mary-Lynn discuss market research on The Bigg Success Show! Click the player to listen while you read [4:41m]: Play Now | Play in Popup | Download

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From all our research, it doesn’t appear that Henry Ford ever said it. It’s a legend.

But that won’t stop us from using it!

This quote highlights a common misperception among entrepreneurs – that great products or services are developed independent of your customers.

Whether you’re a startup or an existing business looking to expand, it pays to talk with your customers – or your future customers. However, it’s a mistake to think that your customers will have all the answers.

The problem with market research is often the market researcher!

And this quote by Henry Ford is the perfect example.

A horse of a different color
It implies asking the wrong question. The right question is a horse of a different color. It’s good to ask your customers what they want. It’s more important to find out why they want it.

What’s the underlying problem they need to solve? What’s the benefit to solving it?

Be prepared to ask why as many times as it takes to get to the problem, not a symptom. It may take five or more why’s to get to this point.

Horse sense
Your customers don’t have your perspective. Your customers don’t know your business – and your industry – like you do. So you have to use your horse sense.

Think about the extended environment as well as the issue at hand. What new innovations are likely that will affect your customers? Are there regulatory changes that will make an impact?

Sometimes you have to override your customers stated wishes to see that there’s a bigger issue at hand. This is especially true if you’re going to bring something really innovative to market.

Horse power
Communicate with your customers in terms that they understand. Do you suppose it’s just an accident that engines were measured in terms of horse power?

It helped customers relate to something they knew.

Isn’t it interesting that, for most of us, it doesn’t have the same rich meaning today as it did when the automobile was invented? Yet, it’s still the system that’s used.

You can lead a horse to water …
… but you can’t make him drink. With all the market research you may do, there’s something really important to remember – it’s all hypothetical! It’s play money!

You won’t really know if you’re on to something until you ask them to spend real dollars. So try to find ways to test inexpensively. Make sure customers truly are willing to vote with their dollars!

In Richard III, William Shakespeare said:

“A horse! A horse! My kingdom for a horse!”

Don’t give up your kingdom for just any horse. Look for the vehicle that will take you to BIGG success! You may find out it’s not a horse at all!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00615-080510.mp3

(Image in today's post by holyspirit)