Chris Moody
Posts tagged strategy
Core competencies and focus: Beaver Begone vs. Exterminator Inc.
Mar 22nd
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Is your business built around your bread and butter? These days, everyone wants to be bigger, stronger, faster, and everything to everyone. Is your business suffering because of that?
On the way back from the beach, we saw what looked to be a deceased hog in the back of a truck. Granted, we were in a relatively undeveloped NC town… we weren’t shocked… but a bit curious I guess.
As we drove closer to the truck, we realized that it was a gigantic beaver… I’m talking oompa-loompa sized beaver. As the truck pulled into the local Piggly Wiggly, we conversed about what a beaver has to do to deserve such a fate and also what kind of person parades around town with a giant beaver (TWSS)? Was he stopping at the local grocery store to get some spices to cook the beaver? Was it one of those it’s coming right for us kind of things?
I began to beat myself up over not capturing this epic moment on camera or video (no texting while driving folks) and we decided that this merited a U-turn.
Immediate left, swerve through gravel, dodge a shady guy on a bike, back in the game.
The unlucky beaver now sat in a Hardee’s parking lot while the victor chatted with a local. Evidently, Jalepeño Thickburgers are the trophy meal of choice. We sneak around to his truck… and capture this golden picture.
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Beaver Begone
- That is right my friends. Phil makes a living killing beavers. Write that down. This leads me to a bit of Strategy 101.
What is a core competence?
Obviously, we could search for the best definition… but I’ll take a stab. A core competence is a competitive and sustainable advantage that drives value. In dumb guy speak, a core competence is something you do or make better than others, for a long time, that people want.
- You have to be better at something.
- You have to be able to sustain that advantage for some reasonable amount of time.
- People have to want it and preferably pay for it.
Faster, cheaper, stronger, bigger, cooler, and even lighter can all be core competencies. Most companies only have one core competence… this means that most (successful) companies focus on what they do better than you. This is what I like to refer to as focus. Yes, it is one of my favorite words. Yes, I use it a lot.
Focus is awesome.
Think about a relationship you’ve been in… you can’t do everything perfectly. I mean sure… you can cook a five star meal, belt out the newest John Legend track, arrange your own floral bouquet, dance like Michael Jackson, and identify every bird known to man, but odds are… he or she will remember one key thing about you. He’s nice. He gave me his jacket. He made me laugh. Or he tripped and fell and acted like he did it on purpose.
You have to focus on your strength(s).
Phil knows beavers.
I haven’t met Phil, but if I ever have a beaver problem… I’m calling Phil.
Sure, Exterminator Inc. can get rid of beavers, snakes, lions, tigers, and bears (oh my)… but if it is a beaver… I want the beaver guy.
Key Takeaway: We all wear multiple hats, but find your core competence and focus on it.
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Revenge is not a marketing strategy
Dec 3rd
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Q: What do you do when your rival, enemy, or nemesis comes up with a creative, effective marketing campaign that puts you in your place?
If you answered:
A. Assemble the militia,
B. Scream “WHY I OUGHTTA!!!” (a personal favorite), or
C. Beat them at their own game…
You are wrong.
I have AT&T phone service. I had Verizon for several years before AT&T, but had absolutely no service in my house. It turned out that I was in a pocket where there was no service and they apologized and let me out of my contract. AT&T and Verizon have battled each other for years, but Verizon’s new campaign is one of the most effective to date (a good writeup is at bnet).
It is a factual campaign even if the graphics are a bit deceiving. AT&T subsequently filed a lawsuit or two. The time, resources, and momentum that went into those lawsuits and the commercials that followed were quite frankly wasted.
It is a matter of sticking to your strategy / vision. When a great athlete encounters an obstacle, do they adjust their course or keep on moving towards their goal? When Lance Armstrong doesn’t have the lead after a stage, does he panic and pedal as fast as he can to gain ground? No. His strategy is to run his race and he usually leaves people in the dust once he approaches the mountain stages.
Consistency is important and if you want to build a strong brand, don’t flinch when your competitors poke sticks at you. Stick to your guns, build the brand, and follow the agreed upon vision. The shortest distance between two points is still a straight line – regardless of any amount of money you throw in.
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How to ACE Social Media: Alignment, Control, and Engagement
Sep 18th
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After joining @waynesutton and @calliekuhn for the NC State Social Media class (which is a full-time semester course by the way), I felt compelled to summarize some of the key thoughts you hear everywhere you go regarding social media. Through leading marketing and sales messaging trainings over the years, I always try to condense the key points to three or less or have an acronym. With that concept, I’d like to talk about how you can ACE your social media campaign, efforts, or initiatives.
A is for Alignment
If you don’t understand the scope of how many social media sites, outlets, or communities there are, click here and scroll down. InsideCRM even has a list of 50 Social Media Sites Every Business Needs a Presence On. Fifty. Most companies fail with one social media site. With no disrespect to that article, it is a challenge for most companies to find the time and resources to have a presence in every applicable place. I love social media and I’m passionate about it, but I fail to keep some of my profiles current. I’m not perfect, but I focus on my main networks: my blog, my Twitter (@cnmoody), my LinkedIn, and my Facebook (personal not professional). Those networks help identify my personal brand and help others understand more about me and what I can bring to the table.
“If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” -Thoreau
I ask this all the time, but what is your goal? What is the strategy for using social media? Your efforts and the outlets you choose to have a presence in should be perfectly aligned with your goals. It is extremely difficult to have a presence in every place and alignment is the key to determining the path forward. If Facebook doesn’t fit into the corporate social media strategy, don’t do it. Having a stagnant profile on 42 of 50 sites is not a good thing.
C is for Control
@waynesutton discussed this a lot at NC State. Inevitably, there is some loss of control in the nature of social media, but you must maintain control of your voice and the things in your power to control. Social media policies are needed! Everyone needs to be on the same page and understand the consequences of not filtering the things they do or say on social media networks. Social media is real-time and instant and many times, folks forget that what they do and say online is visible to tons of people no matter what your privacy setting is. We are conditioned to limit what we do or say in the workplace because we understand the consequences. Posting ignorant tweets or blog posts is no different even if you do have anonymity, but remember, even if you are anonymous…if you do or say the wrong thing, you will be exposed. Check this Google search if you doubt me.
What an individual says and does can directly impact how they are perceived and how their company is perceived. Control the outward message and maintain trust in your networks.
Please look at Wayne’s topics to avoid and create an internal filter whether your company has a posting policy or not.
E is for Engagement
Find ways to get others involved. It is that simple. You chose social media because you want engagement, don’t neglect that fact. What you do and say in social media should never be one sided. Only promoting your brand on Twitter is equivalent to standing in Times Square with a megaphone screaming “Buy my widget!” The winners and experienced social media practitioners understand this, live this, and breath this. Build a community, foster that community, love that community, and understand their needs. By doing that you can provide a better product, service, or message because you understand what your community is looking for. Get them engaged! Look at the companies that do this right, I believe you will know a few of them…
Remember ACE: Align your efforts, Control your message, Engage your community.
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Find out what other companies executives are tied to
Dec 30th
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Ever wondered why companies make decisions that seem to defy logic? What about why someone was appointed to the Board of Directors without the proper experience? Here you can drill down by company or executive and create a tree of connections to determine how well connected executives are. It is invaluable for investing and strategic decisions!
