"We'd like to investigate this. Oh, and it would also be great to find out more about this. And a few members of the team thought it would be really interesting to explore this."
When your product is new, or your team is new, or you're just getting started with your business, you want to know everything. Any market information could be useful. All customer insights might be relevant. As a consequence, we often meet new clients, new teams, or founders, who want to look at a really big basket of questions. Sounds fair, doesn't it? They have a lot to learn. So what's the issue?
The issue is that the other shoe usually drops, right about then. The client says, "And we really want you to do a deep dive on this."
The fact of the matter is, giant companies who can afford massive amounts of data, may be able to afford to be wasteful with their investigations. They may be able to "go deep" on a lot of different topics, all at once. If you look carefully, though, you'll usually find that there are many teams, each going deep on a topic or two. If your company is small, you risk learning a little about a lot, and a lot...about nothing.
How can you mitigate this risk? These four steps that can help:
I'm Megann Willson and I'm one of the Partners at PANOPTIKA. We work with our clients to help them see everything they need to make better decisions - using better data, a better approach, or a better frame of reference. You can also follow us on Twitter, Facebook, or LinkedIn. For more news you can use to help you or your team to make better decisions, click the handy button, below.
According to psychology there are three types of Empathy; Cognitive, Emotional and Compassionate. My brother, the PhD Psychologist, could explain this better than I can, but here goes…
Cognitive is about perspective, knowing what another person is feeling or thinking. It lacks the emotional component of the other two types and so is easier for us rational humans to understand and use.
Emotional empathy goes a layer deeper and is that sense you have about feeling someone’s pain or suffering. It’s the feeling you get when you see the advertising for starving children or displaced persons, then you go on with your normal activities.
The final layer is Compassionate empathy, where we not only feel the pain, but are compelled to act upon it. Mother Teresa is a model we could use to demonstrate the extreme of compassionate empathy.
Look around you these days and what you see is a whole lot of self-interest, a zero-sum attitude, in order for me to win you must lose. Empathy is the tool you can use to escape this destructive cycle and create a space for abundance.
So, in business, which of these empathy models do we want to employ? To steal a phrase from “A League of Their Own” and mangle it: “There’s no crying in business”.
When preparing for a meeting or negotiation, employing Cognitive Empathy will allow you to explore the thoughts, constraints and motivations of the other person. Ask yourself and your team questions such as:
What constitutes success from the customer’s perspective? Who do they need to influence to get a decision made? How can you empower them in a way that creates value for them with little or no cost to you?
This is a different way of thinking, so you may need some help along the way. At Panoptika we have the experience and the frameworks to help you and your team develop these skills and create more wins.
We feel for you!
I'm Steve Willson and I'm one of the partners in PANOPTIKA. We help clients to see everything and make better decisions.
You can also connect with us on Twitter, on Facebook, on LinkedIn and on Fridays we share news you can use with our community.
Everyone wants a bargain, even you. But think back to the last time you went shopping for something important, or where quality mattered. You probably looked for the best price, didn't you? Then you looked at other models or versions that would do the same job. Eventually, you may have even settled on something slightly (or a lot!) more expensive. Why? Because of value. There was something about that other version you eventually bought, that you valued more than low price. Low price is, and always has been, a race to the bottom. If you compete only on price, and not on value, someone will provide a solution that costs less than yours.
So what to do? In our 5x5 Sharper Focus Business challenge, we prompt participants to think about one strategic question every day, like what is the value you deliver, that will ensure your client or customer is willing to pay more for what it is that you sell? Bain and company studied the elements of value, to take the guesswork out of it. They found there was a pyramid of value, much like Maslow's Hierarchy of Needs. Customers want value in one of four areas:
Judging by the box room in our condo building, you'd think that everything was shipped by courier or post, but we have a saying around here: "It's hard to ship hot soup by mail". Whether you're starting a new business, or developing a new product or service for your existing business, one of the decisions you'll need to make, is what is the most effective channel to use, to deliver that product or service to your most valued customer. Taking a step back, Megann has been running a video challenge, and two things she's asked participants to think about are:
These questions don't stay static. They deserve regular review, no matter what your business. When we started consulting, we would have said the most valuable service was in-depth medical interviews, in situ in specialists' offices. And the customer who bought those was usually a pharmaceutical company with a very specialized product, like a cancer treatment. Now, the highest value services are consulting with companies who are entering new markets, on market selection, or facilitating strategic decision-making. And the clients are varied, but always scientific, technical, medical, or industrial B2B companies.
Once you have a good picture of the key product or service, and who buys it, it's time to think about how to get it to them. Are the clients remote, or local? Do they need to see you to receive the service? Can it be shipped? Must it be? Figuring that out can be a challenge, and it takes a lot of legwork to determine the most efficient and effective way. More than one channel may be needed. Determining it is a necessity, as it will be a critical part of your cost structure, as well as your value proposition. Are you the fastest? The most thorough? The newest? Each of these directly impacts your channel choice. Moreover, communicating to your customer which channel your using, may be relevant. You might think that those strategy facilitations are always in person for us, for example, but we have tools that let our clients gather together a team from around the globe, and make decisions as effectively as if they were in the same room. So keep an open mind, and find the channel that's just right for you and your MVC.
If you'd like to connect with us on LinkedIn, or subscribe to our News, use the handy buttons, below!
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help they need to know to make better decisions in their complex business environment.
Want useful advice for better business decisions, delivered direct to your inbox? (It's like a free coach who comes to you!)