Archive for September, 2009
10 Rules for Success from Sam the Man Walton
From an entrepreneurship posting that is worthy of sharing.
Rule #1
Commit to your business. Believe in it more than anything else. If you love your work, you’ll be out there every day trying to do the best you can, and pretty soon everybody around will catch the passion from you – like a fever.
Rule #2
Share your profits with all your associates, and treat them as partners. In turn, they will treat you as a partner, and together you will all perform beyond your wildest expectations.
Rule #3
Motivate your partners. Money and ownership aren’t enough. Set high goals, encourage competition and then keep score. Make bets with outrageous payoffs.
Rule #4
Communicate everything you possibly can to your partners. The more they know, the more they’ll understand. The more they understand, the more they’ll care. Once they care, there’s no stopping them. Information is power, and the gain you get from empowering your associates more than offsets the risk of informing your competitors.
Rule #5
Appreciate everything your associates do for the business. Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free and worth a fortune.
Rule #6
Celebrate your success and find humor in your failures. Don’t take yourself so seriously. Loosen up and everyone around you will loosen up. Have fun and always show enthusiasm. When all else fails put on a costume and sing a silly song.
Rule #7
Listen to everyone in your company, and figure out ways to get them talking. The folks on the front line – the ones who actually talk to customers – are the only ones who really know what’s going on out there. You’d better find out what they know.
Rule #8
Exceed your customer’s expectations. If you do they’ll come back over and over. Give them what they want – and a little more. Let them know you appreciate them. Make good on all your mistakes, and don’t make excuses – apologize. Stand behind everything you do. ‘Satisfaction guaranteed’ will make all the difference.
Rule #9
Control your expenses better than your competition. This is where you can always find the competitive advantage. You can make a lot of mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.
Rule #10
Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction.
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Sam Walton’s 10 Rules For Success - from Sam Walton: Made in America, My Story, co-authored by J. Huey, Doubleday.
Defying Conventional Marketing
It’s one of the most important questions a business can ask: Do we know our target market?
Stay with me here while we talk video game consoles for a moment. Like the Nintendo Wii. Just for the sake of argument, I want you to close your eyes and picture what the target market of a Nintendo Wii looks like.
You’re probably picturing a tech-savvy teen. Maybe someone in their 20s. They’ve probably got bleached jeans with holes in the knees. Maybe they have long hair, are unshaven and randomly punctuate every sentence with the word “dude.” There’s a good bet that they consider themselves “professional” students and haven’t held a job for longer than six months.
Fair enough. They’re out there. But if your perception of the Wii market is limited solely to the young, I’ll-never-have-a-real-girlfriend demographic, you don’t truly understand the product, or the needs of the consumer. The truth is, if Nintendo were to focus its Wii ads entirely on this one group, it would lose out on a lot of revenue. (more…)
Live from NAHC 2009!
I wanted to update you all on my presentations that I will be giving at this year’s NAHC Annual Meeting in Los Angeles. Taking place October 10-14, I’ll be giving both a marketing seminar as well as hosting a Private Duty Open Forum. For more details visit my NAHC page.
We will also have a booth (#1449) which I encourage you all to visit and enter our raffle. The winner will receive a great prize with custom branding!
