The 5 Criteria of a Great Vision Statement - Sandy Gluckman

This blog posting is excerpt from Sandy Gluckman's "Using the Power of a Vision to Move Your Company Through the Recession"

Leaders who, for whatever reason, do not use, or do not know how to use a corporate vision, or give lip service to their vision or don’t believe that vision is a vital business tool are losing a huge opportunity. A well crafted, communicated and operationalized vision has the power to unite, inspire and align the workforce behind the business goals – and to do it in such a way that employees maximize their talents and produce spectacular results.

A truly great vision statement is concise, energizing, highly focused. It pulls you in emotionally and generates excitement. It is vibrant, bold, audacious, simple yet strategically profound and highly memorable.

So..what a vision is....

It is a concise energizing statement that brings to mind exciting images of the future that are commercially relevant as well as emotionally inspiring .

The 5 Criteria of a Great Vision Statement

1. The vision statement is 8 words or less. The brain doesn’t hold more than 8 words. This is just one of the reasons why so many employees cannot remember their company’s visions statement.
2. You can see it. It makes the invisible visible. It produces a clear and tangible image in your mind. In other words it is a mental picture that we can mentally see, of something that we would really love to achieve one day. When the leaders and employees of a company are all seeing the same inspiring image and all offering their talent to achieve it, the chances of success are significantly increased.
3. You can feel it. It provokes emotion and generates excitement – with the result that others around you mention it often and with lots of passion.
4. You can understand it. You understand its commercial relevance. At the end of the day the vision is the first step in creating the business strategy. Once you have the vision the strategies will follow and also the metrics that measure progress towards the achievement of that vision.
5. There’s something in it for you. It is exciting to the people in the company because it describes a purpose and direction that will clearly benefit both the business as well as the employees.

We all know the story of Apollo 13. The astronauts lost their sophisticated navigational equipment and they developed a plan to guide their crippled spaceship home using battery power. This plan would work only on one condition - as long as they kept the picture of earth in their window. Their dream of returning to earth was reduced to one harsh but simple truth; if they lost sight of earth they would be lost forever.

Keeping the vision image in the forefront of everyone’s mind is a core leadership requirement. This is the first and most critical step in getting through the recession. 

Read the complete article.. it has much more value and valuable insight.

-- ashutosh

6P's of Retail leading to 7th P - Profit

Retail strategies are combination of one or more of the 6 P’s of Retail referred as "Retailing Mix". Every retailer seeks to find a unique combination of these factors that put them in the target market.

Product: Identifying, anticipating and satisfying customer needs & desires. Retailers need to ensure that their products and services are focussed to meet the customer’s expectations. Product in the retail mix considers classification and brands - price points, labels, quality, branding.

Promotion: Publicity, advertising, public relations, personal selling, direct marketing, communication are few elements that encapsulate promotion aspect.

Place: Correct channels for reaching the customers e.g. locations, sites, space and opening hours to achieve the objective.

Pricing: Price is important element of the retail mix, it brings profits. Approaches to pricing model are based on market, competition, margins and brands. Some common strategies are EDLP (everyday low pricing), EDFP (everyday fair pricing) or Hi-Lo pricing and these strategies are influenced by what competition charges, what customers are ready to pay, what is required to present the product to the customer etc…

Presentation: It is the physical evidence that portrays the image of the business and key drivers. Presentation of the stores, websites, premises, offices, delivery vans, warehouses, uniforms etc plays crucial role in associating customer with your brand. It very important to ensure that the image portrayed is consistent with the product and services being offered.

Personnel: It is the people working for you determine the level of service or value you provide to customer. Be is selling function, service, support or communication. These are people that are differentiators as compared with the competition whether it is pre-sales, sales or post-sales activities.

The focus on right combination of 6P’s will directly drive the 7th P – Profit.

-- ashutosh jhureley

multiple channels... same experience..

Studies suggests that customers having multi-channel association with the brand are more loyal, more profitable and much more demanding in terms of expectation. Customers expects to have same level of service, support and information through all channels. They are will not hesitate to walk to another retailer for price, availability, service and integration across channels.

Exposing multiple channels can risk your brand too, if not considered carefully, some considerations that I would like as a customer:

1 - I want to have seamless experiences through all the channels

Whether I walk in-store or browse online on web or using mobile device, I would like to have same shopping experience. I would love to have same information about products and services with similar pricing and offers.  Moreover, I expect to have same "feel" when I am in store or while shopping online i.e. if I have been in store, I should have same feeling while browsing online. Look and feel should be similar, offerings and display of offers should be similar. To take to another step, search relevance online should be in sync with what I would see when I walk in store. 

2 - I want same information available on all channels

The advantage of buying online is that I have access to information from other retailers, I have comparison tools for price and product specification, I have reviews and feedback available from other customers and experts, I have manuals and guides available. I have everything that I need to decide what to buy including stock status.

I would expect same information available when I walk in store. All the possible information sources should be made available to customer in store whether it is via print or digital media. Staff (in store or in support centre or in contact centre) should be adequately trained to provide the consistent information  irrespective of channel. 

Similarly, advantage of buying in store is that it gives me satisfaction that I have seen the product I want to buy. I would have spoken with someone in person before taking the decision. I would like to have similar experience online, it could be high quality images and videos available online, online chat and on call support staff available readily and demonstration available, like someone in store do.

3 - I want to see same product range available on all the channels

I expect to see same range available online as is available in the stores. . If the item that I have seen in store is not available online, I will be hugely disappointed. The product or service that I have browsed online, I expect to see in store. If not available I will try to go to competitor's store and finalise my purchase decision. Customers not only hop across channels, but also hop in and out of retailers . You end up not only loosing sale, also end-up disappointing the customer. Make best possible effort to have the same range available online as is available in your shops.

4 - I want to have same post-sales support and service irrespective

I remember, walking in store to inquiry delivery of product I ordered online and I was hugely disappointed not to get the information. I expected IT to help retailers to have consistent information across all channels. As customer, I am associated with the brand and don't want to get in to complexity of channels. I should be able to track all my details order place online or in store.

It shouldn't matter to me whether I bought online or in store as far as service and post-sales support is concerned. I should be able to return or exchange products bought online, when I walk-in store or otherwise. Similarly, I would like to have same service options and offers available on all the channels.

5 - I want to get the best deal, irrespective of channel

Very often online prices are cheaper than price in store. This encourages customers to buy online and improves your margins. But I would be disappointed, if I am not informed about the deal that works out best for me. If I am instore, I expect staff to advise me best possible deals avaialble either online or via promotion etc. I will be delighted and trust in your brand. Infomation otherway round should also be available. I would love to know possible options instore. Keep customer choice as the central theme.

With multiple channels exposed to the customer it become very important to engage them seamlessly through all channels. I should be able to associate myself with the same brand through all channels.

-- ashutosh jhureley

PR: wait...  I: wait...  L: wait...  LD: wait...  I: wait... wait...  Rank: wait...  Traffic: wait...  Price: wait...  C: wait...

"Zappos Family Core Values" And "SAcHiNisM"

While cleaning my new desk, I found interesting case study about  Zappos. Browsing through the notes, only thing I could visualize was "SAcHiNisM". Should confess, I was arguing who is greatest sports person of present time Sachin Tendulkar, Roger Frederer or Tiger Woods (can be discussed later), just before getting hands on the case study. 

Zappos story is exceptional case study about how simplicity can do magic. Indeed  both Sachin Tendulkar (being die hard fan) and Tony Hsieh (CEO of Zappos.com) are truely inspiring. Trying to put what went through my mind in words...

01 - Deliver WOW Through Service

Sachin Tendulkar is the highest run scorer in one-day internationals with 17,598 runs and  13,447 runs in Tests. He also holds the record of highest number of centuries 93, 47 in tests and 46 ODI cricket. 


He has inspired the generation, not only in sports but in all fields,  by his performance in all forms of the game. Every stroke, every run, every boundary and every century is truely magical. We expected some centuries, he delivered many; we expected few more and he delivered 93 - isn't it WoW !!!


And as per Zappos # 01: Anything Worth Doing Is Worth Doing With WOW. You must do something that's above and beyond what's expected. And whatever you do must have an emotional impact on the receiver.


02 - Embrace and Drive Change


With 20-20 format of the game gaining popularity, questions were raised about Sachin's dominance. But in IPL 3 (2010), "Mumbai Indians", led by Sachin, reached the final of the tournament. He scored 618 runs in 14 innings, which is record of most runs in an IPL season. He was declared player of the tournament and won Best Batsman and Best Captain awards. Sachin readapted 20-20 format of the game and dominated it as well.


That's exactly Zappos # 02: Change is constant, We must all learn not only to not fear change, but to also embrace it enthusiastically, and perhaps even more importantly, to encourage and drive it. 


03 - Create Fun and A Little Weirdness


In an interview with BBC, when asked about his idol, Tendulkar recalls how, as a young boy, he used to back American tennis great John McEnroe while rest of his friends in his colony supported Swede Bjorn Borg. He added, "McEnroe has always been my hero, and he still is. I used to roam around with a headband, sweatband and tennis racquet imitating him,"


Zappos # 03: We’re Always Creating  Fun And A Little Weirdness!


04 - Be Adventurous, Creative, and Open-Minded


It's important for people and the company as a whole to be bold and daring (but not reckless). We do not want people to be afraid to take risks and make mistakes. We believe if people aren't making mistakes, then that means they're not taking enough risks. It's Important For People And The Company As A Whole To Be Bold And Daring (But Not Reckless). This is Zappos # 04 and every boundary, every century and every inning of Sachin truely proves the point.


05 - Pursue Growth and Learning


During the period from about 2002 to 2006, Sachin's career seemed to be in terminal decline. He was inconsistent, and seemed to have the ability to play many shots, including his perfected the hook and pull. There were several calls from him to retire. However after the 2007 World Cup, his perseverance paid-off and form have returned. Then rest is history, still in making. Tendulkar passed 30,000 runs in international cricket on 20 November 2009.


Isn't it Zappos # 05: It's important to constantly challenge and stretch yourself and not be stuck in a job where you don't feel like you are growing or learning.


06 - Build Open and Honest Relationships With Communication


If Sachin is on the field either batting, bowling or fielding only sound that you can listen in stadium is "Saaaaaachin, Sachin, Saaaaaachin, Sachin".  
Thousands of admirers and millions following, that's what is crux of Zappos # 06.


Zappos # 06: A key ingredient in strong relationships is to develop emotional connections. It's important to always act with integrity in your relationships, to be compassionate, friendly, loyal, and to make sure that you do the right thing and treat your relationships well. The hardest thing to do is to build trust, but if the trust exists, you can accomplish so much more.


07 - Build a Positive Team and Family Spirit


Zappos # 07 defines Sachin's role in Indian Cricket team. The best leaders are those who lead by example and are both team followers as well as team leaders.


08 - Do More With Less


Strike rate of 86.26 and average of 55.56 in 166 tests and 45.12 in 442 ODIs, tells the exellence Sachin has achieved and gets better with every match.


Zappos # 08: We believe in operational excellence and realize that there is always room for improvement in everything we do.


09 - Be Passionate and Determined


As a result of 20 years of passionate cricket and determination, on 24 February 2010, Tendulkar broke the previous world record for highest individual run scorer in an ODI and became the only batsman to score double century in ODI. He scored 200 runs.


Zappos # 08: Passion and determination are contagious. We believe in having a positive and optimistic (but realistic) attitude about everything we do because we realize that this inspires others to have the same attitude.


10 - Be Humble or Be Sachin


Aren't "SAcHiNisM" and "Zappos Family Core Values"  one and same thing?

-- ashutosh

http://about.zappos.com/our-unique-culture/zappos-core-values
http://www.cricinfo.com/ci/content/player/35320.html
http://money.cnn.com/2009/01/21/news/companies/obrien_zappos10.fortune/index.htm
http://www.nytimes.com/2010/01/10/business/10corner.html
http://www.indianexpress.com/res/web/pIe/ie/daily/19990811/isp01099.html

Social Networking and M-Retailing

I was browsing to decide whether or not to go for an Apple iPad and came across reviews that led to articles and studies about relationship between social networking and mobile retail. I still couldn't decide about iPad yet, but trying to put together my thoughts.


Customers, like me, expects companies to engage them in conversation and treat as individual. Web based social media and its accessibility through mobile devices enables direct communication between customers and companies. Also, it gives opportunity to the customers to interact with each other informally. Social networking is playing very important role in creating "the brands" (or otherwise) supported by technological advancements in mobile communication and commerce. Success of Apple as a brand to certain extend can be attributed to the way company engages with customer - as individuals.

Research shows more and more customers, like me, rely on feedbacks and reviews shared on social networking sites compared with the professional ones, to decide. It is not only products & brand but also retailers (and theirs partners) are reviewed directly or indirectly on these digital channels. It is interesting to see pattern between criticism by individual and exaggeration by social connections(topic for later). Today’s consumer is skeptical about companies and retailer whether, they are only interested in selling or selling appropriate one for them.

In the 1 in 10 web page viewed is on mobile device and by 2012 (Olympics), 50 per cent of the UK adult population will using mobile web.There is no doubt, that customer would like to have seamless experience on mobile devices as they have on web or in-store.

While retailers are promoting and expanding their online capabilities with seamless online and in-store experience, only a few are prepared for mobile devices & social networks as a combination. For instance, Sainsbury’s today launched its first TV advert for its non-food website, Marks & Spencer recently launched mobile version (optimised) of its main e-commerce site, DSG International (Currys, Dixons and PCWorld) looks to better customer experience with new format stores, Tesco launched few iPhone Apps and BestBuy yet to launch online website.

What does this mean - presence on social media (consumers' comfort zone) and availability on mobile devices (very personal) together can prove to be very powerful combination for companies to get engaged with customers. It could be via mobile apps or full mobile optimized version or mix of both couple with social media like blogs, messaging, networks, tweets etc. This change will require support at all levels - strategic, organisational, financial and technical.

Profit and growth will be inevitable if companies get it right and at right time.

-- ashutosh