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Rethink Your Perspective, Both Personally and Professionally

Caroline RennardSee also, Sidebar: Speaking from experience
Executives can benefit—both themselves and their companies—from occasionally taking the time to view their worlds through different lenses. Company executives often view their brand, products, competitors and customers from a highly personal perspective. But sometimes these "known quantities," which are the foundation for sales and marketing strategies, do not fully resonate with the marketplace. They may even conflict with a company’s own culture and expression of its brand.
Does that mean CEOs are myopic or even out of touch? Certainly not. They’re overwhelmed, perhaps; busy, certainly; and like anyone else have a tendency to base current decisions upon past knowledge and assumptions. The problem is, the world—and competitors—don’t stand still.
At MKTX, we believe in viewing a problem from as many perspectives as possible. The first step in that process is almost always to take a step back. Sometimes it’s difficult to take the time to do that. But it can result in a more authentic brand, truer messaging, more open lines of communication both internally and externally, and finally, products and services that sell better.
It is important to question and/or reaffirm what you think you already know. For example, we always ask executives why their customers do business with them. And then we ask the same question of their customers. And whenever possible, we ask it of their prospective customers and those who have chosen not to do business with them. It is usually interesting to see how different those responses can be. Paul Abel, managing partner of Blue Research, points out the importance of truly understanding what motivates one’s customers:
"One of the key benefits of understanding customer motivations is not just finding out what you don’t know, but finding out what you don’t know you don’t know. In nearly all studies of customer motivations you will find something useful you did not look for. The core objective might be to answer "how" and you end up also answering "who," "where," and "with what." At the low end, these unintended insights can help improve marketing tactics; at the high end they can identify new opportunities or suggest a fundamental shift in strategy."

"What is essential is what we call ‘trained amnesia’: being able to listen without assumptions and ask questions without biases. The core of our methodology is asking the right question to the right person in the right way, and being able to help drive decisions and actions based on what we learn."
Commissioning some independent research is one way to gain perspective, particularly if yours is a new company, you’re considering rebranding, planning an acquisition or perhaps a foray into new markets.
If you don’t have an interest in working with outside consultants, there is still much you can do to gain some fresh perspective on your business. A simple and effective exercise would be to schedule meetings with customers whose business and opinions you value. Customers typically are quite willing to offer their perspective, and in many cases appreciate the personal touch. They may well be able to shed light on why they like doing business with you, what could be improved, and what their opinion is of your competitors.
Here are some of the ways to re-examine your perspective that might help you:
  • Revisit your corporate brand from time to time. You’ll especially want to do this if there have been any significant changes in your target markets, you have entered new markets, or have developed new offerings. It’s important to know if your brand—and how it communicates what your company stands for—is still relevant and compelling to your customers and prospects. How do people perceive your company’s image? Do you see yourself the same as they do? How does your brand stack up to competitors? This applies not only to general perceptions in the marketplace, but also the elements that support your brand: your logo, tagline, website, print collateral, and any other means by which you interact with the world around you.
  • Gain a clear understanding of why your customers do business with you. What drew them initially to you, and how is their experience different now than it was then, if at all? Don't hesitate to ask for honest feedback on what they like and what they'd like to see improved. While you're at it, be sure to let your customers know how much you value their business and appreciate their feedback.
  • Understand why your vendors and partners do business with you. Some of their answers may surprise you, and will likely give you insight into how to evaluate and approach new opportunities.
  • Don’t forget your internal workings. Do you really understand what makes your employees tick? Why do they work for you? What motivates them? What’s their perception of your company’s goals and image? Are they in alignment with your desired business goals and are they implementing your brand as consistently and appropriately as you would like them to? Or perhaps do they have some recommendations for improvement based on their direct interactions with your customers?
  • Finally, take a look at your own role within the organization. It is easy to get sidetracked and to end up wearing hats for the organization that might better be worn by others. Many CEOs tend to be entrepreneurial, do-it-yourself types by nature, and can sometimes stretch themselves too thin. Make sure you are not only effective at what you do within the organization, but that you enjoy it as well. If you can take a fresh, clear look at this, you may end up much happier in your role.
Taking the time to reflect on your role in your corporate world may seem like a luxury you can’t afford. But it’s key to establishing an effective strategy, successfully managing your operation, and communicating a more authentic identity for your company in the marketplace. Your existing relationships with customers, employees, and partners are what drive new relationships and successes. Therefore, if your relationships grow and evolve, so will your business.