A couple of years ago, I heard an interesting talk from Lars
Wulff, CEO of Mud Bay at a PSAMA South Sound meeting. Lars told us the story of how he and his sister
have led the growth of their company from one store to twenty-five, with plans
to add 4-5 more stores in the coming year.
Start by asking the right questions.
Start by asking the right questions.
Lars began his talk by asking the audience some questions -
who owns pets? who has ever shopped at a Mud Bay store? Who considers Mud Bay
their primary pet store choice? He then asked the most important question
– why?
Lars reminded me of Simon Sinek, author of "Start with
Why", one of the best approaches to business and leadership I have ever heard. Simon believes that “People don’t buy you make . . . they buy why you make it”. He cites Apple
as a great example of understanding that most companies tell you what they do,
and how they do it. But the key to
success is to answer “why they do it”. If you don't know Simon Sinek, take the next few
minutes to view this condensed explanation of how innovative companies differentiate and
grow their business and how great leaders inspire action.
Find a niche and own it.
I have always believed that your positioning strategy must
be unique, believable, relevant and true.
In today’s hyper-competitive, global marketplace, unique becomes the
true differentiator. With so many
options to choose from, and the ease of buying through e-commerce, without a
unique niche, you are primarily competing on price or availability. And neither of those strategies is
sustainable in the long term.
Focus on
serving your customer.
During his low-key, interactive presentation, Lars Wulff was
interrupted several times with questions, and one of those questions was 'Have
you considered other growth avenues beyond simply opening new
stores?". His response was immediate and genuine. He replied “I am planning a session with my
key management team to explore ways to enhance the customer experience, and
that will determine any new directions we move".
Notice that he didn't say we will "explore ways to grow the business". His response was to look for "ways to enhance the customer experience".
What a great way to approach business and growth! Every company wants to grow. How many approach growth from the customer's perspective? How many companies have made missteps because they added new services instead of customer benefits to grow their business? How many agencies have added new services or digital marketing departments or capabilities to "enhance their customer's experience" vs. just to gain more revenue?
Lars had a lot of good things to say about the importance of understanding and maintaining a consistent and strong corporate culture. And the necessity of having a differentiating benefit that would build customer loyalty.
But the real strength of his organization is his basic approach to business growth "How do we enhance the customer experience?"
In a world with so much competition and so many options, asking the right questions, finding your niche and focusing on your customers can be the difference between success and failure.
Notice that he didn't say we will "explore ways to grow the business". His response was to look for "ways to enhance the customer experience".
What a great way to approach business and growth! Every company wants to grow. How many approach growth from the customer's perspective? How many companies have made missteps because they added new services instead of customer benefits to grow their business? How many agencies have added new services or digital marketing departments or capabilities to "enhance their customer's experience" vs. just to gain more revenue?
Lars had a lot of good things to say about the importance of understanding and maintaining a consistent and strong corporate culture. And the necessity of having a differentiating benefit that would build customer loyalty.
But the real strength of his organization is his basic approach to business growth "How do we enhance the customer experience?"
In a world with so much competition and so many options, asking the right questions, finding your niche and focusing on your customers can be the difference between success and failure.
Are you asking the
right questions to identify those high value targets? Isn't that a good place to start?
