We’ve heard from a number of shareholders that lead times are at record lengths. How do you sell a kitchen to a homeowner who wants to renovate when you can’t get the materials needed for the renovation for six months or even longer? The first and most obvious point is that your supply chain challenges are not unique. Your customer can’t go somewhere else that can produce more quickly or efficiently than you can. The customer needs to know that and if they are told differently, almost certainly they are not being told the truth.
There are many family businesses in BKBG among both Shareholders and Preferred Partners. A challenge for many family businesses is to transition from one generation to the next. The statistics are not positive. 60% of second-generation family businesses fail and 90% of third-generation businesses do not survive. How can you beat the odds?
Lexus is a luxury car brand that is highly rated for delivering exceptional customer experiences. Peggy Turner, vice president of Lexus guest retention and loyalty, revealed a strategy Lexus uses to attract more lease customers that teach valuable lessons to showrooms looking to improve their customers’ showroom experiences.
Great managers bring out the best in their team members – bad managers just the opposite. A recent study found that 61% of those working for bad managers were seeking alternative employment while only 27% of those working for good managers were looking for new career opportunities.
I don’t know how many conversations that we at BKBG have had with Shareholders, noting that the industry has dramatically changed and that all of our businesses need to change to keep pace. Think about what has happened to our industry and to a larger extent our society as we emerge from a global pandemic. Could you have imagined that we would live in a world where more individuals have a mobile telephone subscription than access to electricity or safe drinking water? As Dan Pink describes in his book To Sell Is Human, we have moved from Caveat Emptor to Caveat Venditor (buyer beware to seller beware).
What role does your brain play? Most people would respond that the primary purpose of one’s brain is to allow you to think, but that’s not correct, claims Lisa Barrett, a professor of psychology at Northeastern University and the author of the book Seven and Half Lessons about the Brain.
The figures are shocking. Less than 25% of Americans trust the federal government to do the right thing, according to a recent Pew survey. And it’s not just Uncle Sam. Approximately a quarter of the U.S. population has no religious affiliation. One-third of Americans don’t trust the media to tell the truth, reaching a historic high, according to Gallup.
It’s official. Social media has become the primary medium for customer engagement, according to a recent Harris Poll. More than 70% of businesses use social media to connect with customers and prospects. Email is used 61% of the time. TV/radio advertisement is used by 27% of businesses and 24% of businesses attempt to connect with customers through print ads.
Has COVID-19 changed the definition of luxury? The motivation for consumers to purchase luxury products and experiences is the desire to enhance their status and self-worth. It’s Thorstein Veblen’s conspicuous consumption. Wearing designer clothing, driving a Porsche, selecting custom cabinets all make a statement that shouts, “look at me, I’ve made it.” Bain identifies a “post-aspirational” consumer mindset, suggesting consumers have evolved beyond aspiration as a motive for luxury purchases. Instead of purchasing luxury products as a means to demonstrate self-worth and status, Bain believes the primary motivations for luxury purchases post COVID-19 will emphasize diversity and inclusion in addition to sustainability and environmental issues. “Activist” consumers will seek to align with brands that reflect consumers’ vision and desire for purpose.
The habits of great leaders regardless of field include:
When you lead a team, a project or an entire operation it’s easy to get bogged down in the weeds, which prevents or deters spending quality time on initiatives that are most important. Great leaders are weed whackers to help ensure that they spend their time on the right priorities.