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.
Apple is the most valuable company on the planet. It operates more than 500 retail locations worldwide that are considered the gold standard for retail operations, generating higher sales per square foot than any other store anywhere. Why is Apple so much more successful than anyone else? You could argue that Apple makes really cool products that people want to buy. Their stores are fun to visit. You can play with Apple products and no one will bother year. Architecturally, the open, well-lit environments create the right tone. Those are big reasons, but store design and merchandise are not the only reasons. The other critical component behind Apple’s retail success is its customer service and the lessons that Apple teaches are applicable to kitchen and bath showrooms.
Last year, Cosentino undertook a sweeping rebranding and repositioning of its benchmark brand Silestone, targeting a new consumer base and a younger demographic, claims Elizabeth Ramos, Marketing Director for the American market at Cosentino. Silestone’s target demographic are younger consumers that value more humane companies and focus on experiences and value. Ramos claimed that this consumer wants to buy from companies that inspire them.
Scott McKain believes that there are three types of customers. At the base level, there are those who are transaction oriented. These are individuals who are completely price oriented. Give them the lowest price and you will win their business. McKain claims in The Ultimate Customer Experience that most businesses overestimate the number of people who are concerned exclusively with price. He makes an important distinction when defining price-oriented purchasers. Price is always a factor but only with a small percentage of the buying public is price the only factor.
We were tasked with finding a speaker who could open a conference. The goal was to fire everyone up at the start of the conference and then provide a hearty meal of compelling content that could be taken from the Conference room on Thursday and applied to our members’ businesses the following Monday.
