One of the biggest fears of any small business owner is the customer going to the competition. So they're often tempted to drop prices. Especially when the client says, "So-and-so has this cheaper." Most businesses try to match "So-and-so's" price, while the correct answer is, "That's great. Then go buy them from So-and-so."
According to Dr. Peter, every position in a hierarchy will sooner or later be filled by someone incompetent for that position. Considering the current hiring and promotion practices all over the world, this should come as no surprise. Sadly, little has changed on that front over the past 50 years.
Here's the bad news - in case your job can be easily automated, you're down for the count. If your paycheck depends on churning out quantity and not quality, you're easily replaceable by an AI. After all, what you can do, AI can do faster, better, and cheaper. And since it's usually the lowest bidders that win in these scenarios, you're out. The moment potential employers find out they can "solve their content needs for a few bucks a month", no one will bother with you.
With all this oversaturation and overoptimization, we seem to have lost the art of storytelling in the process. The Internet offers more how-to's than we know what to do with. But it's the human part of the stories that seems to be brushed aside. Indeed, humanity has been stripped off of web writing and all that remains is barebones information that replicates itself ad infinitum like a primordial single-cell organism.
If you want to boost your employees' level of job satisfaction and loyalty, then a clearly communicated brand vision is the place to start. This will give them a greater sense of purpose. It will empower them to make a difference in the world and allow them to become a part of something greater than themselves without losing themselves in the process.
One of the best ads ever made doesn't show the product. There's not a computer in sight. No mention of megahertz and features. Not even benefits of owning an Apple computer. And yet, nearly 40 years later, we're still talking about it. That's the power of communicating a brand vision.
Henry Ford's vision catapulted the Ford Motor Company to the top of the automobile industry in the early 20th century. Because of his vision of a car in every garage, he adapted the moving assembly line process to car manufacturing. This enabled his company to make, market, and sell their crown jewel - the Model T at a significantly lower price than any of their competitors. For a while, Ford was the face of innovation.
A brand is a mental space a business, organization, or even a person holds in people's heads. It's a perception, a feeling. But also a promise. If people buy your product, they do so with a set of expectations. No one buys an iPhone expecting it to break down in two weeks. Apple promises that won't happen, and they keep that promise to a reasonable enough degree.
A productocracy is "a product or a service that has a distinctive value skew in the marketplace which incites unsolicited recommendations from its current customers, creating new customers."
People often ask me what's the difference between e-commerce and digital marketing. I'm always stunned by this question. To me, the answer has always seemed obvious and intuitive. Until I actually thought about it.