Excellence: The Relentless Pursuit of Dramatic Difference!

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Slide 1: Excellence: The Relentless Pursuit of Dramatic Difference! America’s Community Bankers 2005 Annual Convention JW Marriott/Orlando/17 October 2005 Tom Peters’ Slide 2: Slides at … tompeters.com Slide 3: “If you don’t like change, you’re going to like irrelevance even less.” —General Eric Shinseki, Chief of Staff. U. S. Army Slide 4: “It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.” —Charles Darwin Slide 5: Message … Slide 6: GH/TP: “Get better” vs “Get different” Slide 7: 2/50 415/798/4X #1 7-7-7 4 Slide 8: 2%/50% Slide 9: Experience: “Rebel Lifestyle!” “What we sell is the ability for a 43-year-old accountant to dress in black leather, ride through small towns and have people be afraid of him.” Harley exec, quoted in Results-Based Leadership Slide 10: $798 Slide 11: $415/SqFt/WalMart $798/SqFt/Whole Foods Slide 12: “The ‘mass market’ is dead. Consumers look for either price or quality. The middle is untenable.” —Walter Robb/ COO/Whole Foods/Investors Business Daily/06.20.05 Slide 13: “At London Drugs, everyone cares about everything.” 4X: —Wynne Powell Slide 14: No Excuses/Wegman’s: #1 84%: Grocery stores “are all alike” 46%: additional spend if customers have an “emotional connection” to a grocery store rather than “are satisfied” (Gallup) “Going to Wegman’s is not just shopping, it’s an event.” —Christopher Hoyt, grocery consultant “You cannot separate their strategy as a retailer from their strategy as an employer.” —Darrell Rigby, Bain & Co. 100 Best Companies to Work for/Fortune Slide 15: 7X. 730A800P. F12A. ’93-’03/10 yr annual return: CB: 29%; WM: 17%; HD: 16%. Mkt Cap: 48% p.a. Slide 16: Thesaurus of WOW! “They” hate it if you call them “bankers.” “They” love it, on the other hand, when you ask to see their #s—stupendous. “They” are … Commerce Bank. These absurdly fast growing, insanely profitable “retailers,” rewriting the rules of East Coast retail banking, sent me a copy of their booklet, “Traditions.” It explicates their “Wow the Customer Philosophy.” At the end there’s “A Collection of Commerce Lingo.” I won’t define (use your imagination), but simply offer a small sample: “Fans, Not Customers.” “Say YES … 1 to say YES, 2 to say NO.” (A staffer has to get a supervisor’s approval to say “no” to anything.) “Recover!!! To Err Is Human; To Recover Is Devine.” “Leave ’Em Speechless.” “Positive Behavior.” “Positive Language.” “Kill A Stupid Rule.” (Get cash rewards for exposing dumb internal rules “that impede our ability to WOW!”) Make the ‘WOW! Answer Guide’ Your Best Friend.” “Buzz Bee.” “CommerceWOW!Zone.” (A K-12 financial education program.) “Doctor WOW!” “Ten-Minute Principle.” (“Stores” open 10 minutes before posted hours, stay open 10 minutes after posted hours—and the hours, such as open 7 days a week, are already incredibly generous & tradition-shattering.) “Wall of WOW!” “WOW! Awards.” (The annual recognition ceremony—Radio City Music Hall, with the Rockettes, in ’05.) “WOW! Patrol.” “WOW! Spotlight.” “WOW Van.” “WOW Wiz.” (A service superstar.) Etc. Slide 17: 4 days/week Slide 18:  Slide 19: WallopWalMart16 Slide 20: The “Small Guys” Guide: Wallop WalMart16 Niche-aimed. (Never, ever “all things for all people,” a “miniWalMart.) Never attack the monsters business and lukewarm customers.) head on! (Instead steal niche “Dramatically Different” (La Difference ... within our community, our industry regionally, etc … is as obvious as the end of one’s nose!) (THIS IS WHERE MOST MIDGETS COME UP SHORT.) Compete on value/experience/intimacy, not price. (You ain’t gonna beat the behemoths on cost-price in 9.99 out of 10 cases.) Emotional bond with Clients, ON EMOTION/CONNECTION!!) Vendors. (BEAT THE BIGGIES Slide 21: The “Small Guys” Guide: Wallop WalMart16 Hands-on, emotional leadership. (“We are a great & cool & intimate & joyful & dramatically different team working to transform our Clients lives via Consistently Incredible Experiences!”) A community hell out of it!) An star! (“Sell” local-ness per se. Sell the incredible experience, from the first to last moment—and then in the follow-up! (“These guys are cool! They ‘get’ me! They love me!”) DESIGN! (“Design” is a premier weapon-in-pursuit-of-the sublime for small-ish enterprises, including the professional services.) Slide 22: The “Small Guys” Guide: Wallop WalMart16 Employer of choice. (A very cool, well-paid place to work/learning and growth experience in at least the short term … marked by notably progressive policies.) (THIS IS EMINENTLY DO-ABLE!!) Sophisticated use of information technology. (Small-“ish” is no excuse for “small aims”/execution in IS/IT!) Web-power! (The Web can make very small very big … if the product-service is super-cool and one purposefully masters buzz/viral marketing.) Innovative! (Must keep renewing and expanding and revising and re-imagining “the promise” to employees, the customer, the community.) Slide 23: The “Small Guys” Guide: Wallop WalMart16 Brand-Lovemark (Kevin Roberts) Maniacs! (“Branding” is not just for big folks with big budgets. And modest size is actually a Big Advantage in becoming a localregional-niche “lovemark.”) Focus stupid.) on women-as-clients. (Most don’t. How Excellence! (A small player … per me … has no right or reason to exist unless they are in Relentless Pursuit of Excellence. One earns the right—one damn day and client experience at a time!—to beat the Big Guys in your chosen niche!) Slide 24: Up, Up, Up, the Value-added Ladder. Up Slide 25: Experience it! Slide 26: $798 Slide 27: “Experiences are as distinct from services as services are from goods.” Joseph Pine & James Gilmore, The Experience Economy: Work Is Theatre & Every Business a Stage Slide 28: The “Experience Ladder” Experiences Services Goods Raw Materials Slide 29: One company’s answer: CXO Slide 30: Dream it! Slide 31: DREAM: “A dream is a complete moment in the life of a client. Important experiences that tempt the client to commit substantial resources. The essence of the desires of the consumer. The opportunity to help clients become what they want to be.” —Gian Luigi Longinotti-Buitoni Slide 32: Experience Ladder Dreams Come True Awesome Experiences Services Goods Raw Materials Slide 33: “No longer are we only an insurance Today, we also offer our customers the products and services that help them achieve their dreams — provider. whether it’s financial security, buying a car, paying for home repairs, or even taking a dream vacation.”—Martin Feinstein, CEO, Farmers Group Slide 34: “The sun is setting on the Information Society—even before we have fully adjusted to its demands as individuals and as companies. We have lived as hunters and as farmers, we have worked in factories and now we live in an information-based hearts, not to our heads. Now is the time to add emotional value to products and services.” —Rolf Jensen/ The Dream Society:How the Coming Shift from Information to Imagination Will Transform Your Business We stand facing the fifth kind of society: the Dream Society. … Future products will have to appeal to our society whose icon is the computer. Slide 35: CDM* Slide 36: Love it! Slide 37: have run out of juice. They’re dead.” “Brands Saatchi —Kevin Roberts/Saatchi & Slide 38: Kevin Roberts: Lovemarks! Slide 39: Brand …………………………………………………. Lovemark Recognized by consumers ………………. Loved by People Generic ………………………………………………… Personal Presents a narrative ………………….. Creates a Love story The promise of quality ……………… A touch of Sensuality Symbolic ………………………………………………….. Iconic Defined ………………………………………………….. Infused Statement ………………………………………………….. Story Defined attributes ……………………... Wrapped in Mystery Values ………………………………………………………. Spirit Professional …………………………... Passionately Creative Advertising agency ………………………….. Ideas company Source: Kevin Roberts, Lovemarks Slide 44: Tattoo Brand: What % of users would tattoo the brand name on their body? Slide 45: Top 10 “Tattoo Brands”* Harley .… 18.9% Disney .... 14.8 Coke …. 7.7 Google .... 6.6 Pepsi .... 6.1 Rolex …. 5.6 Nike …. 4.6 Adidas …. 3.1 Absolut …. 2.6 Nintendo …. 1.5 BRANDsense: Build Powerful Brands through Touch, Taste, Smell, Sight, and Sound, Martin Lindstrom Slide 46: Dreams Come True Awesome Experiences Solutions Services Goods Raw Materials Lovemark Slide 47: CL O Chief LoveMark Officer Slide 48: CWO Chief WOW Officer Slide 49: Sell it! Slide 50: Just Say No. Male Slide 51: Thanks, Marti Barletta! Slide 52: The Perfect Answer Jill and Jack buy slacks in black… Slide 54: 1. Men and women are different. 2. Very different. 3. VERY, VERY DIFFERENT. 4. Women & Men have a-b-s-o-l-u-t-e-l-y nothing in common. 5. Women buy lotsa stuff. 6. WOMEN BUY A-L-L THE STUFF. 7. Women’s Market = Opportunity No. 1. 8. Men are (STILL) in charge. 9. MEN ARE … TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN. 10. Women’s Market = Opportunity No. 1. Slide 55: Sell it! Slide 56: Just Say No. 18-44 Slide 57: 2000-2010 Stats 18-44: -1% 55+: +21% (55-64: +47%) Slide 58: 44-65: “New Customer Majority” 45% larger than 18-43; 60% larger by 2010 Source: Ageless Marketing, David Wolfe & Robert Snyder Slide 59: “Baby-boomer Women: The Sweetest of Sweet Spots for Marketers” Snyder, Ageless Marketing —David Wolfe and Robert Slide 60: “The New Customer Majority is the only adult market with realistic prospects for significant sales growth in dozens of product lines for thousands of companies.” —David Wolfe & Robert Snyder, Ageless Marketing Slide 61: Lead it! Slide 62: Create a Cause! Slide 63: “Management has a lot to do with answers. Leadership is a function of questions. And the first question for do?’ but ‘Who do we intend to be?’” —Max De Pree, Herman Miller ‘Who do we intend to be?’ Not ‘What are we going to a leader always is: Slide 64: Demand Action! Slide 65: “We have a ‘strategic’ plan. It’s called doing things.” — Herb Kelleher Slide 66: “This is a dangerous world and it is going to become more dangerous.” “We may not be interested in chaos but chaos is interested in us.” Source: Robert Cooper, The Breaking of Nations: Order and Chaos in the Twenty-first Century Slide 67: Be Prepared! Slide 68: H5N1 Slide 69: 3D/350M Slide 70: Dispense Enthusiasm! Slide 71: Dispenser of Enthusiasm!” BZ: “I am a … Slide 72: “Most important, upped the energy level at he Motorola.” —Fortune on Ed Zander/08.05 Slide 73: Free the Lunatic Within! Slide 74: Nelson’s secret: “[Other] admirals more frightened of losing than anxious to win” Slide 75*: “You can’t behave in a calm, rational manner. You’ve got to be out there on the lunatic fringe.” — Jack Welch