Do not Meet, Exceed Customer...

Expectations!  That is the word.

This post is about exceeding expectations.  I read it in Entrepreneur and it made me think about this very concept. 

How often have you had a highly positive experience after purchasing a product or using a service?  It occurred to me after reading this article that it or the individual exceeded my expectations.  

You can think of numerous examples of expectations either exceeded or not. A few that come to mind is a meal at a restaurant (see article), watching a movie, returning an item to a store, a haircut, trying a new dish, flying, or an experience with a customer service staffer. 

All of these (and many more) reflect that we generally have predetermined expectations.  When it is less, we are disappointed. When it is met, we are pleased, but nothing to brag about to other.  However, when it is exceeded, we talk very positively about it to our friends and others. 

I do not believe I consciously thought about this in these terms as is applied to my career, but I think I do. And so do others.  

If you ask most people to relate their experience to a government agency, it is probably one of two departments:  motor vehicles and revenue.  And that experience likely leads to very low expectations (mainly because you do not want to be at either one in the first place).  And how many jokes have you heard about going to get a driver's license, the process of getting a license, and the motor vehicle department staff. 

Allow me to offer an example of one government employee who likely exceeds expectations with every customer.  In my suite I can hear interactions of county government employees with the public.  One individual in particular comes to mind. I hear her bright and sunny greeting to each customer who approaches her counter with a land use issue.  So just think about every customer who gets an enthusiastic greeting from a government employee, more than likely expectations have been exceeded right off the mark. She also is very well informed.

In my case, I look at the businesses and citizens that I serve (and I do mean serve) as clients. If my expertise or knowledge of a particular resource can help clients avoid a pain point, than it is worth the extra effort.  A couple of examples.  I would find programs or initiatives of interest and send them to appropriate businesses.  But I would craft an email (with careful formatting) that contains key points like a summary of the program, milestones, criteria, link, etc.  It is far easy to just send the program title and a link (thus meeting expectations) or making it far easier for my clients to glean the most relevant data and then decide if going to the program is worth the trouble (exceeding expectations). 

A second example is my most recent task.  Agribusiness is growing in the County, but the permitting process is a challenge. I was asked to prepare a flowchart of the County permitting process for a new agribusiness venture. The first flowchart is for an alcohol manufacturing facility (winery, brewery, or distillery) on a farm. I could have done just the County process, but I chose to add federal and state permits too. Why? My clients will benefit from understanding the entire permitting process.  Without consciously thinking about it, I tried to exceed the expectations of my boss and my customers. 

You may already do this, but you just do not look at it from this perspective. 

Enjoy the article and I hope it makes you think about your career. 

Link to article:  https://www.entrepreneur.com/article/344385

Staying on Top is a Constant Challenge

This is a brief post.  One common theme in my posts is the importance of innovation.  This article highlights just that.  

The article is about Spotify and how it was a disruptive technology.  Now, how does Spotify maintain its leading position?  Especially when new and well funded competitors are on the horizon. In addition, technology adaption is an underlying current in disruptive technology. 

Link to article:  https://fortune.com/longform/spotify-music-industry-profits-apple-amazon/

Take Advantage of Opportunities

One of the frequent topics I write about is economic development agencies taking advantage of changes in a competitor's circumstances.  

This one is no different. It is an excellent Fortune article by Viviene Walt about Amsterdam's strategy, execution, and likely success in becoming the financial center of the European Union when the United Kingdom finally exits. 

A key point, Amsterdam built on existing advantages. The city was up against stiff competition that included Paris and Frankfurt. 

However, the effort to attract the European Medicines Agency (EMA) to Amsterdam is an excellent part of the story. As you read the article, you will see why attracting the EMA was so important and how Amsterdam executed the strategy. 

Link to article:  https://fortune.com/longform/brexit-amsterdam-the-new-london-europe-companies/

It is Not Always About the Money

I love this article. It was in Bloomberg BusinessWeek. This piece was written by Pharhant Gopal and Vildana Hajric.

Two New York City suburbs, New Rochelle and Yonkers, are taking substantial steps to recruit millennials from Manhattan.  

The focus is on building mixed use developments of interest to millennials.  Equally important is providing the type of services that appeal to millennials. As you read the article you will see how much research was done.  It is very impressive.

Note that both suburbs enticed developers to build luxury apartments by offering two primary incentives:  long term tax breaks and rapid permit approval. 

Rapid permit approval is not generally considered a monetary incentive by most people. However, for a developer or industry, rapid permit approval ranks right up with cash and tax breaks.  Time to market definitely impacts the revenue stream and how quick profitability is achieved.   

As you read the article take note of the concerted and comprehensive effort to recruit millennials from Manhattan and New York City. It includes understanding your market, building what your research tells you the market want, and how to incent developers to partner with you.  

Link to article:  https://www.bloomberg.com/news/articles/2019-12-17/how-nyc-suburbs-yonkers-and-new-rochelle-are-wooing-millennials?srnd=businessweek-v2

What You Measure is What you get

I love economics.  It is a fascinating field and is filled with incredible measurements and indices.  And remember what President Harry Truman said about economists.  “Give me a one-handed Economist. All my economists say 'on one hand...', then 'but on the other...”

One of the best aspects of economics is the churn of ideas and theories. One man is trying to move the conversation away from Gross Domestic Product (GDP).

Dr. Mark Skousen, an economist suggested using another way to measure an economy is GO or Gross Output. This started in Great Britain.  

Dr. Skousen teaches at Chapman University.  He is also an investment adviser and author of several books. The following link takes you to an article and pod cast. It is worth the read and a listen.  

Link to article:  https://www.forbes.com/sites/steveforbes/2019/09/09/were-using-the-wrong-measure-gdp-to-gauge-the-economys-real-health-mark-skousen/#3b1d840452fa

Pivot

This post includes one of my favorite items:  hummus.  It is also about an entrepreneur who recognizes the need to pivot due to customer feedback and becomes very successful. 

The article is from Entrepreneur and highlights the struggles of Jesse Wolfe and his firm, O'Dang Hummus.  

As we know from reading the article, he faced the same challenges other start-up firms have when competing in the food industry and retail sales.  The article notes that Mr. Wolfe overcame the initial issues of product development, testing, reevaluating, and getting on a supermarket shelf.  But he still did not meet his expectations. 

Unlike others who fail, he learned from his product testing and found another avenue.  It required him to significantly revise the final product, but he could have never done it without customer feedback. Sometimes we forget that the customer can offer insights others simply cannot see.  Mr. Wolfe heard them and acted accordingly. 

I think you will enjoy the article. It is authored by Jason Feifer.  Mr. Feifer does an excellent job carrying you through Wolfe's journey. 

https://www.entrepreneur.com/article/341808

Technology at its Best or Why Didn’t I Think of That?

Short answer to the question above. I am not that smart.

From previous posts you know I read several business magazines.  This is one of my favorite articles in Forbes.  It combines extensive research, answering a burning question, growing an economy, and innovative adaption of technology all in one article.

One key point, you will never look at your mobile phone the same way again. 

The article is about Shivani Siroya and her challenges and success in launching Tala.  Tala makes small loans through a smartphone app.

Ms. Siroya’s background and experience are highly unique and positioned her to form Tala.  The article talks about partnerships she formed. The use of data on a phone to analyze customers was brilliant.  Several users of Tala are profiled. The stats on the impact of Ms. Siroya and her company are very impressive.

Title of the article: “The $100 Trillion Opportunity: The Race To Provide Banking To The World’s Poor”

Link to article:  https://www.forbes.com/sites/jeffkauflin/2019/09/23/the-100-trillion-opportunity-the-race-to-provide-banking-to-the-worlds-poor/#3a1fd0f1d015