Many of you may have noticed that I’ve missed a day or two of blogging - I apologize, I know how MysteryCEO.com has become a drug of sorts for you

Well, our company is in the dead middle of a big product launch and I have literally been working around the clock (loving every minute of it - but sleepy at the same time). There is ONE thing I can’t get over, I’ve done quiet a few of these launches and have always promised myself one thing:

Next time, before we even announce the launch date, we’ll make sure EVERYTHING is done - all sales material, product, testing, etc…

What I can’t understand is why I NEVER follow through with that? It seems NOTHING gets done until a firm date is SET. But at the same time, nothing is done at the time the firm date is set (well, not “nothing” - but you know what I mean).

So, in other words - to motivate yourself TO get things done, deadlines become necessary…

Anyways - what’s your opinion on that?  Do you work better with deadlines?

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I had to talk about this today because a statement that a friend/adviser/mentor had made to me once came screaming back in force and punched me in the face as I listened to a friend talk about a business partnership he’s currently in.

Here’s the advice I had received long back:

“The minute one partner starts to think he/she is doing more than the other, that’s the very moment that you better either address it right away and resolve it or walk away from the partnership - nothing good comes after that first feeling unless it’s resolved…”

I know, a bit of a long statement and I paraphrased because I don’t remember the exact quote. But boy is this true!

I, myself had experience with this last year and my partner was courteous and “ballsy” enough to catch this himself and come to me and ask to leave the partnership. He was very fair about it  and actually made it very equitable for me so I could not really argue or get mad.

But, he saved the both of us MONTHS of pain and trouble.

Today, this was the same advice I gave my friend - either resolve it immediately or find a way to walk, we go into business to IMPROVE our lives, not make them worse… 

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This is what’s on my mind today…

I’ve been evaluating the “sales process” inside my head and thinking about what has worked best in the past. One of the recurring themes I picked out was that any time I have “let things play” out and simply rely on my charm - the sale has happened.

At the same time, when we’ve been in “crunch mode” it always seems that the sales take longer and even if they happen - they feel very pushed and lead to more dissatisfaction for both parties in the end (versus building a strong relationship first).

What led me to this thought was this last weekend. I spoke at a seminar hosted by arguably the largest company in our industry. It was an honor enough to just be invited, however it seems to be turning into much more than that.

I was such a hit at the event that their CEO has already struck multiple follow-up conversations with me including a potential Joint Venture. See, I’ve been wanting to find an “in” with them for over 3 years, but frankly always avoided it because NO ONE in our industry (yes, NO ONE) has had any luck - even names that are much bigger than mine.

Some how, all of a sudden, the tables have turned in the sense that “I” feel as if the sale is coming from the other side (which is a great position to be in). You see what happened here was that I presented my value before anything. I made them realize that there was money in working with me and my company before EVER making them feel like “I was trying to get the best of them…”

The best salesman is always the one that lets the customer feel as if it was their own decision to buy the process, when in reality, he/she held their hand and led them right to the decision. By mistake (not purposely), I think I may have done the same thing here…

All in all, try changing your mindset from “selling” to “relationship building” - show value first, let them see what life could be like with you and/or your product then slightly pull it away. The sale seems to get much easier that way…

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I spoke on Saturday to a crowd of about 400 and although I’m very used to public speaking, I have to say that this is the largest group I have ever spoken in-front of. I’m never really nervous about it any more, but it still can get you if you think too much about it.

Speaking in-front of 400 people or 40,000 people for that matter is the exact same really as speaking in front of 10 - it’s all in your mind if there is any difference at all.

If you want to speak well in front of a crowd, here are 3 tips I highly advise…

1. Humor - If you’re not a fun or charismatic person, you’ve got a lot of work to do before you can get on stage (or just don’t get on stage). If you can’t get the crowd into your conversation and responding, they’re lost. I don’t care HOW technically amazing your talk is - people are people and you need to FIGHT for their attention.

2. As for Audience Feedback - I always ask questions where I say “Raise your hand if you agree?” - sometimes people don’t raise their hands, they think it’s a rhetorical question - well I stop and repeat myself until they do.

3. MOVE AROUND - I like to be on stage, left side, then right side - then sometimes come OFF the stage. The more you can force the audience to follow you around, the more they are tuned in.

If you stand still, talk in a plain boring monotone voice - kiss your presentation good bye. I don’t care if you’re presenting a way for humans to fly, you’re not going to have the crowd (ok, maybe then you would…)

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Today’s post is really short because quite honestly, I’m tired and want a break - actually, I’m in LA at a conference and need to fly home today (not looking forward to the red eye flight).

Something I have learned from reading Dale Carnegie that really stuck with me is to get RID of the word “…but…”

See, Dale teaches you NOT to criticize someone (whether it be spouse, child or team member) - never criticize, only compliment. If there is something you need someone to change, you always lead in with something good and THEN say what you want them to improve on, it makes a major impact.

Example/

“Jim, your reports are amazing, the graphs and charts are well done and very helpful, but, can I please get them on time from now on?”

WRONG - saying it that way, you just NEGATED your compliment totally…

Try this..

“Jim, your reports are amazing, the graphs and charts are well done and very helpful, could I have next week’s report on Tuesday, it’ll give me that much more time to get the full effect of your hard work…”

BOO YA! Try that, I’ve already been doing it - works like a charm.

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A few days ago, the news came out that an airline (ATA) had just randomly one morning woken up and canceled all their flights, released all their employees and pretty much vanished from existence.

Let’s make a list of all the people the CEO screwed over because he was too much of a “wussey” to step and do this the right way…

1. Left THOUSANDS of passengers stranded.
2. All the people who were expecting those passengers (whether for a birthday party or a critical business meeting - thanks ATA).
3. Their OWN employees - no notice, no income - nothing.
4. Their partners - Southwest is a route sharing partner and had no idea, they were left blind-sided and had to scramble to cover the slack.
5. Airport officials - Can you imagine what the stranded passengers did to these people?
…the list goes on.

I know that I’m probably making it sound easier than it is, but I don’t care if you lose your pants (literally) - for a company this big, you see it coming. A fear of investors and your “reputation” can NEVER lead you to “screw over” those very people who are loyal to you and depend on you.

I want to apologize for my tone here, but I’m fuming upset since I read this…how can anyone be so irresponsible and selfish?

Some of the employees didn’t even find out from their bosses, they heard it on the NEWS or from a family friend who heard it on the news.

Well, This DID Present An Opportunity For Southwest…

As tough as this was on Southwest, it presented a serious opportunity for the airline. Southwest scrambled last minute and did everything they could to pick up the slack of their ex-partner. You think those stranded passengers may fly Southwest next time? You bet your 2 cheeks they will.

Hats off to you Southwest - stepping up to solve a problem that truly isn’t even yours, it’s admirable and it’s how a customer should be treated.

ATA - I never flew you, I never cared and never knew what you were and now I’m da** glad of it. Going out of business is fine, it happens - doing it overnight and flicking off everyone around you is just jaw-dropping. 

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Do yourself a favor and read “The Ultimate Question” by Fred Reichfeld IMMEDIATELY. I’m not even all the way through it (not even 1/2 yet) and it’s already completely changing the way I look at company growth, customer care and culture.

This is one of the simplest books I’ve ever read, yet it’s having the most profound effect - the ENTIRE book is around teaching you to ask all your customers ONE question. Your customers’ (collectively) answer to this question will reveal the health of your company and predict the company’s future.

What is the question?

Wouldn’t YOU love to know, you have to read - if I tell you that here, the book won’t pack as much PUNCH.

The book is structured around teaching you how to care for your customer and uses countless examples of major Fortune 500 companies and what they are doing to take their business to the next level.

All the examples I’m reading have my brain running WILD with ideas on what to implement into the next version of our platform…

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Recently I made a post where I talked about how “e-mail” can kill your company and you; at the end of it, I mention “…but Gtalk is vital for virtual companies…”

Right after I made that statement and hit “Publish” I got to thinking about the truthfulness of what I just said. For some reason it felt “stupid” - if checking my email frequently is a problem, then how can CONSTANTLY chatting on Gtalk be any better?

The next day I evaluated my day and realized something that down right PISSED me off. I was WASTING hours just “chit-chatting” away on Gtalk and not getting anything done - all useless ramble. I was shocked, appalled and wanted to slap myself.

I am going on record today CORRECTING my prior evaluation of Gtalk and all other instant messaging programs.

Yes, they ARE vital for virtual companies - but not if you also have your friends on that account and if you “chit chat” with those who you work with.

Here’s How I’m Changing Things Moving Forward…

Everyone that I typically talk to now knows that to reach me, they need to either e-mail me with URGENT in the subject line or CALL me and ask me to get on Gtalk.

Will I still use instant messaging to communicate with my team? Yes, of course. But, I’m not going to be 100% reachable all the time - they can easily ask me to get on and I will, but then log right off afterwards.

I’ll also get on instant messaging when I am taking a break.

I am officially on record, sorry for giving you the bad advice on the prior post.

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This conversation actually occurred a few weeks ago when I was at my “bat cave” location internationally with our designer where he had just come back from learning about a concept called loss leader or cost leader (same thing). He was pretty excited, I was a bit surprised because it was so common in U.S.

However, I gave it more thought and realized that I have been born into an industry that it’s common in, but that many out there may not understand the concept, hence the post today. So, thank you Mr. Designer for helping me think of this post.

What is a loss leader (cost leader)?

Simple - it’s a “front-end” product or service that you give to someone for free or REALLY cheap and typically lose money on. BUT, it’s the “leader” because you have some monetization goal behind it. So, in other words…

“Lure them in with greed then swipe their wallet and run!” I’m obviously just kidding, loss leaders are very kosher marketing if done appropriately and not maliciously.

What are some examples of a loss leader?

1. Rebate Offers - Stores and manufacturers will lose money on one or two products just to get you in the door. They know that you’ll buy other things while there and they may get some loyalty (they’re thinking lifetime value of customer).

2. Free Trials - The company is risking giving you a service for a certain period for free. Why? They are confident they can hook you and start charging you.

3. A Free Web Service - Most “social networks” are loss leaders. They need tons of investment to get started and they don’t make any money for a LONG time. But, they build a database that is worth a lot of money if marketed to.

My Favorite Kind of Loss Leader?

FREE Services - We’re actually working on a service/site right now that has many attractive FREE elements to it. It might be free for the users but has cost us tons to develop and will keep costing us to maintain. BUT, we’re going to use this to build a database of people and obviously soon we’ll start conducting research on them and figuring out what the UPSELL them.

In short, a loss leader can be a great way to generate ultra-targeted leads so long as you can absorb the cost.

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Since everyone else seems to be awarding companies the “Best Company of The Year” Awards, I figured I’d do it too.

What gives me the credibility do do this? I don’t know, who really cares? I spend a lot of time reading about companies and admiring their work - these are my favorites for the reasons below:

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#1. Zappos

I’ve actually met their CEO and this company is beyond amazing. Having gone from nothing to near $1 BILLION in sales in just 10 years is quite a task and all that SELLING PRIMARILY SHOES!

Zappos has two things that really stick out to me (I’ve been to their office, had the full tour and all).

A) Corporate Culture - It’s like being in a playground there, everyone is happy and enjoying what they do. I’ve learned a lot from this.

B) Customer Support - UNHEARD of support, these people turn into your best friends in 3 minutes on the phone. Zappos has a tag line called “Powered By Service” - just amazing.

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#2. Apple

Apple continues to shock and awe me with their neat “inventions.” They keep innovating and last year they get #2 because the finally released the iPhone. I don’t own one (because I don’t have AT&T), but have seen it.

If nothing else, it’s different and the one feature that allows you to scroll through your voicemail like you would with e-mail is amazing enough to help them win in my book. Keep it going over there Steve!

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#3. Flip Video

Have you heard of this company? I’m fast becoming a HUGE fan…They launched in May of 2007 with a $40M venture raise and already have multiple product lines in the market and being distributed by MAJOR retailers (impressive).

Basically this is a video camera that is smaller than a small digital camera. The nicest thing…no nifty features, just a big red button, a play button and a “trash” button to delete and yes you can zoom in and out. The quality is not the highest but this has been ridiculously helpful.

You ever seen how teens are running around with digital cameras all the time now? Well, move over, cuz Flip Video is coming next - this thing is going to take over like the iPhone.

For 2007, I think Flip Video takes my award for “innovation” - I’d give it to Apple, but innovation is easier when you have thousands of employees (well some may argue otherwise).

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#4. Bill Me Later

This company takes the award for REDCIULOUS growth, since they launched just a few years ago, they’ve experienced 8,600% growth. It’s just a brilliant concept that allows consumers to speed up their transactions and get ALL their bills on one …bill…

The consumer does not have to go through the “credit card” process, this makes it easier for them and also helps increase the merchant’s conversions.

The company achieved $53.6M in revenue and was #6 on the Inc 5000 List.

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#5. Berkshire Hathaway

I know I just recently posted blasting Warren Buffet for being cheap, but that does not change the fact that this man is a genius. I’ve also had a chance to visit the office of Berkshire Hathaway and let me just say that I was shocked to see a Fortune 50 company running with 12 employees!

Granted, if you count ALL the employees of the companies he owns, that’s a different story.

But he can make all these investments and control his BILLIONS in market cap with 12 employees - that wins my “efficiency” award!

There you go - Mystery CEO’s 2007 Top Companies (I do reserve the right to change these as the year goes on and I learn about new companies).

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