Why Patience is One of the Most Important Qualities a Leader Can Have

ThinkstockPhotos-624713098.jpgThe chasm between a leader and a great leader is a deep one. It is one that is often filled with qualities like clarity, decisiveness, courage, passion, and a healthy amount of humility given the circumstances.

But one of the major qualities that is essential to leadership that people don’t talk about nearly enough is patience. When patience is practiced wisely, it can have a dramatic effect on your entire organization from the top down.

The Ripple Effect of Patience

In general, patience is more important than just being willing to wait for results. Yes, all people are different and employees need to be given room to move at their own pace for the sake of quality. But, the true benefit of patience runs much deeper.

First and foremost, patience shows respect in a way that also encourages productivity at the same time. If you’re the type of leader who delegates responsibility but then spends hours each day telling people to “hurry up” or to “get things moving,” ultimately all you’re really doing is creating frustration or fear in an environment where you can afford neither.

Being willing to wait for someone to work at their own pace shows an employee that you value their overall contribution to the larger organization. You didn’t just choose any person for this job; you chose the right person for the right job. Sometimes, that takes a little more time than you’d like, but that is perfectly fine. Patience is also an important acknowledgment that every person progresses at a different pace. If you’re up in arms every time someone takes a little more time to complete a task, what you’re doing is communicating that they’re not as good as someone else when given the same responsibility.

Patience Also Says a Lot About You, Too

Being patient with others isn’t just about your employees – it also speaks volumes about you. When you’re constantly working from a place of “I needed this yesterday,” all you’re doing is artificially inflating the stakes of the business you’re trying to run. You’re not making considerate decisions; you’re making ones fueled by little more than raw emotion and a ticking clock.

Patience shows that you’re the type of leader willing to stop and let things breathe for a moment. It shows that you’re willing to listen and consider all variables before making a thoughtful judgment about what to do next. It shows that you’re not the type of person to make snap decisions that you’ll later regret and that your employees shouldn’t be willing to settle for that, either.

These are just a few of the many reasons why patience is one of the most important qualities a leader can have. It’s also important to remember that you need to be patient with yourself. Patience is a virtue, yes, but it’s also something of a discipline. You’ll need to acknowledge the importance of patience and the role it plays in your business so that you can grow into the type of leader who no longer has to make an effort to be patient with others. Instead, it will become an afterthought.

Your Willingness to Accept Feedback Will Affect All Areas Of Your Business

ThinkstockPhotos-637152194.jpgMany people make the mistake of assuming that feedback automatically equates to complaining. After all, people tend to not speak up about issues unless the topic reaches a boiling point, right? In reality, feedback doesn’t have to be like this at all. When given properly, feedback is constructive and can help to both reinforce what you’re doing right and pinpoint what you may be doing wrong.

No one is immune from the concept of feedback because no one is perfect. When you learn to accept feedback (regardless of where it is coming from or how positive or negative it may be) it will have a dramatic effect on all areas of your business.

Accepting Feedback Helps Employees Feel Engaged

A willingness to accept feedback has a direct relationship with something all business leaders should be concerned about: employee engagement. Feedback goes beyond open and honest communication and enters into a realm where employees are free to speak their minds when they feel it is necessary to do so.

If employees don’t feel like they can come to you with issues they see as essential, it can have a negative effect on your entire business. According to one study conducted by Execu-Search, 42 percent of all employees feel like company leadership does NOT contribute to a positive company culture. This goes a long way towards explaining why, according to a Gallup study, 51 percent of the U.S. workforce is not engaged.

The most alarming statistic of all is that these types of disengaged employees cost businesses between $450 billion and $550 billion annually. As a leader, this is the type of situation that you’re creating for yourself by being unwilling to accept feedback from those around you. Even if you don’t agree with something that an employee has to say, just the fact that you’re willing to listen to them goes a long way towards keeping morale (and company culture) as strong as it can be.

Feedback Acknowledges the Importance of Continued Learning

Feedback is also critical to the modern business for the simple reason that it sets the tone for everything that comes next. It’s less about your willingness to listen and more about showing that you’re always looking for ways to improve, to do better, to make stronger decisions, and to increase your performance.

Luckily, it isn’t hard to accept feedback at all, and you get can plenty of practice because it’s around us all the time. Every time you’re talking to an employee, or a customer, or a vendor, you’re getting feedback. Going out of your way to hear it can help make employees feel more valued, which in turn motivates them to work harder. It can also make your customers feel more valued, which strengthens your long-term relationships.

This type of actionable information is crucial for you to make stronger, more informed decisions in your position moving forward. Going out of your way to get constant, honest, and (yes, sometimes) raw feedback helps make sure that your actions are aligned with the goals of your business.

The Unexpected Benefits of Returns

A STRATEGIC RETURN APPROACH CAN HELP YOUR BUSINESS THRIVE.

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Can a return policy boost sales? The answer is yes! While it may sound counterproductive, a stellar return policy can increase customer loyalty and also boost additional sales after returns are made. This is because the majority of shoppers who return or exchange an item will make another purchase if the return experience was positive.

While returns are a growing issue for many businesses, a strategic return approach can help your business thrive. Here are a few tips to create a return policy that can help boost sales:

  • Create a simple policy with clearly outlined rules (for example, must return with receipt within 60 days from original purchase date).
  • Make it easy to find your return policy. Consider printing your return policy on your receipts, including a return policy card with all purchases, and ensure your return policy is easily available on your website.
  • If you are an e-commerce business, offer free return shipping, which will boost your customer’s confidence and encourage future purchases.
  • Promote your return policy on social media and in product advertising. For example, “free shipping on purchases and returns” can be a tremendous selling point.

If you’d like help promoting a return policy that will build customer loyalty, our creative team would love to help! Stop by or give us a call today at 856.429.0715

The One-Trick Pony Syndrome

Have you ever heard the phrase, “a one-trick pony?”

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Researchers believe the “one-trick pony” phrase comes from an entertainment background. According to research, the earliest reference was associated with circus ponies used to perform a trick or feat that impressed audiences. The ponies involved could do an amazing act, such as walking on their hind feet, but that was all they could do. Eventually, the audiences got bored with the show. In one version of the story, a pony had a dog partner that would ride on it. While the audience got sick of seeing the pony do the same thing every time the circus was in town, the dog gained fame because it learned and began to perform new tricks. In time, the dog became the star, and the pony was relegated to hauling circus carts.

Is Your Business A One-Trick Pony?

The moral of the story here is not to allow your business to get stuck on only one good thing. It’s tempting to think that if you have something good going, why ruin it? Well, over time that good thing will become less and less popular. The number of customers who want it will diminish and the business will have to start cutting prices to keep it attractive. Eventually, the product or service won’t sell at all.

Palm PDAs and Blackberry were both perfect examples of the one-trick pony mistake. They both had a really good product for a while, but both companies failed to upgrade and develop new products. Eventually, someone else did, and their customer base walked away. Those text screens on a Blackberry and similarly on a Palm PDA simply looked old and obsolete versus smartphones like the original Apple iPhone. The world had changed.

It’s Time to Diversify

Is your business riding the wave right now of a star pony? If so, now is the time to be looking for and generating a new path. Diversify into a new product or new service. Not only does it protect your business’ longevity, but multiple revenue streams from different customers will eventually offset each other when one of them starts to weaken.

Companies that map out their product/service life cycle and plan for eventual loss with replacement “ponies” are the firms that survive and grow. Don’t let all your energy, money, time, and effort go down the drain with a one-trick pony. Instead, use the initial success to be your springboard for the next one.

Indra Nooyi: A Story in Being Yourself and Persistence

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Have you ever heard of Indra Nooyi? Maybe not, but you’ve probably bought her product at one time or another in the past year. Ms. Nooyi is the CEO of Pepsi-Co., the makers of the popular and well-known Pepsi soda brand. However, her position at Pepsi is not necessarily what is the most amazing fact of her story. Granted, reaching the status of being a Fortune 500 company CEO is huge and significant, but how Ms. Nooyi got her start is the real story. That’s because she risked everything with no safety net to fall back on.

Some Compelling Advice

Indra Nooyi came to the U.S. like so many other great minds, arriving as a student immigrant. Ms. Nooyi jumped to a slot in Harvard’s master’s degree program in business. However, graduating wasn’t her biggest challenge. It was translating her academic success into a result:  getting a job. Ms. Nooyi’s first real interview was total failure – no connection, no rhythm, no job. However, she received a piece of advice from a professor that Ms. Nooyi has carried forward since then to her role as a CEO. She was told to simply “be herself.”

Ms. Nooyi clearly took the advice she received to heart. Not only has she been herself as intelligent, smart, persistent, and daring, she has also scored an enviable position of 75 percent plus support by her own employees worldwide. See if you can find a politician with as much support even when winning a national election.

What Makes A Person Successful?

For business owners and leaders, the lesson from Ms. Nooyi is to never forget what really makes a person successful. It’s not the suit, it’s not the past laurels, and it’s not the school degree. What makes the difference that catches people’s attention and gets their support is one’s personal confidence and persistence. Ms. Nooyi gambled everything with not just coming to the U.S. to succeed but to also establish herself in a highly competitive arena: business consulting. Had she failed, Ms. Nooyi would have had to return back to India and likely would have disappeared into a vast number of IT companies there; everything for her was on the line. But she persisted. And Ms. Nooyi, with her new advice on being herself, was quickly hired. That in turn became her path to eventually becoming Pepsi-Co.’s latest CEO.

A Better Choice

Business leaders trying to keep a company going will at some point face a challenge where everything has to be put on the line to get to the next level. Many don’t take that leap. It’s too risky, it’s too costly, or it’s too unknown. Yet from Ms. Nooyi’s example, the last thing anyone should be doing is trying hard to fake their way through the issue. Be yourself. Trust your skills and trust your gut to make the right the decision. That’s what got a person to a leadership role in the first place, so why should he or she be any different at the moment that counts the most? Risk, responsibilities, fears of what-if can all combine to make someone think behaving differently may be the best path forward. Clearly, from Ms. Nooyi’s example, there’s a better choice.

5 Tips for Effective Direct Mail

ThinkstockPhotos-LS019313.jpgEvery day but Sunday, the mailbox delivers surprises. Of course, much of what arrives in the mail is expected, but that element of surprise never wanes. The mail might contain a card from a loved one, a check you didn’t expect, or a great offer from a local company, via direct marketing. Successful direct marketing campaigns don’t happen by accident, but a small business doesn’t need to pour substantial amounts of money into such an endeavor to achieve a good result. That means rather than mass marketing, modern direct mail campaigns concentrate on targeted marketing. When businesses use effective direct mail marketing, they not only boost their bottom line, but add excitement to the routine of picking up the mail.

1. Set Your Goals

As a business, what do you expect this mailing to accomplish? Have a firm plan in mind ahead of time. What is your budget for this mailing? What kind of ROI do you think you’ll receive? Crunch the numbers before embarking on a direct mail campaign.

Have a projected number of new customers in mind. For small businesses doing much of the work on their own, one of the best measures is sending out a mailer-only coupon for a percentage off a purchase or free item with purchase. Ensure that keeping track of the number of people who redeemed the coupon, including new customers, is quite simple.

2. The Mailing List

When it comes to an effective direct marketing campaign, nothing is as crucial as the mailing list. That seems obvious, but too many companies waste time and money sending direct mail to people with little interest in their product or service. You want a “Goldilocks” mailing list – not sending too many or too few mailers, but just the right amount.

While you will need to purchase some lists, focus on your own lists of previous customers. In fact, if you don’t have a solid database of customer names and addresses as well as strong prospects, avoid direct marketing until you do.

3. The Demographic

Who are your customers? What is their primary age and income level? Where do they live? This information is essential for a small business conducting a direct marketing campaign. You’re looking for your ideal customer, whether that person is a senior citizen, millennial, parent of young children, individuals with X amount of disposal income – that’s necessary  information before you start your campaign. The more personally you can delineate the target, the better the response rate. You can then consider the type of mailing list you want to purchase.

4. Clarity Rules

No matter what type of mailing format you decide to go with, the potential customer must instantly “get” what you offer. All the fancy graphics in the world won’t make up for a confusing message. That doesn’t mean your direct mail has to be boring – far from it. You only have a few seconds for the recipient to decide whether your offer is one worth saving or throwing in the trash. Funny, clever copy can help get the message across, but it must be absolutely clear. The person must instantly recognize they can get a special deal on your product or service and understand exactly what they must to do to take advantage of the offer. For best results, repeat that call-to-action a few times.

5. From Direct Mail to Online

Social media and direct mail marketing are not mutually exclusive. A direct mail campaign is a good way to get customers to follow you online.  The cheapest form of direct mail, the postcard, can get you more online customers and followers. You want to drive traffic to your website, and direct mail is a useful vehicle. A coupon code on the postcard for online sales or some other promotion can gain you the customer info that you can then follow up on via an email or social media marketing campaign.

The Right Ingredients

kirkOne day, a girl came home from school and started pouring her heart out to her mom about how everything was going wrong in her life. She was getting poor grades in math, her boyfriend broke up with her, and her best friend was moving away. During the conversation, her mom, who was mixing up ingredients to make a cake, asked her daughter if she’d like a snack. The girl replied, “Yes, I love your baking! It always makes me feel better.”

“Here you go,” her mom said and offered her daughter some cooking oil. “Yuck,” her daughter replied. “Then how about a few eggs?” she asked as she started cracking them into the bowl. “Gross, Mom!” her daughter replied. “OK, maybe some flour would help?” the mom asked with a smile. Finally, the girl said, “Mom, those are all gross, what would I do with them?!”

The mom simply replied, “Yes, the ingredients all seem bad by themselves, but when they are combined, they make a wonderfully delicious cake. Our lives are the same way. Many times we are discouraged by challenges in our lives, but we have to trust that we can create the perfect mix of ingredients to make something wonderful.”

Here’s the way I see it: Henry Ford once said it best, “Whether you think you can, or think you can’t, you’re right.” If you need ideas to get started, our team of experts is available to help you create a marketing masterpiece your customers will love. Give us a call today!