Thursday, August 17, 2017

Amazon's Jeff Bezos Day 1 Philosophy Can Transform Contentment and Attrition in Business

By Gina F. Rubel 

In a recent letter to his staff, Amazon CEO Jeff Bezos outlines the proverbial “Day 1” landscape, while warning against the complacence of “Day 2.”

In Bezos’ view, a company never can stop being a start-up. He believes that company leaders always need to think as they did on the first day of their business. “Day 2 is stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death. And that is why it is always Day 1."

His letter is a powerful reminder of the importance of staying focused on your clients and their needs, every day. For instance, marketing of a company is not really about the company’s products or services per se, it is about how those products and services fill the wants and needs of the company’s particular customer.

Bezos makes some key points:

  • Provide value. Like many of the successful consumer-facing companies such as Amazon and Zappos, it is client value and client service that differentiate thriving companies from their competitors. 
  • Focus on the future. Always look ahead for your clients and your business. As markets and industries evolve, so must your products, services and delivery methods. 
  • See the big picture. Understand that short-term decisions cannot be allowed to affect long-term success. Sometimes, in fact, difficult decisions, such as reorganizing staff, no longer providing certain services and changing product offerings must occur to ensure the long-term health of your business. 
  • Make decisions quickly and learn from others. Embrace the process of “disagree and commit.” Not everyone will agree on every decision, but it's still possible for people who disagree to work toward the same goal. Those goals should be dictated by quantifiable client feedback. Remember, it is client service and client value that you ultimately should strive to be known for. 
  • Focus on results and not just process. While process is important, it cannot wag the dog. Use it as a tool, not as the proxy. 

Daniel B. Kline, for The Motley Fool, asks, “Is it really always Day 1?” Kline says, “What Bezos is doing is guarding against the contentment that success can bring. He's creating a culture where past results do not guarantee future success so it's always important to strive, innovate, and be open to change.” This is the key takeaway.

This business advice is much like long-term relationships, whether it be marriages, commitments, friendships and the like. In order to keep a relationship fresh and interesting, to meet the wants and needs of the other party, and to keep the relationship alive, it serves us well to think of every new encounter as a first date.

Because, like Kline said, “past results do not guarantee future success,” and this is true in all relationships, business and personal alike.

Tuesday, August 01, 2017

5 Things You Need to Know About Reaching Millennial Clients

By Jackie Sofia

Comparing Social Media Use between US Adults overall, and Millennials specifically

Source: http://www.pewinternet.org/2016/11/11/social-media-update-2016/
  1. Social Media is essential. The fact remains that millennials are using social media more than any other age group in the U.S. Data released by the Pew Research Center indicates more specifically that Facebook is the choice platform of millennials (88 percent), with Instagram creeping up to second place (60% percent). 
  2. Keep a blog, and keep it updated. 33 percent of millennials review blogs before they make any type of financial transaction, compared to fewer than 3 percent who use TV news, magazines or books. Millennials are also incredibly self-reliant. Having always had the internet at their disposal, millennials are used to finding the information they need themselves. You can feed into this self-reliance on your blogs by providing well-written answers to common legal dilemmas that are hyperlinked to your legal experts within the firm. This will also direct your target audience to your firm for further legal services and advice. 
  3. Know your limits. The American Bar Association requires lawyers to stay abreast of the benefits and risks associated with technology in relation to the practice of law. While social media can be a great opportunity to stay engaged with millennials, it's a constantly changing environment where many of the old school regulations are being adapted or applied directly towards technological advancements that are deemed within their purview. The good news is that there are resources out there that can help you stay on top of these changes. Regardless of whether your firm even has a social media account, it's important to regularly participate in continuing study and education and comply with legal education requirements. 
  4. You have to be one, to know one. Hiring millennials to join your team is one of the more critical investments you can make for the future of the firm and its growing target audience of fellow millennials. According to Nika Kabiri, Director of Strategic Insights at Avvo, one in four Americans are dealing with legal issues, and half of those Americans are millennials. Not only can millennials identify more closely with the younger target audience, but they tend to also be ambitious as well as fluent in social media and digital technology. 
  5. Be proud of your pro bono work. Social media isn't the only thing that attracts millennials. They are also interested in what companies do in their community. Millennials may be apt to choose your services over others if you have a pro-bono roster that exhibits a more empathetic and charitable firm. A 2015 Elite Daily Millennial Consumer Study revealed that 75 percent of those surveyed thought it was important for a company to give back to society.

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