February 2021 - Joshuangala

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Feb 27, 2021 | Updated Feb 27, 2021
by @JoshuaNgala

One of the three ways in which internal governance is established in organizations is by drafting, publishing, and enforcing policies and procedures.

An equally important aspect of establishing good leadership within an organization is the establishment of a corporate culture that supports it. Culture determines how a company’s employees and management interact and handle business transactions.

Think about your current workplace. If you are constantly dealing with negative reinforcement, work to rule mentality, punishment versus praise, and never experienced a work social event, chances are you are part of a negative corporate culture.

corporate culture is the willingness of staff to cooperate with an organization’s policies and procedures and to adopt the spirit of those policies into their work and behavior. This process begins with the organization’s leadership and filters down throughout the organization.

Toxic corporate cultures can therefore quickly kill future success of a business organization. Changing your corporate culture is a challenging process but is possible.

Here are five ways to identify if your corporate culture has gone toxic with possible ways to fix it.

1. Unmotivated employees

Toxic culture results in employees lacking the motivation to perform their duties.  Such employees are “present,” but demonstrate no “presence.” This culture develops when employees, management, and leaders lack the commitment towards reaching organizational goals.

A Harvard Business School study found that nearly half of employees who experienced toxicity in the workplace reduced their effort and made a conscious choice to spend less time at work. Fixing this problem is establishing effective company-wide communication to enhance engagement.  Effective communication can shift a culture.

2. Lack of Core Values

Core values are the behavioral rules inside of a business. Finding the right set of employees and leaders for the organization means also ensuring that every new hire shares similar values in their work-style and ethics.

Those that are already part of the company need to also remember what shared values are of importance. The solution is to develop company behavioral rules — the core values.

3. Failure to meet deadlines

If you are a business owner or manager, you can’t afford these setbacks. It is imperative you identify the reasons behind these missed deadlines. It’s typically an imbalance of responsibility and authority at many levels.

Such a setback occurs when employees are not trained to communicate and lead at each level. Encourage collaborative communication.

Photo by Priscilla Dupreez on unsplash
A depressed employee sitting on the floor. Photo/ Priscilla Dupreez on unsplash.com

4. Feeling undervalued

Employees would lose interest and morale to work when they feel undervalued. This creates dissatisfaction and negativity which leads to a toxic culture. Good leadership should create a culture that gives employees a sense of recognition and appreciation.

5. High turnover

One major warning sign of a company culture gone bad is high turnover. Your turnover rate is the figure that can give you an idea of how well your employee retention strategies are. This rate reflects the number of employees who have left your company during any given time period.

The first step in correcting this issue is identifying the root cause. Then correct the problem and create a more positive effect downstream.

Addressing a toxic culture requires buy-in from top-down. Only once the people leading the company make necessary changes can they expect the rest of the company to follow.

Companies can spend millions in trying to replace lost talent, implement the latest technology, and even train employees.  But if a toxic workplace environment is not replaced, they’re bound to fail.

 

 


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Feb 19, 2021 | Updated Feb 20, 2021
by @JoshuaNgala

Capturing interests of customers and getting them to find out more about what you’re offering is a result of a successful value proposition.

For that reason, it’s important for every entrepreneur to know details of needs, wants and fears of the customers.

A value proposition(VP) is a simple statement that summarizes why a customer would choose your product or service.

Also, the features of your product or the details of the service that you provide should be similarly familiar to you. A value proposition, therefore, bridges the gap between these two aspects of your work.

Marketing experts advise that consumers purchase products or services hoping to get results from one of these 3 core desires: wealth, health or relationships.  The VP should be designed to fit in the three areas.

The VP being a consumer-centric promise should offer the three things below:

Relevancy. Explains how your product solves customers’ problems or improves their situation.

Quantified value. Explains how your product/service will deliver specific benefits.

Differentiation. compels the ideal customer to buy from you and not from the competition.

On your website or even online advertisement, your value proposition is the first thing visitors see on your homepage. It should also be visible at all major entry points to the site.

Your value proposition needs to be in the language of the customer. Use the right language for your value proposition.

Here are the 5-Step guide to defining your Product Value Proposition:

1. Identify your customer’s pain points

Humans’ triggers either move them away from pain or toward pleasure. Mostly, the first direction people can be moving in is away from pain.

So, have you identified the pains that your product or service will solve or the gains it would elicit for consumers?

It’s for that reason the solution your company will offer by selling a product or service is vital to customers.  Important to note: Customers do not pay for products.  They pay for a solution your company is offering.

Therefore, design your value proposition based on real problems (pain points) customers are facing. When a customer recognizes the value, they purchase again.

Significant to know is there are three sources of value creation: Efficiency, Effectiveness, and Experience.

 

Apple's Iphone value proposition, offering unique experience
Apple’s Iphone value proposition, offering unique Experience

2. Identify your product/service benefits

Benefits are what a consumer hopes to get, feel or achieve when they use a product.  How does your product satisfy the needs, desires and wants of a consumer?

Your product should help consumers improve to either improve on their health, create wealth and enhance their relationships.

Also, does your product fit in the three (3E’s) model of value creation: efficiency, effectiveness, and consumer experience? Remember, value is created within the consumer, not in the product.

3. Connect the Value to your Customer’s pain

Keep your proposition in your customer’s language. Customers have conversations in their heads about their pain points and possible solutions.

Understanding customers’ pain points through problem interview business model is important. After which, you offer a solution to their pain.

If you speak their language and insert yourself in the conversation, they will notice you and hear your proposition. Your product should be the solution they’ve been looking for all this time.

This approach helps an entrepreneur to adjust their business model according to consumers’ needs.

Google Drive vale proposition
Google Drive value proposition offering values to customers’ pain

4. Differentiate your product from the competition

Product differentiation is the introduction of distinctive features to a product to ensure a unique selling proposition of the product. As you offer solutions to consumers’ pains, ensure your uniqueness serves as a catalyst in a consumer’s purchase decision-making process.

Differentiation enables your product stand out over other companies offering similar product substitutes. A successful differentiation boosts sales for a company and promotes brand loyalty.

Crazyegg value proposition promising immediate result
Crazyegg value proposition promising immediate result

5. Test your value proposition

The biggest mistake marketers make with value propositions is not testing variations. Test your proposition with small user groups to choose which one you set as your sample.

Launching outreach to user group helps entrepreneurs evaluate if the offer resonates or fails the market test. A/B test can be used to test other variations.

Test propositions that focus on different user problems or key benefits to make sure you’re on the right track.

In sum, creating killer value propositions becomes a top priority for every channel of communication you choose for your business.

Now that you can answer the question “What is a value proposition?

Remember, the value proposition evolves with customers.


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Feb 09, 2021 | Updated Feb 16, 2021
by Joshua Ngala @JoshuaNgala
This article was originally published on joshuangala’s WordPress blog

Brand personality is the human characteristics that can be attributed to a brand. It reflects the values passed on to consumers by company employees.

It’s for that reason that personality traits such as integrity, honesty and commitment give an institution a unique differentiation

Such characteristics inform the behavior of an organization through its services and its employees who represent the brand.

The way an office speaks of its products or services ideally reflects the kind of a person it would be, were it human.

As a result, a brand without a personality has trouble gaining awareness and developing a relationship with customers.

1. Employee personality can hurt a brand

Employee personality can hurt a brand. To control this, an institution must live to its core values and belief system.

Jenny Schade, a brand expert puts it that the promise an organization makes to consumers is not only delivered through products and services, but also through the behaviors of the employees who represent the brand with every move.

It means that the organization’s employees play integral part in its vision and the strategic plan. It trickles down from the Chief Executive Officer to the office cleaner.

Tangible and intangible values

The creation of both tangible values as well as intangible ones is proportionate to employees’ professional conduct and personal lives.

Brand disaster happens when the institution only gives promises to external public while ignoring the employees manifesting a bad culture.

Lack of an appealing workplace and unfair treatment are equally injurious to the employees who must live the brand every day. Such a stingy culture ignores diversity and perpetuates discrimination.

It scathes personal and institutional reputation because employees are the workforce through which the company fulfills its brand promise.

2. Employees should be proud of their brand

Brand promise of a company can be achieved through performance requires people. Employees should “feel good and be proud’ about the institutions they represent.

This gives them a crystal-clear understanding of exactly what the company expects from each of them.

One of the mistakes that some institutions make is to disengage the internal audience and coldly deal with external key players as suppliers, contractors.

Respect and use of good words build employees. Lack of it means the institutional brand attributes such as prestige would be lost. Brand experts emphasize that Company Employees should be married to brand.

Researches find that brand identification is influenced by factors such as prestige, satisfaction, corporate communication, and attractiveness.

The best individuals to further these attributes are the happy employees.

A bond with stakeholders enhances a company’s image through multiple social networks. As a result, the stakeholders influence one another in the formation of consumption attitudes, behaviors and decision making.

3. Trustworthy employees help achieve objectives

Branding has emerged as an integral feature of any institution’s strategic plan considered a key organizational asset.

An institution’s uniqueness therefore can only be considered achievable by having credible, reliable, responsible and trustworthy individual employees.

These personal characteristics directly have a bearing to the extent to which an institutional value meets the economic, psychological or functional needs of voters.

An institution can build a great brand by designing comprehensive public relations strategies to salvage its image.

This is only achievable when employee ambassadors are considered and the institution lives to its values.

Employees remain the foundation of a company’s brand personality.


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Feb 09, 2021 | Updated Feb 12, 2021
by @JoshuaNgala
This article was originally published on joshuangala's WordPress blog

Every entrepreneur has a purpose driving them to undertake a business venture.  With a reason to start a business, value proposition remains an important part of the company’s ideal.

The solution your company will offer by selling a product or service is vital to customers.

For new business owners, finding customers becomes a priority task. However, does your business plan fit into Scalabl’s 7 rules for a virtuous business model? The rules include: no investment, no financial and economic risks, no risks of hidden cost, and scalable combination of gross margin, price, and volume?

The Pareto Principle implies that 80% of your revenue results will come from just 20% of the action.  It is, therefore, important to have strategies for customer segmentation and relationships.

As an entrepreneur, customer segmentation, and persona is key. Who are you selling to and where are they? What is your target industry? What segment(s) of the customers will get the most value? How do you identify and prioritize targets? Who is the target buyer within each company? What are their circumstances? What are the pains that your product or service will solve, or the gains it would elicit for them? What is the job title of the typical buyer? How do you know you are right with the customer persona?

The best way of winning customers is to ensure that your product fits into one of the three core market desires: wealth, health, and relationship. When consumers purchase products, they hope to get results in the three areas.

Remember as a startup, you can build a great product. You can also create an amazing company with almost a perfect business model. But customers will not come automatically.

Below are the steps to win customers:

1. Virtuous business model canvas

One golden secret to get and retain customers is to use Scalabl’s virtuous business model canvas. The model creates continuous learning as the guiding principle to startups. Unlike the conventional business plans, the methodology offers the best customer-centric business model on entrepreneurship and innovation.

With this model, an entrepreneur lets potential customers shape the business in a collaborative manner.

What ultimately determines why you buy from one company rather than another? First, it’s their brands’ images and reputations. Second, it’s the relationships you have with them.

Active listening and testing, therefore, remain necessary tools. As Francisco Santolo, Harvard Business School alumnus would say, “any business ideal should be to improve consumers’ lives. It helps you move potential customers from pain to gain.”

Under this model canvas, an entrepreneur would then do a problem interview to know the jobs, gains, and pains of the already segmented customers.  This process would be considered a customer persona in ordinary marketing.

The next stage is the solution interview. This is where you try out the minimum viable product (MVP) subjecting it to customers to test, learn, co-create and get feedback. At this stage, you are doing a market hypothesis based on the solutions to customers’ pains.

So, why interview potential clients? The reason is consumer identification, and interviews have a decisive influence on the design of the final product or service.

Generating sales materials and various channels of communications come in handy at the tail end. Stick to three important factors when designing sales materials: a clearly defined business purpose, delineated customer segments, and MVP and its validated price.

The final stage is testing the sales road map to scale. With your MVP, price testing remains key with the response pattern of consumers identified and interviewed at the first stages.

This technique will make your business grow beyond the competition. It simply powers an enterprise to the top and keeps it there. Now move on and grow your company, employ staff and create functional areas. Then fire the founder.

Active listening at every stage provides valuable information to an entrepreneur to make decisions that will generate and maximize value.

Below are some of the best traditional ways to get customers for a virtuous business model canvas:

2. Referrals

Referral is one of the easiest ways to get new customers. It remains part of how a business grows its customer relationships.

Research holds that referral customers tend to purchase more over time and in turn become a source of additional referrals.

Landing referrals from networking or past business associations has a way to pick up customers with the highest retention rates. Build referral-generating activity into the sales process.

Create a system that solicits referrals from your satisfied customers.

3. Networking

Entrepreneurship is about continuous learning and networking.  It enhances the creation and nurturing of authentic and, meaningful relationships in the ecosystem. Think of your network: personal, academic, or professional ones.

In your business model canvas, create a database of like-minded individuals to incorporate into your network. The database should contain your potential customers and their contacts.

Achieve your purpose of transformative experience by becoming an advocate of collaboration and a creator of opportunities within a community of people that trusts in networking.

Think of your value proposition as how you’ll build relationships that lead to new customers. Find out “How you can be of service to others” rather than “What’s in it for you.”

4. Partner with complementary businesses

Which activities in your canvas would be performed through others? Have a list of third-party resources in your canvas model.

Again, team up with businesses that have a similar customer base, but aren’t directly competitive.

Collaborate on targeting each other’s customers to drive new business to each other. Also, team up on how to offer discounts and deals to each other’s customers.

5. Improve your channels

These days, consumers find new businesses primarily by searching online. Three key areas of channels should feature in your virtuous business model canvas.

First is the sales channels (describe the means you will sell your product/service?).

Second is the distribution channel (how will you deliver your product/service to the customer?).

Third is communication channels (Which means will you use to communicate your product/service?).

Your social media and website have to attract new customers. You can custom make a website at cost-free. Ensure the design, content, graphics, and SEO links are up-to-date.

Above best tips carefully implemented with customer centricity and collaborations, will make entrepreneurs flourish in their business model. So, is your business model canvas virtuous?

Be a formidable tool for global change.


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