Most marketing textbooks teach the 4 P’s of marketing (Product, Price, Place, Promotion). Although the promotion aspect of marketing gets the most attention the other 3 P’s are equally important in a successful business. If there’s no product worth buying, no amount of promotion will make it successful. Likewise, if the price is above what the market will allow, no units will move. Also, if you have everything else right (the price, product, and promotion are all ideal for the market) if the consumer can’t find how to obtain the product, it doesn’t do anybody any good.
However, I argue there is one more P that is the most important—people. We often use the term consumer so much we forget that everything we do as marketers and businesspeople is supposed to satisfy the needs and desires of people…real people. Today’s most successful companies are aware of this, and they incorporate people and their feedback into every component of marketing, from product design to communication. Smart companies know that people keep the bills paid. Smart companies know that people talk. Smart companies are coming up with solutions that people need and want often before people know they need and want them. Take Apple’s iPad for example.
Employees and customers must be treated with the utmost respect, as though they’re the ones making and buying the products. Oh wait, they are. Remember that.
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Three Important Questions To Ask Those Around You:
- What am I doing right?
- What am I doing wrong?
- What can I do to improve?
In this previous post I wrote about the importance of closing the feedback loop. Without open dialogue, forward progress is almost guaranteed to halt. Feedback is important in gaining valuable insights to discover how we can improve upon the things we are doing well and fix the things we aren’t. In the workplace, we normally receive an annual review that gives us this information, but once a year isn’t frequent enough to optimize performance. Also, because the review is normally performed by a superior, this review often neglects how your peers feel about your performance. Although most of us don’t want to hear about how we are doing unless it’s positive, an honest assessment is crucial in maintaining professional and personal growth.
One way you can make sure you are being a positive force in your professional and social circles is by asking for a quick evaluation. I wrote these questions in order to get a quick pulse on what the people around me thought of my work. Ask these questions to those above you, below you, and beside you to get a better view of the value you bring. It that it shows you care and want to be the best asset you can be to the people around you. But most importantly, it helps create a culture of openness, reflection, and respect.
If anybody ever needed a reason to study marine biology, here it is. Although minuscule, the pistol shrimp makes tremendous waves (actually bubbles) that force larger animals to take notice. The pistol shrimp uses it’s abnormally large claw to both communicate and shoot bubbles. These bubbles, which can reach temperatures of up to 4,700ºC (close to the temperature of the sun), are capable of taking out larger fish and breaking small glass jars, and compete with much larger animals like the Sperm Whale and Beluga Whale for the title of “Loudest animal in the sea.”
What does this teach us about small business and personal philosophy?
Small business in important
Many find small business insignificant. However, according to the the U.S. Small Business Administration (SBA), small business drives the economy, employing 99.7% of all Americans. Larger companies make the headlines, but smaller companies often account for the technology, ideas, and innovation they acquire.
You don’t have to be a major player to make noise
The pistol shrimp uses one claw to generate a sound that competes with the noises made by the Sperm Whale and Beluga Whale. In business, as in society, you don’t have to be huge to be heard. Dell Computers began from a guy selling computers out the back of his car. With new communication tools like blogs, Twitter, etc., you don’t have to be famous to start or become involved in a conversation.
Partnerships are paramount
Back in the day, competition reigned. Today, we have to work together. There are more options than ever, and people buy products and services based on affinity with a brand. The pistol shrimp typically involves itself in a symbiotic relationship by sharing burrows with goby fish. The goby fish, with its sharp vision, provides a warning mechanism to the pistol shrimp, while the pistol shrimp provides protection. Who can you work with to make bigger waves?
Without goals we can’t build strategy
The pistol shrimp must be accurate to ensure survival. Because of its relatively small size, if it misses its mark, the shrimp risks becoming the one that falls prey. We need to develop a clear set of goals in order to develop a strategy for obtaining them. Also, having goals is not enough. Putting a plan in place and acting on those plans are necessary to reach them.
Conclusion
The pistol shrimp may be small, but is far from insignificant. They teach a valuable lesson for business, society, and personal relationships. Whether you’re a small business owner, an employee, a person with an idea or thought—don’t feel as though you aren’t big enough to make a difference. Figure out what you want to do, develop a plan, and do it.
Two others animals using projectile weaponry are the Archer Fish and Velvet Worm. Check them out.