Sort out the Why or fail
First Things First!
One of the very first reasons so many products fail is when your Company is losing sight of the fundamental question: WHY in the world do we exist? The good news is that you don’t need to be a trained existentialist to answer the question. Just be wary of shiny corporate vision or mission statements. Focus instead on the authentic values that are bringing you and your colleagues to work, day after day. Define your WHY or fail!
Avoid fuzzy vision and mission
Although executives and marketing teams tend to spend vast amounts of time and energy articulating vision and mission statements, they often remain too vague, too general. In other words, these statements don’t stick. They are not actionable (nor credible) enough to be used as a filter by associates for everything they do. As a result, products (and whole businesses) fail more often than not. Make sure the vision you design for your business and even your different product lines is a well-articulated and inspiring destination. From such destination, your mission should then focus on the “What”, as illustrated below.
It all starts with the WHY
To reach a positive outcome for your business, start and help your target customers understand what you truly stand for. You can achieve it by adequately defining, and articulating your WHY. The exercise does not have to be overly sophisticated. Still, be ready to clearly state why you’re in business, what your core values are, what’s different about you. The right “WHY” will pave the way for an inspiring destination (your vision). Such foundation with will make the difference between a valued brand and a commoditized throw-away brand. It all starts with that WHY. Everything else depends on that North Star.
The Amazon Case
A fascinating example of a compelling” WHY” is Amazon’s mission: “to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.” As an Amazon customer, I can expect they will focus on affordability, variety, and convenience. You can easily see how every single thing Amazon does will end up gravitating around each of these three factors. From low costs of operations that help Amazon remain highly competitive, to the highly reliable shipping ecosystem it has put in place, the WHY is showing the way.
Starbucks' WHY
Another interesting one to study is Starbucks‘: “To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.” It brings fundamental values of superior service that have not changed since its creation in 1971. While transformational and focused on improving its customers’ life, Starbucks’ WHY is also focused on changing the world. Now you can better understand such efforts as their greener cup initiative and why they are so focused on simplifying their service experience. It all starts with the WHY!
Focus Your WHY on Your Real Value
Please note, successful WHY’s tend to focus on the value the Company brings to the world. It’s not about making money. Revenue growth and profit are the (positive) consequences of a well-articulated WHY. Are there Companies that succeed without a WHY? They might, for some time, but lacking a clear WHY will lead to confusion. Eventually, something will go wrong and they will fail.
Your Best "Anti-fail" Filter
Once you have done enough work on you “WHY”, you can then use it as a filter for any decision you have to take down the line. By applying it to everything you do, you can rest assured that you are on the right track, fully aligned with your Company’s purpose. This is particularly helpful for you to decide what NOT to do. In my experience, I have seen way more of these false “great” ideas. They seemed very appealing (market growth, related technologies, similar channels), but they just did not connect with the fundamental WHY of the company. To make things worse, that very same WHY was poorly articulated. So, sort out the WHY and you will avoid product fail!
A Key Resource for You
If you want to learn more about how to manage that “WHY” the best possible resource for it is Simon Sinek’s book “Start With Why.”
I’m genuinely interested in getting your feedback on this topic! How successful have you been in discovering your own WHY? Which other considerations worked for you? Just comment on this blog or drop me a note on The Product Sherpa site!
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