Every single one of a company’s employees should understand what’s happening in your business, how your products and services work, what your go to market strategy is, and how the business is doing.
They’ll either learn it from you or from the internet, and the latter is unforgiving.
One major benefit is that every one of your employees then becomes a voice for your brand.
Why is that so important?
“All business success is fundamentally driven by word-of-mouth marketing, and the people who are in direct contact with customers must understand that their every interaction with the customer leads to that person telling another person – for free – either to use the company’s product or service, or not to.”
-Patty McCord, former Chief People Officer at Netflix, from her book “Powerful” available at https://amzn.to/2VYL5Is
In hypergrowth startups, work-life balance is a myth.
Don’t take my word for it: ProfitWell (formerly Price Intelligently) decided to analyze actual growth data.
Here’s what they found:
“Companies who have a founder who has a hobby that takes up more than 10 hours of their week are growing at roughly a 20% slower rate than those who don’t have a significant hobby.”
This is consistent, too. And growth is cumulative, which means you fall further and further behind.
What about growth for the startups whose people go “all-in”?
“The all-in folks are growing at nearly double the rate as those who are more conscious to work-life balance.”
Pretty extreme difference.
If you’re trying to build a business as quickly as possible to achieve product/market fit, find a path to profitability, or just dominate a market, you need to build a tribe of people who are all-in, willing and able to execute as hard and as fast as possible to cross those chasms.
Then, once you can consistently execute against your fundamental unit of sales growth, go back and find all the work-life balance you want. You’ll have earned it.
Read ProfitWell’s report here: https://lnkd.in/e8N3QQk
Struggling with getting your message out to Millennials?
One reason why: “Millennials only agree on 15 percent of subjects.”
If you want to be successful targeting Millennials, you need to niche down.
Get down to a small, focused target.
Not “all Millennials”.
Not only one factor, such as gender or ethnicity.
What does this look like in practice?
“New moms, working in finance, who went to a state university, aged 24-28, and living within 30 minutes of a major city.”
That’s a niche.