Febuary 2009        •       www.visionsmc.com       •        410-849-8095   

 Editor's Note

So, the Steelers won the Super Bowl. And Obama won the election. And, in the 32nd America's Cup in 2007, Alinghi won.

Sometimes, it is all about winning and losing. When it comes down to two contestants, you are either the winner or the loser.

On the other hand, last Saturday we picked up a sailing trophy for coming in third in our Fall Series. In contests that are fought between more than two competitors, you can win, but you can also get third, or a silver medal, or be the top local boat.

I heard a story last week about a man without a college degree who is going to retire a multi-millionaire. He didn't even become the top guy at his company, and he's still retiring with more money than he ever dreamed of. His secret to success? "I've done a lot of "B" work."

Is winning the only thing? It's important to know when you're in a duel, and when you are not. (And this is going to drive some people crazy.)

Molly Hughes Wilmer   

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 Feature

Winning Isn't Everything...

Believe it or not, winning isn't everything nor is it the only thing in business. There are times when it's crucial to nail it, to get it right, to win. And there are times when driving for perfection will harm your profitability or perhaps even your reputation. It's important to know the difference between when you have to go for it because everything is on the line and when you can let something slide because it isn't that critical.

From a marketing perspective, there are several things that are sacrosanct: your value proposition and your reputation. You have to offer something that your customers need, and you have to be above reproach as the legitimate source of this offering.

Hashing and rehashing your value proposition is worth every minute you spend. Developing a strong value proposition or even a breakthrough value proposition is critical not just to your success, but to your survival.

Going the extra mile to maintain and improve your reputation is a sound investment. Taking a few extra steps to treat people fairly and with integrity, to resolve conflicts, to see that your company and your people are doing the "right thing" will pay you back in spades. Your reputation is also your brand-every step you take to be consistent and elevate your branding will reap tangible rewards in value pricing, strategic relationships you develop, and options for your exit strategy, to name a few.

But very few situations in business are as black and white as a duel: "continue or collapse". There are a lot of situations where you could be negatively impacted by people wrongly striving for a "win". These situations are sometimes referred to as "paralysis by analysis" or "perfection limbo."

• An ad agency wants to win an award for a new campaign. The campaign would have been just as effective in terms of client results if the agency had spent half as much time on it. Did the agency bill the client for the extra time?
• A new biodiesel company needs to prove their manufacturing process and flesh out their supplier relationships before they are ready to look at what their position in the market is. They need a name, a logo and business cards to start talking to people, but they are not ready to do in depth work on a value proposition. Get a good name, a good enough logo, and get on with the manufacturing. Then come back and tweak the identity.
• A reseller knows that they are going to renegotiate their vendor relationships in the next six months, but in the meantime, they are running out of their brochures. Ten rounds of edits aren't going to pay off. Make as few updates as required, get the brochure out the door and move on to the bigger revision in the next round.
• A federal contractor is bidding on two big jobs, one they don't think they have the credibility to win, and one they think they can win. Put more resources on the surer bet.

These are all real-life examples. In a perfect world, we would have the resources to do everything we do flawlessly. However, the world isn't "perfect" (and there's a whole wonderful philosophical discussion about that). In these economic times, we are facing tighter budgets and more trade-offs related to the allocation of time and other resources. Focus on the big picture, gamble on the good odds, get decent stuff out the door, and keep the results coming in!

What Can You Do? Some of you reading this have skimmed over it, thinking this is a no-brainer. Others are struggling: "Whatever happened to ‘If you are going to do it, do it right?'" If you are a manager, hopefully you are in the former camp. Identify your subordinates that are in the latter camp and work with them to make sure they understand your priorities, and how to evaluate choices. If you are the manager struggling with winning or perfection, work with your leader, your colleagues, or a career coach to improve your ability to make judgment calls.

Ask the Expert Question What happens when we get it wrong? Answer Learn from it. Learn how not to get it wrong again—efficiently. And learn to weigh the cost and payoff—is it worth spending less time on this if we end up making a mistake? Typos on brochures are rarely going to lose you a sale. Poorly developed proposals can cost you contracts you otherwise would have won. And use it to your advantage. Often, customers feel lost in even a high touch sales and fulfillment process. A mistake gives you the chance to touch them more often in a different way. Make them feel special, loved, and wanting to come back for more (of you getting it right the next time!). Errors can be so fruitful. Sometimes, it's more productive to make an error and learn from and fix it than to have spent excessive time and resources preventing the error in the first place. Don't be afraid to make a mistake. Submit your questions to the editor: molly@visionsmc.com

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© Molly Hughes Wilmer, Vision Strategic Marketing & Communications, 2009. All rights reserved.

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