Chapter 9: Mastering the Brand Promise
What really matters to your customer? What is it that brings your customers to you, and keeps those customers loyally returning, purchase after purchase, year after year? It’s your brand promise-the key factor that sets you apart from all competitors.
a) Consider Your BHAG
The BHAG is the overarching long term goal a company sets itself. The Author calls it the „Big Hairy Audacious Goal“. e.g. Starbucks aims to be a bigger brand than Coca Cola.
b) Define Your Sandbox
Figure out your desired sphere of influence over the next three to five years. Are you destined to remain a local company, with clients in one or two cities? Or will you grow to be regional, national, maybe even international?
c) Determine Customer Needs
Based on the sandbox you have defined, ask yourself: What is your customers greatest need? What you are looking for is what really matters to the customer.
d) What’s Your Measurable Brand Promise?
e.g. HR company Orion Internationals Brand Promise is „14 days done“-whereby Orion will complete a hiring process in two weeks flat, if the client requests it.
e) Control Your Bottleneck or Chokepoint
This was a key strategy for Rockefeller as derived by the author.
You have got to look for the bottlenecks or chokepoints – there’s always one or two – and figure out a strategy to either blow them up or neutralize their thread. e.g. at a beer company the bottleneck could be the supply of quality hops.
f) Everything Changes – Including Your Brand Promise
Stay with you brand promise that will set you apart from your competition, until your competition catches up and forces you to up the ante with a new and equally inspiring brand promise.
Chapter 10: Mastering the Art of Bank Financing
I am deliberately omitting this chapter as I do not apply these currently at YUHIRO as I am not relying on outside financing, but instead fuel growth from internal cash flow.
Mastering the Rockefeller Habits of author Verne Harnish is a great book for every entrepreneur and manager who wants to grow his business. Whats your opinion on the book? I will be happy to receive insights and inputs on this.
The author is the CEO of YUHIRO, which is an expert in providing IT companies with software developers in it’s premises in India. You can reach him via firstname.lastname@example.org