The most effective CEOs have a primary source for tracking their markets. They meet with their teams frequently enough to keep innovation flowing, to reduce and focus costs, to be energized. They create a tight agenda and they set high goals. Michael J. Silverstein More Quotes by Michael J. Silverstein More Quotes From Michael J. Silverstein Consumers cannot think in abstractions. They cannot envision a new concept. They cannot predict their behavior. They can only compare against their current frame of reference. So you need to make the big leap for them. You need to provide them with a reason to buy, a reason to brag to their friends. Expect new-to-the-world ideas to fall on deaf ears. Consumers will, however, change their tune when they can see, touch, and explore. Michael J. Silverstein ideas fall thinking Truth is so difficult to hear about. It must be experienced. Michael J. Silverstein truth-is difficult Functional goods sold en masse earn a good return but breakthrough profits come from satisfying emotional needs. Michael J. Silverstein return emotional needs Many companies routinely do things that are not important. They fail to prioritize. They get involved with details that don't matter. Michael J. Silverstein details important matter All companies have many opportunities. Strategy is about allocation of resources and priorities. Michael J. Silverstein strategy priorities opportunity A lot of people believe you only need a vision. This is simply not correct. You need brilliant execution every day. It's about attention to all the details of go to market. Michael J. Silverstein vision believe people A curious mind does not say to consumers "What do you want?" A curious mind understands context, understands behavior, understands spending and spending patterns - the accumulation of a day's purchases, or spending over a week or a year. A curious mind asks the questions that open up the consumer to talk about her latent dissatisfactions, hopes, wishes, and dreams. Michael J. Silverstein mind dream years Woo your biggest fans. This rule says concentrate your efforts at understanding on the 2 percent of consumers that personally drive 20 percent of sales and invite their friends and colleagues to enjoy you. Michael J. Silverstein effort fans understanding Always welcome your customer's scorn. This rule says read the complaint letters. Categorize them. Decide how you are going to wipe them out. Michael J. Silverstein welcome wipe letters Deliver infinite growth having your customers talk about you, exclaim you and tell their friends and colleagues about you. Michael J. Silverstein colleagues infinite growth Don't ask your customers what they want. This rule is based on the view that they probably don't know. You have to fully understand them, the context for their needs and their major dissatisfactions. Michael J. Silverstein views want needs Time is a big enemy. Companies have a tendency to drift and to do what was successful yesterday. CEOs need to set a high goal, enforce a time-based output scheme and stay connected all the way down in their organization. They have to do this sincerely every day, everywhere. Michael J. Silverstein organization successful yesterday Looks do count. Deliver visually stunning merchandising. Engage at the point of sale. Help consumers shop with their eyes. Michael J. Silverstein eye helping looks Transform your employees into passionate disciples. Teach. Create apostles. Give people a calling, not a job. Michael J. Silverstein jobs giving people Better ramp up your virtual relationships. Companies think omni channel is the correct answer. This is not enough. The information explosion for consumers makes 24/7 and full and complete engagement possible. Michael J. Silverstein engagement answers thinking Take giant leaps. Too many companies are into incremental innovation. The only thing that moves markets is violent turns. Major differences. Don't get caught in the trap of small steps. Michael J. Silverstein innovation differences moving Own one idea. Complete it. Map the current model of purchase and usage. Change how it is done so at least some part of the market uses only your product. Extend from that core user to a much broader universe. Describe your concept in a very short, "six-word story" - a la Ernest Hemingway: "For sale: baby shoes, never worn." Michael J. Silverstein shoes baby ideas If you innovate broadly, focus on the customer experience, and deliver everyday a great product, you will gain share. Michael J. Silverstein gains focus everyday I admire many entrepreneurs. They bring energy, excitement, youthful enthusiasm. What they lack in process, they make up for in gumption. Michael J. Silverstein gumption entrepreneur energy The starting point is to create a qualitative understanding of market drivers. You need to get into the head of the consumer and be able to tell her story. It is both art and science. The purpose of the market map is to define dissatisfactions, hopes, dreams and fears. Winning solutions respond to the distinct and specific needs of a group of consumers. Michael J. Silverstein dream winning art
