Using speed as a competitive weapon

Once upon a time the big ate the small and won. Now, the fast eat the slow, big or small. Speed matters more than ever.

How agile is your business? Assuming that your company doesn’t have the resources of AT&T, Wal-Mart, or General Electric you’ll need to do more with less and do it faster.

Yet, you can’t just toss caution to the wind to, well, run like the wind. Without knowing your market and having a destination in mind, speed is wasted. Using what you have, efficiently and wisely, is the way to accelerate and move ahead of the competition.

It’s a race. However, there’s a time for a business to run like a sprinter. And, a time to make it a marathon. Both are fast, but you’re in this for the long haul. The key is to take action now and not to overthink it.

Bruce Lee, the iconic martial artist and actor said, “If you spend too much time thinking about a thing, you'll never get it done.” Notice he didn’t say devote no time to thinking about it! It’s a marathon -- fast and steady based on your training.

The value of speed can’t be ignored. Thinking has its place and can’t be ignored either -- It will help you plan a route to your goal and avoid hazards along the way. Still, thinking things over for the millionth time might make you feel better; it’ll also keep you from taking that leap you know you need to take.

So how exactly does a company get faster?

Less is more and faster. It’s not so much about doing a lot more with a lot less. Pick your battles and set priorities that will get you to your objective as fast as possible. And don’t stay stuck in a rut by saying, “We’ve always done it that way.” Global furniture retailer IKEA did something remarkable in a single day. In one very long meeting a new system for product design, manufacture, and distribution was created and signed off by the company president, as well as key people from all affected functions and several customers too. The participants striped away all the processes and traditional practices that hold back businesses and moved like lightning. This is simplicity therapy at its best!

73% and revenue is better than 100% and nothing. All too often it’s tempting to think that the best way to improve your offering is by adding more. More features. More bells. More whistles. More glittery stuff. For a new product or service, your initial goal should be getting to market and driving revenue with a minimal marketable product -- the smallest possible feature set that meets the user’s needs, creates the appropriate experience, and provides value. Not every target customer is going to love your minimum set of features, but if you wait until you’ve stuffed every idea into your offering, the market and competition will have passed you by. That’s where a well thought out road map of the future goodies you’ll add comes in handy. Apply the same thinking to existing offerings. You’ll reduce the time-to-market and your stress levels! Yes, Less is more and faster too.

Get more out the door with less effort. It’s one thing to have a product or service that’s not over-designed, it’s another to get the word out to buyers. That means a lot of writing -- brochures, blogs, PowerPoint slides, social media posts, case studies, and on and on. Yikes, who has the time for this? You do, if you use the minimal marketable product concept. Squash the need to write a few extra lines for a blog or add another page to your website. Stop fussing over your presentation design and animation. It’s the message that counts. Have a consistent marketing message in multiple shapes and sizes that cater to your audiences’ consumption preferences. Use low-effort channels for repetition, such as off-site blog comments and your own social media. Repurpose content often to help with the more time intensive activities like eBooks and webinars. Whatever you do, resist the urge to do more.

Use speed as a competitive weapon.

Less is more when developing products and services, marketing, and selling. You’ll create more customer value and more revenue, faster with less waste. Removing activities, product features, and words that are not important to your mission frees up time and energy – and, reduces stress.

Do more with less and do it faster!

Ron Stein is President of FastPath Marketing (www.marketing-strategies-guide.com) and the author of the Rapid Impact Marketing & Selling Playbook. As a speaker, coach, and consultant he works with small business owners helping them to accelerate the path between their vision and the actions needed to reach, win, and keep customers. Ron is the creator of the FastPath to More Customers Now! 7-step marketing system based on more than twenty years as a successful business owner, corporate CEO, business development executive, and salesman. He is also a mentor at two nationally recognized business accelerators. Ron offers one-on-one and small group mentoring, conducts seminars, and consults. He can be reached at 727-398-1855 or Ron@FastPathMarketing.com.