Looking for Business Inspiration: Keep Your Eyes Open

Business inspiration can come from anywhere, and it can come in many forms. Opportunity is all around us. It just requires keeping our eyes open. It could be learning from others, within or outside our industry, or it could be in seeing something others don’t see. Case and point: while the Grateful Dead were a rock band inspired by civil unrest and nonconformity in the sixties - hardly mainstream corporate ideals – upon closer examination, we find that some of the concepts commonplace in business today were implemented by the band before such concepts were formally identified. They built an empire in the music industry in large part because they were ahead of their time in taking an empathetic view of their customers, identifying their pain points, and developing customer experiences by which those pain points were alleviated. This resulted in fan loyalty that is unmatched to this day.

For example, unlike other musical groups of the day, the Dead offered a unique musical experience at each performance, so their fans were not content to simply see a single show near their home town. Instead, concert attendees followed the band from city to city, planning their vacations around the band’s concert schedule. They were challenged, however, in (a) knowing the concert schedule far enough in advance to plan, and (b) obtaining tickets for shows that were many miles, even multiple states, away. Remember, this was back in the day when purchasing tickets entailed going to the venue box office. In response, the Dead established a hotline which was essentially a recording that listed their entire concert schedule. They were also the first to offer mail order ticket sales, and made them available to their diehard fans months in advance of going on sale at local venues, thus enabling these fans ample opportunity to obtain tickets and plan their journeys. The effect was a fierce loyalty to the Grateful Dead among their fans, as well as a camaraderie among fans that developed from the same folks attending the same shows time and again. This resulted in a deep emotional connection to the band, demonstrating how empathy and responsiveness can translate into customer loyalty and repeat business.

Is there a common mindset among your customers that you can identify with? They are obviously seeking printed and converted film products that meet their business needs, but what else do they really want from you? The answer could be the fodder for your strategy going forward.

– Neil McDonough, Chairman of FLEXcon Holdings

Another example is the KIND snack bar company. They’ve taken the simple snack bar to a new level by attaching it to a sentiment – that the world needs to be a kinder place. The company has centered its product on an idea shared by many in the world today. And they aren’t just talking the talk. They’re walking the walk by identifying a specific purpose – to “make the world a little kinder” with what they call the “KIND Movement.” Not only have they produced a product that they claim is kind to the body, the taste buds and the world; they are urging customers to practice acts of kindness every day. They’ve formed the KIND Foundation, which makes monthly grants to socially-impactful causes. They foster a kindness mindset in their employees and provide opportunities to spread kindness in their communities. According to Forbes, KIND snacks are the fastest-growing energy and nutrition bars in the country, jumping from zero units since the company’s 2004 inception to over 450 million units sold in 2014.

This example demonstrates how having a purpose beyond selling products can strike a chord with customers that influences their purchase decisions. It’s just a snack bar, but KIND’s purpose enables its customers to be part of something bigger, which taps into personal values and carries with it feelings of purpose and belonging. B2B companies are now beginning to latch on to the concept of targeting their customers’ underlying personal values as well as their product needs. Those that have successfully implemented such a strategy are enjoying positive results. Is there a common mindset among your customers that you can identify with? They are obviously seeking printed and converted film products that meet their business needs, but what else do they really want from you? The answer could be the fodder for your strategy going forward.

Industry Insights