Today I saw a documentary called 'Betting On Zero'. It is something like 'The Big Short' in content but about a different industry.
I am a fan of documentaries like that. I always learn a lot from these types of movies. This specific one made me think again about trust. A lot of companies/business models have figured out that the hardest part of any business is customer acquisition. And one of the most effective ways of getting new customers is through referrals. The whole review system is one way of boosting the referral system. In other words, the key is to build trust.
Though the movie I watched was about a specific pyramid scheme, I was thinking a lot about trust in general. Especially after the post I wrote yesterday about missing genuine friendships from my college days. The main ingredient then was trust. Anyone I met had the potential to be a lifelong friend because it started off with trust.
I am starting to think that the things that make a business successful - boils down to the basic things that most of us need on an individual level.
-> Communication - Tell me a story. I have taken some marketing courses where the focus on sales is all about storytelling. Because that is what humans respond to.
-> Listening - The most successful companies have the best customer service and take time to listen to their customers. I am learning about how listening is essential for anything meaningful on an individual level as well.
-> Community - A lot of successful brands have a cult like following. Think Apple and Tesla. Since we like to identify with like minded people, a sense of community is very attractive for things like business, church, military, sports and pyramid schemes.
-> Trust - This is key to accelerate any meaningful relationship. But more importantly, if it is missing, the damage is very severe. I am beginning to understand the gravity of damage that my lack of trust in the healthcare system has on me. That is a whole post by itself.
The theme I am seeing is how things are about people both on a macro and micro level. The things that help with good relationships and memorable moments are also what makes a business stand out and work long term.
I am a fan of documentaries like that. I always learn a lot from these types of movies. This specific one made me think again about trust. A lot of companies/business models have figured out that the hardest part of any business is customer acquisition. And one of the most effective ways of getting new customers is through referrals. The whole review system is one way of boosting the referral system. In other words, the key is to build trust.
Though the movie I watched was about a specific pyramid scheme, I was thinking a lot about trust in general. Especially after the post I wrote yesterday about missing genuine friendships from my college days. The main ingredient then was trust. Anyone I met had the potential to be a lifelong friend because it started off with trust.
I am starting to think that the things that make a business successful - boils down to the basic things that most of us need on an individual level.
-> Communication - Tell me a story. I have taken some marketing courses where the focus on sales is all about storytelling. Because that is what humans respond to.
-> Listening - The most successful companies have the best customer service and take time to listen to their customers. I am learning about how listening is essential for anything meaningful on an individual level as well.
-> Community - A lot of successful brands have a cult like following. Think Apple and Tesla. Since we like to identify with like minded people, a sense of community is very attractive for things like business, church, military, sports and pyramid schemes.
-> Trust - This is key to accelerate any meaningful relationship. But more importantly, if it is missing, the damage is very severe. I am beginning to understand the gravity of damage that my lack of trust in the healthcare system has on me. That is a whole post by itself.
The theme I am seeing is how things are about people both on a macro and micro level. The things that help with good relationships and memorable moments are also what makes a business stand out and work long term.
Boom that's all it is. Organizations/businesses are there simply because it proved to be the best way to deliver some type of affect to humans. As in
Now this is not to say that all incumbent businesses are pure and holy. Often the environment will be conducive to the growth and sustanence of lackluster organizations. This is where disruption is possible.
This post was a result of watching that show and realizing some of the common things needed but it also helps me to think about business on a more human terms than just profit. I like that.