“The stronger the human connections, when added to a sense of purpose, creates an outstanding performance that powers – team – customers – stakeholders,” says Hubert Joly.
Who is Hubert Joly?
Hubert was the then (2012) new CEO of Best Buys – the world’s largest consumer electrical retailer – it was on the edge of collapse.
Its physical stores spanned the USA, Canada and the UK.
Best Buy at the time was
- ravaged by Amazon – people went to see the products at Best Buy and bought them online from Amazon.
- rapid deflation: the average sell price of their TVs, DVDs, computers, refrigerators meant – selling more products for less gross profit every month resulting, in losses.
- an economy in recession.
- the media had expected Best Buy to go the way of many businesses in the consumer electrical retailer world before – closing down.
Hubert made many changes and saved Best Buy.
These included
- guaranteed price match against any retailer – including Amazon.
- better staff training.
- cut $2 billion from expenses – but only a fraction of this was from their headcount.
- created stores within stores – the big brands, Samsung, Sony, Panasonic, paid rent and fitted out their brand within each Best Buy store to maximise their brand’s point of difference.
Hubert credits the single biggest change was creating – stronger human connections with all stakeholders.
- helping everybody at the company connect what drives them with their work with the purpose-of-the company. Hubert said this, ‘unleashes human magic and gets incredible results.
- secondly, they focussed on building digital personal relationships (later to be called #socialselling) with their customers. At the time, Best Buy had 40 plus million conversations each month with potential new customers – sending personalised (individual) digital catalogues every month to potential customers. Building their community, digital and physical relationships with future customers was a critical step.
Hubert knew that telling a bigger story than just your products and services with potential buyers and your team was critical in winning more new customers.
A recent survey found that 77% of buyers do not care if all the brands in the world vanished tomorrow.
The problem is businesses’
- lack of purpose, special note – just making a profit isn’t inspiring to employees or customers.
- It’s a sea of sameness – every competitor looks and sounds the same.
- Trust – ‘I won’t buy from your business unless I trust it first’. Change how you build trust with potential future buyers by telling a bigger story (strategic narrative) than just your products and services.
What are the key learnings?
- differentiate and reposition your business for better growth.
- tell a bigger story than just your products and services – when you do – you power recruitment, new customers, buyers, easier.
- personalise your digital outreach to new buyers. The most effective way is #socialselling. 98% of your ideal buyers, customers are on social media (organic social media posts are free) – is your business social selling?
- tell your story everywhere your potential buyers are. Evangelise your strategic narrative on social media channels.
What are the next steps?
Recognise the world has changed.
- The old world – was vision and mission statements they do not work. (they inspired no one and were a document for leadership and the board)
- The new world – is a strategic narrative and strategic pitch. Aligns your team around a central story with your ideal buyers at the centre of the journey. Tell it with the same framework as the best selling movies and books of all time- why? Because it increases engagement, action to buy, and lifts performance.
- Answers the critical – WHY – question for potential buyers – Why should I only buy from your business rather than your competitors?
A strategic narrative doesn’t tell your potential buyers – “you’re doing it wrong.”
It’s to help them – make sense – of something they – already have – that they need to do differently – now with your business as the logical solution.
Hubert Joly recently wrote a book – The Heart Of Business. Which details how purpose can connect dreams, develop human connections and deliver results with people in the centre.
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If you have read this far, thank you for your attention. This means a lot. I hope this helped you even a little bit in better making sense of this topic and if it did please share it with a friend who might also benefit from it.
Thanks for reading,
David
