When the subject of the economy is brought up, people quickly become uncomfortable. The current uncertainty, lack of control, and bleak outlook is enough to make most avoid the discussion Continue Reading
When the subject of the economy is brought up, people quickly become uncomfortable. The current uncertainty, lack of control, and bleak outlook is enough to make most avoid the discussion altogether. The first topics that come to mind are skyrocketing unemployment, Washington’s out of control spending and those unsavory politicians that seem to have forgotten why they are there (and who put them there in the first place).
The U.S. economy is easily likened to the Mississippi River. The Mississippi is the border of many states. On one side you may have Missouri and on the other, Illinois. The state’s border is an invisible line bisecting the river. The one river runs from Minnesota to Louisiana, but the two halves serve different purposes.
Within the Financial Economy, we see uncertainty, out of control unemployment rates, looming tax increases, and a federal government that is disconnected. Kampanye di media sosial
Most of us spend our time and energy contemplating the side of the economy that we have little to no control over. We do this with the audacity of hope that one day things will improve. However, the Financial Economy is driven solely by money. It focuses on stocks, P&L’s, overhead, taxes, and ‘help’ from Washington. While these things are indeed important, it serves no purpose for us to place 100% of our effort and resources on this side of the river. The outcome here will be determined more by government policy than principle. Individually, the average citizen or company has virtually no control over the outcome, and is therefore backed into a “wait and see” mentality – the sole motivator being the hope that things will soon turn around.
Shift Happens
What is needed in today’s business model is a shift in thinking. We need to reduce our focus on what we cannot control and replace it with what we can. Our thinking needs to shift to the forgotten side of the economy, known as the Emotional Economy. We need to begin to play to our strengths.
Inside of the Emotional Economy we focus not on dollars and cents, but rather on people. It is a focus that will drive up profitability and reduce waste. It is a focus that will concentrate on what our people do best each and every day, and celebrate the differences among us. We hold all the decision making power within this economy, and by harnessing it, we will find our companies thriving in difficult times.
It’s the Emotion(al Economy), Silly
Why are customers willing to purchase a product or service from company A, when company B offers the same product or service for less? It is because of how the customer feels when conducting business with company A. We live in an emotional economy. The proof is easily seen in the daily or even hourly fluctuations of the NYSE after some sort of bad news or a less than favorable business report. We can remain profitable during this downward financial economy, and harness an unlimited amount of competitive advantage, by tapping into the emotional side of doing business.
If you don’t foster an emotional experience, your customer has no reason to return to your place of business, and their driving motivators are not harnessed. And you can rest assured that your employees don’t either. Too many businesses focus on “lowest cost” or “convenience” when the secret to getting customers to come back is their own emotion. What feeling do they leave with after conducting business with you? Everyone wants to be liked, and to feel appreciated, that’s just human nature. Have you mystery shopped your own business? How did you feel upon the conclusion of business – like you traded a dollar for a product, or like your business was actually appreciated?
The Customer – Employee Relationship
Great organizations can achieve continued growth in today’s uncertain economy by doing what others won’t – shifting their efforts from the Financial Economy to the Emotional Economy. They maximize the innate, individual talents of their employees to connect with their customers. They understand that the last area of improvement that they have the most control over comes from tapping into the resources of their people. This is where significant improvement can lead to an unlimited competitive advantage. Most companies don’t believe this, but employees are assets.
An Eye for Talent
The cornerstone to building an emotional relationship between customer and company is the engagement of the employee. An engaged employee is one that feels as if they have a vested interest in the company, and the company in them. It doesn’t have to be financial, as to some that is of very little importance. What is needed is for the company to recognize the individual talents of each employee and give them a license to run with them. Allowing employees to play to their strengths raises their self esteem through their production of quality work. It allows them to take ownership of something that they are naturally good at, which will also raise productivity and will be communicated to your customers in their positive attitude. Being willing to recognize and nurture your employee’s talents will pay dividends in morale and productivity, as well as customer satisfaction.
The front line managers of a company are, most often, the single determining factor of an employee’s level of engagement. In order for an employee to feel engaged, a manager must be willing to recognize their natural proclivities, and place these people in the roles best suited to them, thus growing and developing them into strengths. When this occurs, something marvelous results. Employees begin to feel a deep connection to their company that extends far beyond the paycheck. Look around and you will notice that truly engaged employees are a very rare, but highly valuable asset. At your favorite restaurant, don’t you have a favorite server, and maybe even request them? Or at the Post Office, don’t you know which clerk you hope doesn’t wait on you? What was the experience like the last time you had to call customer service?
Once you begin to control the emotional side of the economy, you will discover the rewards of increased production, engaged employees and customers, and soaring profits – regardless of the Financial Economy.
Eric Messer is a certified MasterCoach and expert in Human Development. He has dedicated the last 15 years of his life helping individuals, companies, and teams thrive by discovering how to “seize their greatness”.
He was trained personally by Roy J. West of the ROYWEST Companies and certified as a MasterCoach giving him the ability to support his personal mission through the utilization of strength-based tools and principles that place people right into the thick of their “IT Factor”,which is the synergistic coupling of passion and talent.
Eric conducts talks for crowds in the hundreds, leads workshops for small groups, and works one-on-one with individuals. He is willing to go that extra mile to help people along this journey of self-discovery and provide them with the skills and knowledge necessary to escalade the wall of good and realize greatness.
