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How You Make a Memorable Elevator Speech

September 29, 2022 By Nagesh Belludi Leave a Comment

How You Make a Memorable Elevator Speech With an elevator speech, you not only have a short time to elicit someone’s interest but also the added challenge of standing out from the crowd.

Your only goal should be to say something intriguing, memorable, and unique, prompting the prospect to lean in and invite, “Wait … do tell me more.”

I’ve listened to hundreds of elevator languages, and the few that continued out are the ones that sparked a conversation. Sameness and clichés are boring—everything sounds more or less the same. If, on the proverbial elevator, one must decide between ‘different’ or ‘better,’ one would choose ‘different.’ People remember ‘different.’

So, presenting yourself in the best possible light involves saying something snappy and ditching the details. Be concise and coherent, but not vague. Appear mysterious and confident, but not arrogant.

Idea for Impact: With an elevator speech, you’ll be forgotten if you aren’t unique and memorable. Rehearse your message well and be ready to perform it flawlessly at a moment’s notice.

P.S. My elevator speech: “Hi, My name’s Nagesh. I’m an investor. I’m just like Warren Buffett, except that I deal with a lot fewer zeros than him.”

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  3. Persuade Others to See Things Your Way: Use Aristotle’s Ethos, Logos, Pathos, and Timing
  4. Facts Alone Can’t Sell: Lessons from the Intel Pentium Integer Bug Disaster
  5. Here’s a Tactic to Sell Change: As a Natural Progression

Filed Under: Effective Communication, Sharpening Your Skills Tagged With: Communication, Critical Thinking, Marketing, Meetings, Negotiation, Persuasion, Presentations, Skills for Success

Dear Customer, Speak Early and Have it Your Way!

September 12, 2022 By Nagesh Belludi Leave a Comment

Development of the Boeing 777 Program: 'Working Together' Initiative

At the heart of every successful product is the ability to address a real need or circumstance of struggle—a “job to be done”—in consumers’ lives. Identification of this “job” happens early in the innovation process, as it forms the core insight around innovation development and execution.

Feedback-Influenced Design is a Key Point of Differentiation

Long before its current mess, Boeing was once the pioneer in aspects of product development. No example illustrates Boeing’s inventive stills than the groundbreaking Boeing 777 program, particularly in its use of iterative, paperless computer-aided design, assembly process-planning, and agile product development. Not only that, the Boeing 777 program offers the most high-profile examples of companies tapping consumers as never before to help them create new products.

Knowing very well that the secret to long-term success starts very early in the innovation process, director of engineering Alan Mulally led a “working together” initiative to organize product development around customer input. (Mulally left Boeing after not being named CEO in 2006 and engineered a dramatic turnaround at Ford Motor Co.)

Alan Mulally: Boeing 777 Program's Director of Engineering and Later Vice-president and General Manager

Concept Testing at Every Stage of Development

In the late 1980s, just as the 777 program was being launched, Mulally made a consequential decision to involve its major potential customers in the development of the aircraft specifications. Mulally made up a “gang of eight” comprising All Nippon Airways, American Airlines, British Airways, Cathay Pacific, Delta Air Lines, Japan Airlines, Qantas, and United Airlines. At the group’s first meeting in January 1990, Mulally’s team distributed a 23-page questionnaire asking what each customer wanted in the design. Within two months, Boeing and the airlines decided on a basic design configuration.

The “working together” initiative was a radical departure from the bureaucratic project organization. Internally, Boeing had become bureaucratic and department-focused. Specialists in various departments would design their parts. Then, it was up to the manufacturing team (the system integrators) to figure out how to make it all come together. It was a “throw-it-over-the-wall” environment where the disconnect was a persistent problem.

Having customer input implied that development was centered on customer needs. This would also tear down the walls between departments—designers, suppliers, and assemblers usually separated by organizations or development phases would now be engaged collaboratively and talking and collaborating in real-time.

Boeing and the In an industry where manufacturers classically designed aircraft with only token customer input. Rather than presenting the market with what Boeing perceived as their idea of what was required, customers had direct input. Over the decades, the Boeing 777 became one of the world’s most successful commercial aircraft and continues to be the workhorse of many a customer fleet.

Idea for Impact: Create Something People Want

Whether selling products or services, fast food, or experiential travel, the most innovative companies organize their offerings around customers’ needs. From the very beginning, they tap consumers as never before to help them create new products, and they’re embedding customer knowledge into the business. Early and frequent feedback is one way to cope with the pressure for shorter product cycles and to be prudent about not investing time and resources in unpromising ideas. It also augurs well for the experiences-over-possessions shift in consumer values.

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  2. Your Product May Be Excellent, But Is There A Market For It?
  3. Innovation’s Valley of Death
  4. Turning a Minus Into a Plus … Constraints are Catalysts for Innovation
  5. Creativity by Imitation: How to Steal Others’ Ideas and Innovate

Filed Under: Business Stories, Leading Teams, Mental Models, The Great Innovators Tagged With: Aviation, Creativity, Innovation, Leadership Lessons, Marketing, Mental Models

The Loss Aversion Mental Model: A Case Study on Why People Think Spirit is a Horrible Airline

August 11, 2022 By Nagesh Belludi 1 Comment

Why People Think Spirit is a Horrible Airline---Loss Aversion Mental Model

When Spirit Airlines pivoted to competing on price in the late 2000s, it quickly gained a reputation not only for operational inefficiencies but also for its in-your-face, take-it-or-leave attitude towards customer service.

Where other airlines charged by-the-package fares for the flight experience, Spirit pared back service and introduced an a la carte pricing model. Charging for the “ancillaries”—i.e., everything optional, including water—allowed Spirit to keep ticket prices down and appeal to price-sensitive travelers willing to sacrifice the usual amenities for a lower ticket price.

In the ensuing years, the unconventionality of this business model did not go down well with customers. Much of the flying public’s frustration with Spirit had to do with Loss Aversion. That’s the notion that the emotional disappointment of a loss is more extreme than the joy of a comparable gain. If finding a cheaper fare on Spirit felt delightful, giving up some—or all—of the savings to purchase ancillaries and surrender the savings felt utterly miserable.

Passengers felt ripped off by these seemingly hidden fees, especially when the true cost of flying Spirit ended up greater than what the initial ticket price led them to believe.

Spirit 101---Spirit Airlines Perception Problem Spirit became quickly convinced that there was a perception problem—its customers didn’t fully understand how its fares work. Particularly, first-time customers blindly presumed that Spirit Airlines works the same way as other airlines. In reality, there were no hidden or excessive fees, and passengers could only pay for what they need or want. In 2014, the airline introduced its “Spirit 101” campaign to educate customers and alter their perceptions. With time and the increased adaptation of the “Basic Fare” model and curtailed customer service by every other airline, passengers’ expectations have since been right-sized. Spirit Airlines has come a long way, and its customer service has improved vastly.

Further studies on loss aversion have shown that a cascade of successive fees is worse than the cumulative: i.e., three ancillary fees that add up to, say, $70, feel a lot worse than a single $70 fee. Appropriately, Spirit offers a “Bundle it Combo” package.

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  2. Make ‘Em Thirsty; or, Master of the Art of the Pitch
  3. Why Investors Keep Backing Unprofitable Business Models
  4. How Stress Impairs Your Problem-Solving Capabilities: Case Study of TransAsia Flight 235
  5. A Sense of Urgency

Filed Under: Business Stories, Mental Models Tagged With: Aviation, Biases, Customer Service, Decision-Making, Emotions, Entrepreneurs, Innovation, Marketing, Mental Models, Parables, Persuasion, Psychology, Strategy

Why Investors Keep Backing Unprofitable Business Models

July 29, 2022 By Nagesh Belludi Leave a Comment

Why Investors Keep Backing Unprofitable Business Models Investors have heaped billions into Q-Commerce—especially the rapid grocery startups—hoping to hook consumers on the convenience of groceries that would turn up immediately, sometimes in minutes.

I’ve never really fathomed how the small-basket orders of low-margin groceries can endlessly compensate for the labor costs and overheads, even after discontinuing the generous referral bonuses, discount codes, and freebies enticing customers. The prospects may evolve if these startups subsist on ever more funding and develop massive businesses with efficiencies from scale. But then they’re right in Amazon’s wheelhouse.

Idea for Impact: Some business models are never created to be profitable, and investors should be wary of encouraging—and funding—loss-making propositions. The lure of backing an initial entrant, capturing market share, and then selling out to a more determined fool isn’t viable! Who needs goods delivered in such a rush for such charges, anyway?

Wondering what to read next?

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  3. The Myth of the First-Mover Advantage
  4. A Real Lesson from the Downfall of Theranos: Silo Mentality
  5. Innovation’s Valley of Death

Filed Under: Business Stories, The Great Innovators Tagged With: Entrepreneurs, Ethics, Innovation, Marketing, Persuasion, Strategy, Thought Process

Selling is About Solving Customer Problems

December 15, 2021 By Nagesh Belludi Leave a Comment

The best salespeople don’t sway customers through manipulative games and mesmerizing presentations. Instead, they figure out how they can enhance a customers’ lives.

Selling is About Solving Customer Problems If customers believe their problems are real and, more importantly, if they understand them personally, they’re more likely to be persuaded by an image of a satisfying solution.

No product or service is excellent in and of itself. It’s only worthy if it fulfills customers’ needs.

Invest more time in the problem representation stage. Develop a fuller appreciation of your customers’ problems. Make the idea of paying money for the solutions seem natural. Induce consumers to fit your products and services into their long-held routines.

Idea for Impact: Focus on solving customer problems. Don’t find customers for your product. Find products for your customers.

Wondering what to read next?

  1. Make ‘Em Thirsty; or, Master of the Art of the Pitch
  2. The Loss Aversion Mental Model: A Case Study on Why People Think Spirit is a Horrible Airline
  3. Creativity & Innovation: The Opportunities in Customer Pain Points
  4. What it Takes to Be a Hit with Customers
  5. A Sense of Urgency

Filed Under: Leadership, Mental Models Tagged With: Customer Service, Marketing, Mental Models, Persuasion, Problem Solving, Skills for Success

Wouldn’t You Take a Pay Cut to Get a Better Job Title?

August 27, 2021 By Nagesh Belludi Leave a Comment

Venture capitalist Ben Horowitz on giving employees ego-boosting new job titles to appease them for not receiving a promotion or a pay increase:

Marc Andreessen argues that people ask for many things from a company: salary, bonus, stock options, span of control, and titles. Of those, title is by far the cheapest, so it makes sense to give the highest titles possible… If it makes people feel better, let them feel better. Titles cost nothing. Better yet, when competing for new employees with other companies, using Andreessen’s method you can always outbid the competition in at least one dimension.

Wouldn't You Take a Pay Cut to Get a Better Job Title? Millennials tend to consider work as the defining aspect of their identity (see Horowitz’s What You Do Is Who You Are (2019).) Job titles aren’t just descriptors of what they do but a reflection of who they are—not just service technicians at an Apple Store, but Geniuses. A self-elevating job title helps them cling to the notion that work has meaning and, consequently, their work-lives make sense.

Moreover, since they’re experiencing more of their lives online than any generation before them, millennials tend to be conscious of their personal brands on social media. Being a ‘senior numbers ninja’ rather than a mere ‘cost accountant’ offers instant branding appeal.

Idea for Impact: However superficial they sound (“bogus grandeur,” I called them previously,) a fancy title could help you land a better position further down the line. Get creative with your job title even if you have to take a hit on your expected salary—it could pay off in the long term.

Wondering what to read next?

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  3. Job-Hunting While Still Employed
  4. Don’t Use Personality Assessments to Sort the Talented from the Less Talented
  5. Before Jumping Ship, Consider This

Filed Under: Career Development, Managing People Tagged With: Career Planning, Human Resources, Job Search, Marketing, Winning on the Job

Yes, You Can Write a Book. But Should You?

May 20, 2021 By Nagesh Belludi Leave a Comment

Spare Us from Your Fluff - Do You Need to Write That Book?

There’s a disturbingly large number of popular books that have been drawn out from a well-received op-ed (example,) blog article (example,) TED talk (example,) or commencement speech (example.) All puffed up with blather and personal anecdotes and exhortations that are often remotely relevant to the core arguments.

Beyond the obvious motives for writing a book (credibility, publicity, vanity,) many books aren’t really necessary. If they are, they deserve to be no more than page-length articles—paragraphs even.

The rise of self-publishing and on-demand printing has only exacerbated the precipitous decline in originality. Formula writing proliferates. There’re no gatekeepers to decide whether you can publish your book—and save you from your own ego.

If you believe you have a book in you, don’t even think about publishing it. Keep it inside you, where it belongs. Unless you’ve got something worthwhile and unique to say, or you can do good writing for its own sake.

Idea for Impact: Save the time. Save the typing. Save the trees. Spare us from your fluff.

Wondering what to read next?

  1. How to Create Emotional Connections with Your Customers
  2. The More You Write, The Better You Become
  3. Presentations are Corrupting per Edward Tufte’s “The Cognitive Style of PowerPoint”
  4. Lessons from Procter & Gamble: ‘One-Page Memo’ to Sell an Idea
  5. Persuade Others to See Things Your Way: Use Aristotle’s Ethos, Logos, Pathos, and Timing

Filed Under: Effective Communication Tagged With: Books, Marketing, Persuasion, Writing

Avoid Being the Low-Priced Competitor

October 14, 2020 By Nagesh Belludi Leave a Comment

In determining how much you’ll charge for your products and services, explore the “price umbrella”—how others are charging for competitive or comparable products.

The key to pricing is knowing how much your service is worth for your client. Charge too little, and you’re short-changing yourself and making your client speculate, “If she’s decent, why does she charge so little?”

Avoid being a low-price competitor. It’s a terrible habit. Don’t announce, “I’m new. I’m trying to get established. Therefore, I’m offering my service for less than the existing players. Please buy from me.”

Avoid Being the Low-priced Competitor Jim Price, an entrepreneurship lecturer at the University of Michigan-Ann Arbor and author of The Launch Lens: 20 Questions Every Entrepreneur Should Ask (2018,) calls this “apologetic pricing.”

Instead, consider the “proud pricing” approach: “We’re launching this business because we firmly believe in our unique value proposition; we look forward to explaining that to customers and charging a premium price for a superior product.”

Positioning yourself as the low-price market offering is a competitive strategy that tends to only work for large, undifferentiated retailers and similar businesses, and it is a poor prescription for entrepreneurial startup success.

Being the low-priced competitor tends to require massive operational and financial scale and often results in an undifferentiated product or service offering and a business with very narrow profit margins.

Idea for Impact: Don’t get stuck in the race to the bottom to be cheaper. Marketing expert Seth Godin has reminded, “Cheaper is the last refuge of the marketer unable to invent a better product and tell a better story.”

Wondering what to read next?

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  4. Beware of Key-Person Dependency Risk
  5. Your Product May Be Excellent, But Is There A Market For It?

Filed Under: MBA in a Nutshell Tagged With: Career Planning, Creativity, Entrepreneurs, Marketing

How to Create Emotional Connections with Your Customers

September 21, 2020 By Nagesh Belludi Leave a Comment

Consumers are shifting towards memorable experiences over material objects that bring happiness and well-being. Experiential consumption is increasing—the global spending on travel, leisure, and food service is estimated to grow from $5.8 trillion in 2016 to $8.0 trillion by 2030.

Businesses are responding by offering indulgences (think Apple products,) enhancing shopping experience (ordering and carrying-out Domino’s Pizza,) and creating more intimate experiences (Mastercard’s Priceless campaign) for consumers.

Persil Laundry Detergent - 'Dirt is Good' campaign One particularly edifying case study is Unilever’s Persil brand of laundry detergents (Unilever licenses this brand from Henkel in many countries.) As part of the “Dirt is good” campaign, Persil’s sentimental adverts that remind “learn to be a kid” (clip,) “climb a tree, break a leg … that’s part of life” (clip,) and “dirt makes us equal” (clip) have attempted to connect with consumers emotionally.

Persil bucked the longstanding ritual of creating dull adverts for its dull products (cheery moms grabbing washing baskets and fragrant flowers and butterflies rising from the clean laundry.) Persil doesn’t focus on the detergent’s stain-busting attributes. Instead, Persil’s campaign signals that children must feel free to experience the world around them regardless of the impact on their clothes. One prominent advert (clip) presented a cheerless robot who slowly transforms into a child while playing in the open air and splashing around in a muddy pool during a rainstorm: “Every child has the right to be a child. Dirt is good.”

Persil 'Dirt is Good' campaign - children spend less time outdoors than prison inmates

Even the UNICEF commended Unilever for “creating awareness of children’s right to play, the right to express themselves—in short, the right to be a child! It encourages parents to see the value of exploration, play, activity and exercise as critical to children’s development and important for full and healthy lives, even if it means that children get dirty in the process.”

Idea for Impact: Enhance how your customers see and feel the benefits of your products and services. Promote an emotional connection between products and customers.

Wondering what to read next?

  1. Make ‘Em Thirsty; or, Master of the Art of the Pitch
  2. Creativity & Innovation: The Opportunities in Customer Pain Points
  3. The Loss Aversion Mental Model: A Case Study on Why People Think Spirit is a Horrible Airline
  4. Leo Burnett on Meaning and Purpose
  5. A Sense of Urgency

Filed Under: Business Stories, Effective Communication Tagged With: Creativity, Emotions, Likeability, Marketing, Parables, Persuasion, Skills for Success, Winning on the Job

Steak, Not Sizzle

July 23, 2020 By Nagesh Belludi Leave a Comment

Mark Hurd, the recently-departed executive of NCR and CEO HP and Oracle, recalled this best advice he ever got:

When I moved to a head-office in Dayton in 1988, an NCR executive was giving a presentation; he had great slides and an even better delivery. The CEO, Chuck Exley, listened to the entire presentation in his typically gracious, courteous manner. At the conclusion, he nodded and said something brief but profound: “Good story, but it’s hard to look smart with bad numbers.” And as I reflected on it, the presenter, articulate as he was, as good as his slides were, simply had bad numbers.

That comment has always stayed with me. You have to focus on the underlying substance. There’s just no way to disguise poor performance. I’ve tried to follow that advice throughout my career. Deliver good numbers, and you earn the right for people to listen to you.

Idea for Impact: Don’t Succumb to Hype

Steak, Not Sizzle - Don't succumb to marketing and branding hype Marketing and branding have conditioned society to play up—and be attracted to—sizzle over steak. Style over substance.

Sizzle can only get you so far.

Focus on the steak. It is considerate and farsighted and more fulfilling to focus on substantive ideas, products, and presentations.

For sure, sizzle is important. Only when you have a good steak, add some sizzle to promote the bejesus out of whatever it is you have to offer.

Wondering what to read next?

  1. Your Product May Be Excellent, But Is There A Market For It?
  2. The Loss Aversion Mental Model: A Case Study on Why People Think Spirit is a Horrible Airline
  3. Clever Marketing Exploits the Anchoring Bias
  4. A Sense of Urgency
  5. The Business of Business is People and Other Leadership Lessons from Southwest Airlines’s Herb Kelleher

Filed Under: Sharpening Your Skills Tagged With: Biases, Leadership Lessons, Marketing, Persuasion

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About: Nagesh Belludi [hire] is a St. Petersburg, Florida-based freethinker, investor, and leadership coach. He specializes in helping executives and companies ensure that the overall quality of their decision-making benefits isn’t compromised by a lack of a big-picture understanding.

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