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The Do's And Dont's of Business Leadership During Times of Crisis w/ Mike Dillard
The Do's And Dont's of Business Leadership During Times of Crisis w/ Mike Dillard
ratings:
Length:
22 minutes
Released:
May 8, 2020
Format:
Podcast episode
Description
Let's go ahead and dive into what you have seen over the last two months. Cause I remember when this first started and we were on phone calls nonstop with everybody. Everybody knew each other and probably a hundred other business owners. What do you see happening? What's going on? What are you doing? And you've got, most of my friends are in the info business, but you've got your hands in companies that do e-commerce and Amazon stuff as well, which is a whole another animal. But what have you seen in the last two months? Cause I think it's already changed quite a bit.It's been interesting in, in full disclosure, some of my clients right now are NBA teams and professional athletes. And so when this happened, it was like 911 and I mean three weeks, I'd say probably 200 phone calls and two to three weeks with everybody from pre-revenue all the way up to. $37 billion a year were calling me, and all of it was the same.It was panic. It was fear. Like, what do I do? And my advice to all of them was the same. Write it down, breathe and do nothing for 24 hours. Call me tomorrow. Just to kind of create that space. I think a whole lot of what's happening is that, you know, really what happened is two months ago, humans were living in this place of neutrality. Like, here's my life. I want to learn this. I might invest in this, I might do here. And basically overnight human agency was eliminated. Their ability to choose their ability for free will, and so it went from neutral to net negative, and a lot of people weren't prepared for that. There was a whole lot of, uncertainty, fears, fear-mongering, all these things. And we as companies end up becoming either, come help me or I hate you. What are you doing? And everybody's trying to navigate that. And really what it is though, is that the people that are reaching out are feeling that. Are those people screaming for leadership?And so, so for me, like the biggest thing that I've seen in the last two months is everybody's really clear vision of how customers want to be deep in the first place. Like how they want a relationship, how they want to have a relationship with a brand or with an entrepreneur and an info business, a physical product business.And really the ones that have been winning are the ones that took the time before to develop customer journeys and have communication strategies and, and have high value touch points and personalized touch points. And the ones that have been struggling the most are the ones who are like, Oh, well we'll just throw another campaign together. We'll spend some more money on ads. And people are so uncertain that they're looking for any ounce of safety, security, or certainty. And one disclosure here, they're not looking to be told like, I have your back in this, Like, we're in this together. No. Like they're looking to feel it, right.They're looking to see the path they're looking to have it. And really what I've seen, you know, we had this really big resurgence. So, between three of my companies, we were down 78%. And so losing about 60 grand a day, and it hurts and I'm going to tell you it hurts really bad. Like I'm not numb and immune to this and, but we made a rule like, we're going to pay our employees the same.We'll cut owner pay, and we kind of pivoted against what most people thought. So, like for example. You know when human agency is eliminated, and I played enough war games in my life when it's eliminated, the first thing we go to, and you nailed this as the right to Maslow's hierarchy of needs. Like food, water, shelter, and that's what people need. So customer journeys used to take 25 to 50 touch points when people had a space of neutrality. Now they're taking 50 to 200 because we're not starting from that neutral. We're starting from. I don't have my basic needs net, who's going to support me?Who's going to see me? And so things like superlatives, like supplements or diaper bags or like extraneous things like have not been selling whatso
Released:
May 8, 2020
Format:
Podcast episode
Titles in the series (100)
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