Talent and Innovation

Everyone says they want to innovate. Every company talks innovation. We’re now seeing innovation as a core value for many companies. But are they really innovating?

Innovation is about talent. In the absence of talent there can’t be innovation. The first step to innovation is recognizing the two types of talent required to be innovative.

The first type of talent required to innovate is visionary talent. This is the talent, skill, or competency to see things others cannot see, or are unwilling to accept. Visionary talent is often related to first-movers. Many of the products and services we use on a daily basis started first with a vision. A mobile phone, a smart watch, wireless headphones (or ear buds), technology in the cloud versus a mainframe. These inventions, or innovations, required visionary talent. How do you spot visionary talent? Individuals that possess an insatiable appetite for learning, dreaming, and pondering not what is, but what could be.

The second type of talent required for true innovation is technical talent. This is the talent that is required to bring the vision to life. Think of Steve Wozniak to Steve Jobs. Technical talent tied to visionary talent. Or Charlie Munger to Warren Buffett. Technical talent is what enables our ability to bring dreams into our daily reality.

In 1899, Charles Duell, then Commissioner of the U.S. Patent Office, said, “Everything that can be invented, has already been invented.” While I personally don’t believe this to be true, let’s for a moment assume it is. If this were to be true, then arguably technical talent would be far more valuable than visionary talent. Why? Because the focus would be on incremental improvements of things that already exist. However, this raises a thought provoking question. What’s invention versus innovation.

In 1849, Italian inventor Antonio Meucci, invented the telephone. It wasn’t until 1876 that Alexander Graham Bell won the first U.S. patent for the device. Fast forward to 1973 when the first phone call was made on a Motorola mobile phone. Was the mobile phone an invention or simply an improvement on something already invented? Remember, it was 50 years after the phone was invented that Duell said everything that could be invented already had been invented.

Regardless, visionary talent and technical talent combined are required to innovate. Combining the creator of dreams with the builder of those dreams allows us to improve our lives in meaningful ways.

What’s your talent pool like? Who are your visionaries and who are your techies? How often do you review your organization for these two types of talent? Your answers to these questions will be the proof point for whether you are building and living an innovation culture.

Selling with Silence

I enjoy a good conversation as much as the next guy or gal.  A highly engaging and thoughtful conversation where both sides are equally sharing their ideas, and feelings is something to value.  Likewise, I also enjoy the comfort of being with people I care about and not feeling like I have to say a word.  I’m comfortable with silence.

Being comfortable with silence is a skill.  It doesn’t matter whether you’re an introvert or extrovert, like any skill, silence needs to be practiced in order to be effective.  It requires trust, honesty, and perhaps most importantly confidence.

Sales people by nature are talkers.  In fact, sales people often have a reputation of being slick talkers.  Talk fast enough that you over-power, or blow past the buyer’s objections, tough questions, or key concerns.  However, a fast talking sales person is actually communicating the wrong message.  Buyers get turned off by fast talkers.  They become suspicious.  They become guarded in their responses, and many times they tune out, and walk away.

Great sales professionals understand the power of silence.  The power that comes with feeling confident in your message, your answers, your position, your knowledge.  Knowing when to be silent, versus when to speak, is a critical skill all sales people should develop, assuming they want to improve their win rates.

The buyer asks a question, the sales person responds, and then silence.  You’re almost begging the buyer to challenge you.  Your silence is a display of your confidence and conviction.  It also shows the buyer a level of patience and empathy by giving them time to absorb your response and determine their next step.  You’re putting the control in the buyer’s hands.  And while some may argue that the sales person should maintain control, I’d argue that by granting the buyer some control, the sales person is actually increasing his/her control of the sales and buying process.

Silence can be the ultimate neutralizer.  High stakes negotiators recognize the strategic benefit of using silence.  Yet keep in mind, that using silence as a tactic requires a great deal of preparation.  You need to understand your company, your product, your position, and your buyer.  Drop the ball on any one of those and the value of silence is diminished.

Next time you engage in a sales conversation, force yourself to be silent.  Can you do it?  Can you sell with silence?

 

Building High Performing Teams

Over the years I have built several high performing teams. How do I define a high performing team? In the simplest terms, a high performing team is one that accomplishes its goals while remaining true to the cultural aspects I have put in place. To succeed and reach the goal, but done so at the cost of destroying the culture is not success, nor is it high performing in my book. Thus, establishing a high performing team includes both a personal view of the leader of that team, combined with core competencies that typically appear in most teams that consistently meet or exceed their objectives.

I have 10 focus points when recruiting new candidates to build my team, or deepen my bench strength:

  1. Chemistry. Do they fit? What’s the first vibe I get when interacting with this person? Are they engaging? Stimulating? Are they able to operate and respond to circumstances, or scenarios, when under fire? How do they react? What are the observed behaviors noted when they are interacting with others?
  2. Curiosity. Do they possess a healthy curiosity about things? Forget whether they’re asking questions and instead focus on the question itself. Is it thoughtful? Are they asking questions that demonstrate an ability to assimilate new information and inquire beyond that point? Or did they show up with the standard pre-packaged set of questions?
  3. Ability to see the negative space. Can the candidate spot things that haven’t been discussed? Do they possess a level of intuition that identifies areas to probe? Can they engage me on what I haven’t said, as much as what I have said?
  4. Challenging. Does the candidate seem to go along for the ride? Do they fully agree with everything I’m saying? Often times I will ask a question that goes completely against what I believe, just to see how he/she reacts. This exercise gives me insight into their intellect and ability to pivot quickly.
  5. Active listening. How well does the person listen? I give high marks to note-takers. Taking notes is a sign of an active listener. Notes are a good indicator of detail. Using those notes to ask follow-up questions demonstrates the ability to grasp complex concepts and expand on a topic or conversation.
  6. Think in 3’s. How well does the individual tell the story? How quickly do they get to the point? Do they talk in circles when asked a question with lots of words really saying nothing? Or do they demonstrate structured thinking by responding in 3’s? “I believe there are 3 reasons for…”
  7. Problem solving skills. How well can he/she frame the problem? To solve a problem you must first understand exactly what you’re solving for. I will provide a scenario and gauge the candidates response to gain insight into their thinking and how they go about solving problems. Do they simply react to the obvious, surface-level, problem? Or do they take their time and begin to peel it back one layer at a time by asking more and more questions?
  8. Continuous learning. I’ve asked this question for the better part of the last 20 years of team building – “Tell me the name of the last book you read, and what was it about?” It still amazes me how many people don’t read. Or, you get the typical response, “I read the WSJ”. I am looking for responses that offer a mix of reading material beyond business. My ears get happy when I hear Dean Koontz, Patricia Cornwell, Stuart Woods, Jeffrey Deaver, James Patterson, Dan Brown, Michael Connelly, or Michael Crichton. I also look for autobiographies of past leaders or influential members of society. Reading, followed by doing, is the most powerful accelerator of progress.
  9. Crucible moment. A crucible moment is a turning point in someone’s life. Ask, what was your crucible moment, or at least provide one? I myself have had several throughout my life. Look for substance. Not the standard, “When I met my wife”, or “When we had our son”. Only if those moments are backed up with something completely out of the ordinary, it’s not a crucible moment in by book. I’m looking for adversity, failures, fear. How willing is this person to open up and be vulnerable?
  10. Finally, last but not least, I look for empathy. How does this person relate to others? When faced with specific stressful scenario, how do they react? How do they treat others? What happens to their voice, and tone, when they are talking and responding? Empathy is likely the single biggest competency that defines success. The ability to relate to others is critical when working with others on a team. It feeds directly into chemistry as its most powerful ingredient.

Whether you’re building a new team from scratch, adding a few new players, or re-tooling the existing team, having a clear culture – rules to live by – is critical. As the leader it’s imperative that you state clearly what you expect of others. Establishing the right expectations and further executing upon them most certainly increases the probability of your success and that of your team.

The Essence of Good Decision Making

Making decisions is a part of life. I have found that good decision making boils down to two things:

  1. Clearly identifying the problem you are trying to solve
  2. Listing and understanding as many possible outcomes as possible given different decision paths
  • The only effective way to solve a problem is to have clarity on what exactly you’re trying to solve. If you want to drive from NYC to LA, how do you choose your route? Start by defining the problem. Do you want to get to LA in the fastest time possible? The most scenic drive? The drive with the least tolls? The answer to those questions will help guide your decision making.
  • That’s a rather simplistic example so let’s try another…
  • You own a business and are in need of a new provider for a critical path function. Critical path functions are those things that if fail, can bring a business to its knees. For most companies, who they buy their office supplies from is not a critical path function. However, providers that offer secure data storage may be a critical path item if your business deals with gathering and storing large amounts of customer data.
  • Attached is a recent blog I published for i2c, where I am the EVP of Global Sales and Marketing. While specific to the payments space, the decision criteria can be applied under any circumstances if thought about more broadly.
  • As always, I look forward to your thoughts and reactions.
  • https://www.i2cinc.com/blog/5-critical-considerations-evaluating-payments-processor/
  • The beauty of becoming

    I recently heard someone describe Spring as a “beautiful time of becoming”. It’s the time when all things are born and new. A time of rapid growth and development.

    As you think about your own “becoming”, what are you doing to grow and develop? What are you doing to plant the seeds in your life to improve and expand?

    The beauty of becoming resides within all of us. All you need to do is act.

    How effective is your Go-To-Market Strategy?

    Developing a winning Go-To-Market strategy includes having deep insights into your markets, accounts, and buyers.  It requires a compelling brand message, and the right sales coverage.  Two very important components to assess the effectiveness of a GTM strategy include knowing what’s important – KPIs, and how your strategy is tracking against those KPIs.

    Check out my blog on 7 KPIs to Evaluate Go-To-Market Effectiveness.  

    Understanding Your Purpose

    Many confuse focus with purpose. Living, or working, with focus means zeroing in on the one or two things that are important to you at that moment in time. Living with purpose is to understand what’s truly important to you and then doing the things necessary to fulfill your purpose.

    Today I need to focus on an upcoming meeting with a CEO. However that meeting is not my purpose. My purpose is to be a difference maker for those whose lives I come in contact with…to make a difference, solve a problem, bring joy, reduce pain. In business that requires having a strong focus on continuous learning, active listening, and structured thinking. I must always be learning new things in order to build a mental database of ideas to recommend. I have to listen deeply to the person,, or people with whom I am working to truly understand and empathize. Finally I have to be able to process what I’ve heard – and felt – with what I know – the knowledge I’ve acquired through learning and experience. When I do these things well I fulfill my purpose.

    Have you identified your purpose? It’s not enough to say you want to be the best sales person, marketer, father, brother, friend, runner, or swimmer. You’ve got to go deeper. What makes you want to be the best? Is it money? Fame? Recognition? Personal pride? Personal demons?

    To find your purpose answer these questions:

    1. What am I doing when I am happiest?

    2. Who am I with when I am happiest?

    3. What emotions – physical and mental – am I experiencing when I am happiest?

    4. What challenges you, that while difficult and unpleasant, secretly get you excited?

    5. And finally, what do you fear most?

    Often times the answer to the 5th and final question provides valuable insight into your purpose. Understanding what you fear can help you create the best path forward to live your purpose. Remember your life’s purpose can only be defined by you, not others. In the end, only you can answer the question, “did I live my life as the best version of myself?”.

    Be purposeful in all you do. We all have a limited amount of sand in our hourglass. Make every one of them count.

    Win/Loss analysis is the key to growth

    I have spent more than 20 years studying buyers in various industries.  What motivates buyers to take action – for or against your product or service?  How are you truly perceived within the marketplace?  How do you blend what to say, with what to do, in order to demonstrate your credibility in the market as a problem solver?

    As a Principal with Sales Benchmark Index, I have the privilege of working with companies across a variety of industries to help them make their number.  Read my latest blog here to learn why Marketing should own Win/Loss analysis and the benefits that come along with this critical work.

    The Winds of Change for Insurance: How your buyer’s input is changing the model

    Consultant presenting insurance concept and risk management

    Buyers have changed the rules.  Sellers no longer are in control.  To survive and thrive requires a continuous interaction with your customers and your prospects.  Listening, observing, asking, and engaging are the key activities that will improve your rate of success.

    No industry is immune to changing buying behaviors.  Insurance has long been thought to be a product that can only be purchased a certain way – through an agent or broker.  However, as Geico, Progressive, and now Hiscox have all proven this thinking to be outdated.  Buyers can, will, and do buy insurance online.  Sure, not all lines are yet available to secure via an online option but I believe it’s only a matter of time.  Why?  Because the buyer is demanding it.

    In my white paper below, The Future of Insurance’s Agency Distribution Model, I provide insights for carriers and agents alike as to how to think about the buyer’s journey differently.  There’s no better time than the present to lean in and get intimate with your buyers to understand what’s important to them today, what’s trending for tomorrow, and what they will demand in the not so distant future.

    The Future of Insurances Agency Distribution Model

    Type A Personalities – 3 ways to confront anxiety

    Worker thinks solution of his problems

    Hard charging, Type A personalities, often struggle with taming their fear of failure.  Most would agree that fear, when kept in check and under control, is an emotion that can both protect and propel us.  Understanding the cause of the fear you’re experiencing is the first step to developing a plan to calm it, contain it, control it.

    Anxiety is the result, or symptom, of fear. If I fear I won’t be able to hit the ball, anxiety causes me to dread my up-at-bat.  If I fear I will fail my statistics class, then anxiety will kick in and cause me to block any learning that will ultimately help me pass the class. If I fear I will miss my monthly sales number, my anxiety will cause me to go into rapid-fire mode doing as many things as I can simply to create the appearance that I’m working hard.

    Anxiety perpetuates fear, creates the stress, and force, strong enough to shut you down.  Dealing with anxiety is critical to successfully navigating change, taking risk, and managing failure.  Here are 3 ways to keep your anxiety in check:

    1. Ask the question “why not me?” When we think we will fail it is because we don’t feel competent, smart enough, savvy enough, or insightful enough to win.  Why not? Rather than thinking about the failure, replace that thought with the question why not me.  I’m smart, why not me?  I’m intelligent, why not me?  I’ve accomplished a number of great things, why not me?
    2. Turn anxiety into excitement. Replace, what if I fail, with what will I learn? Replace what if this doesn’t last, with how much better will I be no matter how long this lasts?  What will I have experienced that will make me more valuable, more fulfilled?
    3. Breath. The power of 10 minutes of just breathing is quite powerful.  Call it meditation, self-reflection, self-empowerment, or self-love, whatever you call it the purpose of this 10 minutes is to rebalance your inner self.  To bring calm to any internal bubbling that’s taking place.  There are thousands of books on this subject, apps for your smartphone, and calming music for your ears.  Get one, or some, but act now to calm the storm from building.