Joining Jonathan Goldhill in this episode of the Disruptive Successor Podcast is Meghan Lynch, CEO of Six-Point Creative who was named among the Enterprising Women of the Year in 2019. There is lots of room for a family business to grow in reputation and even rebranding. However, the main reluctance is the uncertainty that changes will actually be good for the company. Meghan advises companies to really dig deep and determine if they know who their customers really are. This critical piece of insight informs not just the marketing of the brand, but also the overall goals of the company, such as legacy or acquisition. Meghan suggests companies to have 12 conversations with their customers to really peel away the layers of that onion and figure out where they really fit in their customer's needs. Not only will this have an immediate impact on the bottom line, it creates lasting relationships that can 2x to 10x your revenues. Meghan suggests not talking about your brand and what they like about it, and instead encourage customers to talk about themselves and what they like, where they go shopping, etc.
HIGHLIGHTS
02:58 Family business fears that stifle growth on rebranding and reputation
07:41 Finding your company's strengths and weaknesses
12:33 Solve for Y System: Prioritization, Alignment, and Execution
17:53 A scalable brand aligns its strategy to its metrics of success
22:49 Brand promises: Align guarantees to customer desires
28:05 Setting up a company either for legacy or acquisition
32:16 2x to 10x your revenues: 12 conversations with customers
38:16 Is Six Points for you? Determine how drastic a change you need
43:48 Connect with Meghan
QUOTES
05:47 "When they are doing a rebrand, they need to understand where their current value is, where that brand value lies, so that they don't accidentally change something that actually was a big touch point for customers."
08:28 "There's a lot of asset review within the company to just understand what is strong and what is weak, and really start to prioritize those strengths and weaknesses, and then systematically go through shoring up the weaknesses and amplifying the strengths."
16:20 "Our process is just kind of like best practices of making sure that they're not wasting money, they're not wasting resources, they're not wasting goodwill with customers, buyers, vendors. You know, there's all these things that can go wrong."
17:54 "A focus scalable brand... there will be a clear and common vision of what success looks like. And that is so important... I think again, a lot of companies go into these things and they just think like, well, I don't know, we want to increase sales... But all sales are not created equal."
23:39 "Just slapping a guarantee on a product is not going to create loyalty... Again, like branding is the alignment of what your company values with what your customer values. There has to be a connection between those two things... your job number one is to understand your customer better than anybody else."
34:17 "What I would actually encourage companies to do is to not really talk so much about your brand, but instead, to talks to your customer about themselves. What is their life like? Where do they find products? What social media are they using? How do they use it? How does it fit into their life? What do they like about it?"
To learn more about Meghan, you can check out the links below.
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