Fresh Perspective Episode; Simplifying the 100% to Discover the 5% That Matters with Mike Verret
Entrepreneurs and business owners, take note: Mike Verret has one of the keys to success in the business world; clarity in your message.
Mike Verret's approach to business is to simplify the 100% of what a company is doing into the 5% that matters to an audience.
With his experience at Hasbro Toys, he learned that a product launch's most crucial part is capturing the audience's attention, relating to their challenge, and providing a solution in a sentence or two.
His process for creating a compelling message involves connecting, relating, and solving the problem, followed by a process explanation and a description of the services offered.
Being unique in the marketplace can bring numerous benefits to a business.
One of the key advantages of offering unique products or services is differentiation.
A company can attract customers and increase brand recognition by standing out from competitors and offering something different.
A unique offering can also give a business a competitive advantage, attracting customers looking for something different that they cannot find elsewhere.
If a company offers a truly unique product or service, it may command higher prices as customers are willing to pay a premium for something one-of-a-kind.
Offering exceptional products or services can also foster strong connections with customers, making them more likely to remain loyal to the business.
Being unique can help build a strong brand reputation, positioning the business as innovative and ahead of the curve, enhancing its importance, and attracting more customers.
Verret believes that the key to success is to show up as first, best, or different and unique to catch the audience's attention.
He explains that businesses need to consider how their audience perceives their value rather than what they offer. Verret suggests using an elevator pitch model to describe a business's value engagingly and intriguingly. He also recommends that companies think in terms of a narrative when communicating with their audience rather than using business jargon.
Businesses should start with the question, "What do you do?" when communicating with their audience.
They should then explain how they help their audience, what they get from the business, how they are better off, and provide validation and a call to action.
Mike suggests that the client should think about the user experience rather than the technical aspects of the business. He also believes that companies should focus on their target audience's thoughts rather than niche to a specific group.
Verret helps entrepreneurs build their businesses around their idea and uses qualitative research, such as interviews, to understand people's thinking. By focusing on painting a picture of their target audience's optimal vision and then layering how they can get there.
Verret tells a story of how an outsider in a meeting was able to provide insight into how people would search for a new Elmo toy by understanding how kids communicate with their parents.
The tone of a headline should be tailored to the audience, and there are three buckets of style: exhilaration, empathy, and humor.
To top it all off, Verret suggests that businesses should have an external Chief Perspective Officer to provide a gut check for the CMO and CEO.
His comprehensive industry knowledge and his personality make him an invaluable asset to entrepreneurs and business owners.