Is your business a purple cow?
WE ARE ALL FAMILIAR with the story of Jack and the Beanstalk: one morning Jack woke up and found that he and his mother had no money. So his mother sent him to town to sell their one and only After a long day, he returned home with only a few beans to show for his efforts.
I am convinced that Jack would have been in a much better position if he had a
He never would have had to climb the beanstalk to find his fortune in the first place. It would have been right there in front of him and he would have received a king’s ransom for his purple cow. Why a you might ask? Well, this is the story of the purple cow: Seth Godin, one of the great marketing gurus of the 21st century, came up with the idea when he travelled through France a few years ago. When Seth saw the first lot of cows standing next to the road, he thought them very interesting. However, with so many cows next to the road this picture soon became boring and he did not notice the cows anymore.
Based on this experience Seth thought to himself that a purple cow next to the road would surely make a difference and one would notice that! In the book that followed (
Godin says that the key to success is to find a way to stand out – “to be the purple cow in a field of monochrome Holsteins”.
In other words, if one relates this story to the business environment, the essence of the purple cow is that it is remarkable. It is worth talking about and worth paying attention to. Businesses that are remarkable are extraordinary and known for their excellence. Conversely, if your offering is good, but not remarkable, your business is actually invisible (a brown cow) – no matter how much effort you have invested in delivering a good product or service.
So, what can independent financial advisers do to create a business that is remarkable?
Unfortunately there is no winning formula to create a remarkable business. Based on the recent study I conducted among independent financial advisers in Johannesburg, however, I suggest the following guidelines to assist in making an adviser business more notable: