ON STRATEGY || If You Haven't Addressed This, then You Don't have a Business You Only Have A Dream
Do you have a dream, or do you have a business?
The feasibility of your business idea or concept is what makes the difference.
We were talking about client ideas and new opportunities one day in the boardroom, and we thought several of the concepts the team came up with were great, but when we dived a bit deeper, we realized they were all missing one thing.
Key components that would make these concepts feasible were missing. For example, if we wanted concept A to work, we would need Client A and Client B to agree to a collaboration. We’ve already had a conversation with Client A, but we’re unsure where Client B stands. In this case, we’re missing a key ingredient to launching the campaign — Client B’s commitment.
Would you still pitch this idea to Client A if you were in our shoes? There are a few scenarios in which I would still do it.
I would have to know Client B so well that I know 100% they would commit if and when I pitch them the idea to collaborate with Client A.
If I had a solid backup in case Client B said no.
If I had ANOTHER ‘maybe’ backup in case Client C said no.
Why do we need not just a Plan B but also a Plan C? Imagine if you walked into the room and pitched the idea, and Client A loved it and asks you, “well, when can we get down to work?” What do you say then? “Not sure. I still have to see if Client B wants in on this!” That’s not a good look.
Before you show it to the world, your team has to make sure the concept could work in the real world.
They say ideas are a dime a dozen, but it’s still 99% execution. If you haven’t mapped out, even if it’s just in your mind, whether you have the key components to make it work, then it’s just a dream. This doesn’t mean that if you are missing something that you can’t find it, you certainly can. You should nail down the key players before you can make the dream a reality.
Testing for feasibility gives your client or your customers much more confidence that what you are selling them will work. If you aren’t sure, and it’s reflected in your execution process, then your client and customers start having doubts about you. Again, not a good look.
Here’s another example where we did get things right. We knew there is a new social media platform that the client should be on, but they have never posted on the platform and aren’t familiar with it, so how do we remove the friction (or fear) of adoption? We test it out for them.
We created a post on the platform and observed what level of engagement we would get. The result? Over 20% engagement rate on the post and many comments inquiring about their product. What does that show? Interest! And all we need to do was a single post. This also gives us the confidence to share with the client that there is initial interest and we should explore further.
There’s a Chinese saying that if you haven’t taken any action, it’s like trying to fight a war on paper; similarly, if you haven’t road tested something to make sure it works, you don’t know how it’ll perform.
The next time a great idea comes across your desk, make sure to add a feasibility test into your execution roadmap; it’ll help build confidence for both your team and your client.
