The Key to Expanding Your Brand's Potential
Let’s talk about shopping. Do you tend to shop exclusively in one store? Are you loyal to one retailer? One brand? One designer? Or like most of us, do you shop anywhere you can find your favorite lipstick, dress or T-shirt?
One of the biggest challenges for retailers today is obtaining customer loyalty. How do you retain the customers you already have, while at the same time attracting new ones? Gone are the days when retailers exclusively owned a person’s loyalty. In today’s competitive environment most retailers and brands are actively trying to figure out ways to grab that customer and divert their attention away from the competitive landscape.
As a founding managing director of an executive search firm, I advise my clients that it’s beneficial to replicate that same marketing openness when hiring people within their own company. Wasn’t it Einstein who said that doing the same thing over and over again and expecting different results is the definition of insanity? This concept needs to be applied first on a micro level so there can be long-term, successful macro effects. In order to maintain customer loyalty, you need to think progressively. The best way to be a pioneer or visionary in your industry is for your employees to lay claim and draw inspiration from a myriad of experiences.
Like Me, Like You
Most organizations tend to hire people who have experiences with other companies that are similar to their own. While it's natural that a company would prefer a candidate to have a comparable professional “upbringing,” it's important not to discount executives who have experiences in other concentrations, industries or locations.
If an organization continuously hires individuals from the same background again and again, the executive ranks become diluted versions of one another — much like the results of inbreeding. Bold thinking and an openness to learn new things is part of the solution. You’re not surprised that your customer buys shoes at Neiman Marcus, but goes to Target to buy bathing suits. Why can’t you be that open when hiring new employees?