The Champion Attitude Boots Small Biz Makeover Backstory
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Caboot's 7 Essentials Action Plan
We then launched into problem solving for what it would take to grow each line of business to the next level, below is a summary of their 7 Essentials by line of business:
- Essential #1: Articulate the higher-order benefits for each of your lines of business and Caboots Inc overall.
Action: When you explain your business, start with your benefits. Think lifestyle, experience and all the words you used today. In the back of your mind, have role models for your business- like Sundance, Starbucks that deal in experience benefits. Leverage the benefits of your heritage, your and your employees as the brand that makes what you offer different.
Action: Define your benefits by line of business. For Custom Boots it is something like lifestyle and customization. For costume boots it is having the real thing, to experience what it is like to be a real pirate for example, and for engineered boots it is utility and safety combined with comfort.
- Essential #2: Caboots is serving a high growth market segment in footwear within the growing fashion and entertainment industries.
Action: Think of redefining a market segment within these multi-billion dollar markets vs. being in the boot business. When you think fashion, entertainment and utility, you will redefine how you look at the players in each market- distribution, competition, partners and customers!
- Essential #3: Execute "Marquee Customer Marketing" across your 3 lines of businesses and overall for Caboots.
Action: Leverage the three ingredients that make you special – WHO (who is wearing your boots), the BOOT (which design and style) and STORY (the boot and the person will have a story associated with a statement they are making with your product and experience). Package up your Marquee Customers and their stories/testimonials across each line of business. "Knock-em-dead" with distinctive testimonials that emphasize lifestyle and fashion for custom boots, utility for Motorcycles and Costume testimonials….like Johnny D. from Pirates of the Caribbean. Leverage your marketing consultants to package these testimonials across:
- Your new website
- Marquee customer events
- Internet media - YouTube etc.(Talk to your marketing consultants about entertaining commercials for your site and YouTube that involve our customers and their stories).
Your role models are eBay Powersellers, Crocs, and Starbucks customers.
- Essential #4: Leverage supply side and go to market alliance partners.
Acton: Realizing you are production bound in some cases, can you find partners to help you with capacity? On the revenue side, can you partner with retailers for co-branding and distribution and entertainment firms such as Disney for the entertainment industry?
- Essential #5: To become the Masters of Exponential Returns, simply figure out your profit and loss for each of your lines of business and manage to a growth plan.
Action: Apply the basics of price management for value, cash flow management and how you leverage the custom business and Marquee Customers to keep your R&D and Selling costs low. Make each line of business profitable in order to reinvest in its growth. Turn each little business into a million dollar business model that when added up, will get you to $3-$6M in revenue and very profitable! Your role model is the early days of Microsoft or Crocs.
Action: Your process role model is Cheesecake Factory -- to create a simple back office process that enables lots of customer choice at a profit! Think about extending your line of the Pirates boots for children who watch the movie. Get them made in Mexico so the costs are low for retail chain partners.
- Essential #6: Take your leadership approach to the next level by applying the principles of Inside-Outside Leadership to make the two of you into an even higher-performance Dynamic Duo.
Action: You will need to do more without hiring so how do you do that? Leverage this management technique to get more done in less time. Leverage and complement each others strengths and make your problem solving, communications more focused and efficient and effective by dividing roles and teaming when needed. Your role models could be the team that leads Columbia Sportswear.
- Essential #7: Start assembling your board of Essentials Experts.
Action: There are two board types you need: 1) your customer board of advisors and 2) a virtual board of directors. Start with a simple set of really interesting customers who are passionate about your business and who are real icons like Ned Bennet the CEO of Options Express for example. From this set, you will find a small set to start your Board of Directors. Start with a phone call! Just start.
Your role models are Staples, eBay, and the boards of your customers like Options Express.
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