Business, like life, requires exchange. The success of the business, again as reflected in life, is the definition and degree of that exchange. By definition, as well as its derivation, exchange means to change out, to give in trade for something regarded as equivalent, barter, or swap. The degree of the exchange determines success as well as failure, and can be segmented into:
- Fair exchange is done to the satisfaction of each involved.
- Unjust exchange or criminality is where it is not equitable, and there is always a perceived winner and loser.
- Irreducible minimum exchange borders on criminality, and only just enough is committed.
- Exchange in abundance, where true success is created, requires observation, intelligence, and compassion. It is not done to overwhelm nor bankrupt. It is considerate of the receiver meeting their expectations and a bit more. There often is no immediate demand for compensation.
Let’s apply each of these degrees of exchange and see what can be learned.
Fair exchange: Your new product, a 4×4 truck is sturdy, has the everyday features, drives well, and gets good mileage. It is sold for a reasonable price by a salesman who is polite, asks about your family, ensures your paperwork is completed correctly, and gives you his card if help is needed down the road. The customer leaves happy, and his purchase has fulfilled his needs.
Unjust exchange: Similar scenario, but the car being sold had been in an accident which was not disclosed, had the mileage rolled back, was dirty, and didn’t run well. The salesman was falsely extolling the value of the purchase, seeing the customer was not aware of the shortcomings and had erroneously trusted him, not knowing the purchase was a lemon.
Irreducible minimum exchange: Let’s shift the scenario, as I don’t want car dealers knocking on my door. You create a new beverage line, a flavor-packed soda for kids filled with sugar and dyes, knowing it will increase the child-appeal. It will hydrate, but in the long run, it can cause health issues that are ignored for the sale.
Exchange in Abundance: Yes, this is where true success is created. If it’s a car acquisition, the whole team celebrates the purchase, there are branded water bottles already in the car, a bow decorates the hood, there are 2 stuffed animals in the back for the children you know will sit there, and for the wife, flowers and a thank you note. And as time goes by, after the sale, holiday cards are sent, regular calls to check in, and driving lessons are comped for the two kids in the back seat who have grown up. It is in this realm, communities are built, friendships are made, and businesses boom.
Communications and marketing also can demonstrate each of these levels of exchange, and with the current financial challenges, this is a good time to review your own. How are you treating your clients as well as your team? Is your product meeting expectations at an equitable price? Are you cutting corners to increase your margin, but possibly putting your customers at risk? Or are you delivering the best and brightest results, beyond expectations, ensuring there is satisfaction, a happier, healthier community, and everyone is winning?
“Our heritage and ideals, our code and standards – the things we live by and teach our children – are preserved or diminished by how freely we exchange ideas and feelings.” – Walt Disney
Allow us to help identify your degree of exchange, and build to abundance profitable. Together this will make a better world, one that can twinkle. We are always here to help.
Gillian