A recent article on CNBC’s website highlighted the coffee wars between Starbucks, Dunkin Donuts, and McDonald’s and gave us a glimpse into some “corner office wisdom” each company’s corporate leadership.
But what struck me in the story was Starbucks’ CEO Howard Schultz’s take on the competitive landscape, in addition to how he considers Starbucks a different player in the field.
In the process, he reeled off his company’s mission: “The sourcing and roasting of quality coffees and the experience we create in our stores.”
Succinct, simple, direct, and solid. Pretty much what you’d expect, right?
But it dawned on me that many CEOs (including yours truly) might not be able to effectively do the same when describing their brands in what is known as “the elevator pitch.”
Whether you’re a barista at a Starbucks in Muskegon or you’re the company’s CMO in Manhattan, knowing your position and your goal in a brief, one line statement has to put you at a distinct advantage.
That’s true of radio companies, consultancies, and hardware stores. But how many of your employees couldn’t echo the CEO’s vision – assuming there is one? And I’m not talking about “maximizing ratings and revenues.” That’s not a position – it’s a goal.
At the Worldwide Radio Summit last week, Erica Farber moderated a great panel of industry leaders, including John Dickey, Arbitron’s Sean Creamer, and Marketron’s Jeff Haley. She asked her panelists to give us a :60 “elevator pitch” about “What is the definition of radio?”
It was a fascinating exercise, and a bit of a struggle at times as a smart group wrestled with that fundamental question. While some of the responses could have been more succinct (there was one very tall building that made for a long elevator ride), it served as an insightful look inside the minds of radio’s corner office executives and how well they think on their feet. (Answer: Pretty well.)
Back to Starbucks, and it was also telling that Schultz offered a glimmer of insight into how Starbucks envisions its social and digital media initiatives: “All of these things have given us the ability to create significant channels of distribution outside our stores.”
Seeing social and digital as connected extensions of the brand and its physical stores says a lot about how assets like Facebook or Pinterest should be viewed. And yet in so many radio conversations, they are considered to be burdens, obligations, or expense lines that may never be monetized.
You don’t hear Schultz talking about goals for more “likes” and “followers.” Nor do you hear him talk about making money on Facebook. And here’s a brand that has 34 million followers. Yes, they drive sales with deals and promotions (they’re a retail outlet after all), but many of their communiques and posts are community-minded.
During times of great change, employees need to know they’re on the same page with the corner office. And vice-versa. It’s not about those banal “mission statements” that you see on many radio station walls. It’s hearing from the person at the top about the company’s real goals and how everyone on the team – right down to the receptionist, traffic manager, and HR director – needs to be in-sync. It’s about giving everyone a picture of what success looks like in radio in 2013, and a vision for the future.
So I started working on my own statement of purpose for Jacobs Media, and came up with this: “Facilitating and creating strategic solutions for media brands through a combination of research and marketing intelligence utilizing traditional tools and new media channels.”
Perhaps it’s not as elegant or concise as Schultz’s Starbucks statement, but it’s a start.
Can you state your company’s true mission (without the snark)?
And if not, that’s a question for the corner office.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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Biggest question: There’s a STARBUCKS in Muskegon? Now you tell me!
Great read!
Yes! Actually three of them. And thanks for the kind thoughts.
How about “We use creative, nimble minds and multiple research resources to help clients make more money through expanding existing and developing new media channels.”
Thanks, Mary Beth / you’re hired!
Through research and experience build products that engage audiences on multiple platforms that can be monetized.
Thanks for that, Dave. Data along with a keen sense for what your company brings to the table on various platforms is at the heart of articulating that brand essence.