NOTE: This is a book excerpt with minor edits from Doing The Impossible: 25 Laws For Doing The Impossible by Patrick Bet-David. Many things that we take for granted today were once considered impossible. Visionaries know that what can be imagined can be achieved. Although people cross the world today in giant jetliners, one hundred years ago the Wright brothers had to first believe that human flight was possible. On May 6, 1954, Roger Banister became the first man to run a mile in under four minutes. It had never been done before and was therefore considered physically impossible. But since 1954, many runners have accomplished the same feat. Roger Banister’s legacy is that he had faith that this act was possible before anyone else dared to believe. No one ever thought that Buster Douglas would beat Mike Tyson. The odds were 42:1. Prior to the sixties, no one ever thought we would land on the moon. Back when mail was delivered via the Pony Express, who could have imagined a machine that sends mail electronically in seconds? What would this world be without washing machines, cars, cameras, the Internet, cell phones, planes, televisions, or computers? Ask yourself this: What if Armageddon happened tomorrow and everything was disintegrated except for you and ten other people? There’s nothing left. How would you build a washing machine? A car? A computer? How would you create the Internet? Do you ever pause to think about that? We don’t consider what that really means, to build the Internet from scratch. It seemed impossible to most people until it was invented. Now, imagine that it is twenty years after Armageddon and you’re trying to explain to all the young people what the world was like with cars and computers and all the things that they have never seen. Would they think you’re crazy? What if they asked you to rebuild that lost technology? Rebuilding might take a long time, but at least you would get to start out knowing for sure that such technology is possible. These are all things that we need to think about to understand that nothing in this world is impossible. The only limits are the ones that we place on ourselves. Whether it was the first automobile, the idea of electricity, or the moon landing, the believer who first imagined the impossible made it possible for others to believe it and achieve it. If the impossible throughout history has become the imaginable, and then the actual, why do we think that our dreams are impossible for us to accomplish in our own lives? Are we afraid to try for fear of failure? Isn’t refusing to try the only real guarantee of failure? Remember, you miss 100% of the shots that you don’t take. The first step to achieving the impossible is having the courage to attempt it. To dare, according to the dictionary, is “to have the necessary courage or boldness for something; [to] be bold enough.” Achieving the impossible is not for the timid. It is not the safe and secure road. It means taking a leap of faith, leaving your comfort zone, and risking failure for the chance of success. There will be failures on the road to greatness. Thomas Edison had thousands of failed attempts at the light bulb before inventing the one that worked. Roger Banister said his 4:03.6 mile in 1953 “made [him] realize that the four-minute mile was not out of reach.” Part of daring to achieve the impossible is letting failure motivate you rather than discourage you. Think about some of the greatest stories of triumph and courage. Why do we love movies like Braveheart, Rocky, Gladiator, and Miracle on Ice? Yes, they are all stories of achieving the impos-sible. But more importantly, we admire the courage and perseverance of heroes who have overcome tremendous challenges. We find inspiration in those who reach for the impossible, fight against overwhelming odds, and turn past failures into stepping stones on the path to success. So before you read the rest of this book, ask yourself: Do you dare to do the impossible? Most people let the fear of failure or fear of the unknown keep them from making the decision to pursue their dreams. Fear is the most destructive emotion for personal transformation. Fear thrives on the unknown. Our imaginations run wild with possible negative scenarios. By choosing to put yourself in situations where you have to face your fear, you learn that it is far easier to face reality than the endless loop of possible challenges your mind creates. The feeling of overcoming fear in turn gives you confidence to face the next challenge. Making the decision to pursue the impossible is scary at first. You will have to face your fears and throw away your excuses. Start out by believing two important things: 1. You are capable of greatness. 2. Facing your fears to realize your dreams will be the best decision you ever make.
Part Two: The Steps Toward Achieving Data Governance
- Data Strategy
- Stand up the Data Governance Committee (Choose the Sponsors Early on)
- Data Management Framework (What, How, Who)
- Business Case for Data Governance
- Stand up Data Management/Governance Teams
I have seen organizations stand up tactical teams before a data strategy was defined, with the identified pain points and opportunities. The results were mixed at best. Data strategy should drive all subsequent steps.
Standing Up The Data Governance Committee
To get organizational buy-in to treat data as a strategic organizational asset and value driver, a committee should be formed to guide the data governance tactical program(s), including the day-to-day management of data. It is vital to obtain C-level top management support to ensure that the program achieves the proper funding and enterprise support levels.
The C-level executives sitting on this data governance committee should include functional and user base leaders: the chief data officer (or the chief data analytics officer), chief risk officer, chief financial officer, and depending on the size of the firm, the chief operating officer, and the CEO. Leaders from heavy data user groups, such as marketing, digital, and operations, should also be part of this group. While this group will tackle enterprise issues, sub-committees can be formed to address specific business line needs. Committee participants should be engaged, data literate, contribute best practices, and challenge the team to uplift and mature capabilities.
Designing The Data Management Framework
Once the committee is set, we can progress governance by setting up a data management framework. This playbook defines the people, processes, and technologies related to governing data.
So far, so good—most organizations get to this point…but ignore the overall business case. A business case spells out the success metrics and ROI of investing in and governing data.
Ok, now to set up the framework and the function:
- Data management is a living, breathing framework, not a one-off project focusing only on one aspect, such as regulatory compliance. I've seen organizations get so focused on one part of data management that they lose the forest for the trees and never get to the vision laid out in their data strategy. This often keeps data management and data governance in the organization's basement only to meet specific near-term needs. If we don't think about data holistically and the broader use cases, leadership will eventually ask about unfunded data that can be monetized. This conundrum boomerangs on the CDO, who is then faulted for not taking a broader view of data when they were only funded for a limited scope.
- Formulating the data management framework: The first step after completing the data strategy, which requires business input, is to lay out a policy document that spells out how and who will govern data. You can then lay out the elements of the data management framework. Right now, many firms have an enterprise data management framework, but it may have been drawn up quickly with only one or two data domains, such as risk or finance.
The Elements Of An Exemplary Data Management Framework (In No Particular Order)
- Restate the data strategy to codify it into the DNA of the organization.
- The guiding principles, policies, and standards for managing data in your organization. Every organization will have a different slant depending on the business model.
- Identify to whom and to what the framework applies.
- Ensure compliance with risk governance and set the policy for compliance and controls.
- Monitoring data (including its quality) throughout its lifecycle.
- Ensures consistent data definitions, standards, and policies.
- Secured and classified data by its risk level and the type of information—typically aligned to an information security policy.
- Data governance must align with privacy policies and regulations.
- Specifies the roles needed to govern data within a data management organization and businesspeople’s function through stewardship and ownership.
- Identify the need for data controls and enforcement policies.
- Provides for a data governance literacy program: includes standard definitions.
- Creates master data: the relationships between data elements and entities in the firm.
- Creates a metadata repository: data about data, the definition of a data element, and where it comes from.
- Creates reference data: detailed data about each data element. Values and attributes.
- Creates a data catalog: all data is documented in terms of what sources it comes from.
Once again, it is time for a sanity check: Are all of these elements tied back to an enterprise data strategy? What are your thoughts about data governance and management? What has been your experience? Let me know!
Next Post: Standing Up For Data Management And Data Governance Teams
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July 06, 2022
Brand pillars are the foundation of your brand and contribute to your overall brand DNA. There are five pillars: purpose, positioning, perception, personality, and promotion. Brand pillars help you define your unique characteristics and experiences, driving every consumer touchpoint to differentiate you from your competitors.
Let’s review the five brand pillars and how to implement them within your organization.
Brand purpose is "why" you exist. It's the reason for being beyond making a profit. A great brand purpose will always put the consumers first and manifest itself in everything it does.
Knowing the deeper "why" your company or brand exists provides the foundation on which to build everything else.
Simon Sinek, author of the book Start with Why, introduced the idea of defining brand purpose to a global audience in his 2009 TED talk.
"People don't buy what you do; they buy why you do it. The goal is not to do business with everybody who needs what you have. The goal is to do business with people who believe what you believe."—Simon Sinek, How Great Leaders Inspire Action.
Here are some key questions to ask yourself to get at the "why" when developing your brand purpose:
- Why does our company exist?
- What drives our brand?
- What is unique about our business? What is our secret sauce that no one else has?
- What problem are we trying to solve?
- Why would our ideal customer choose our product/service?
- What are we exceptional at?
- What inspires us day in, day out?
- What do we want our legacy to be?
- What are we most proud of as an organization?
- Where do we want to be a year from now? Five years? Ten years?
Brand purpose is critical in today's market as it shows your customers, employees, and competitors that you're bigger than just turning a profit.
Brand positioning is the process of positioning your brand in the mind of your customers based on your brand purpose and values that gives you a competitive advantage.
What do you think of when you hear "search engine"? Did Google come to mind? This product is positioned to dominate its category. What about a company that provides "overnight shipping"? FedEx owns the transportation category even though other companies provide overnight shipping.
A well-developed and implemented brand position provides a sustainable competitive advantage, communicates value to customers, is a vehicle to help manage brand consistency, and impacts the bottom line.
Here are five steps to consider when creating your brand positioning.
- Evaluate Current Standing:Evaluate your current brand positioning. Is it working? Does it reach your target audience? Is it helping to achieve your business goals? If not, you may need to look at repositioning your brand.
- Research Your Competitors: You can't stand out from the crowd if you don't know what the crowd is doing. Conduct a competitive analysis to evaluate your competitor's brand position by looking at their social media feeds, company websites, marketing & advertising materials, and customer service. Look at who they're targeting, what their messaging is, their unique selling proposition, and their positioning strategies. For more information on how to gather competitive research, check out my article.
- Identify Your Target Audience: Understanding your target audience is critical as this information will define every strategy you execute. Your goal is to define your target audience into a simple statement: Our target market is (gender) aged (age range), who live in (place or type of place) and like to (activity). For more information on how to develop your target audience, check out my article.
- Identify Your Differentiators:Just like everyone is unique and different, so is your brand. It's your job to find those characteristics and differentiators that will make your brand stand out from the competitive crowd. List all the things that your competitors do well. List all of the things you do well. List what your customers want. Now start comparing your most unique angles against your audience's needs. Are there any needs that haven't been filled? Is there anything that you provide that your competitors can't easily copy or reproduce? Check out my article on how to develop your unique differentiators
- Craft Brand Positioning Statement: Here is a template to follow when crafting your brand positioning statement.
A brand personality can be defined as the set of human characteristics associated with your brand. It’s communicated through tone of voice, visuals, and even policies. They’re expressed as adjectives that convey how you want people to perceive your brand. For example, is your brand cheerful, funny, friendly, youthful, innovative, spirited, dependable, responsible, credible, sophisticated, rebellious, cunning, powerful, honest, and so on? Here is a list of 200+ adjectives to get you started.
Let’s look at an example: Coca-Cola is considered real and authentic while Pepsi tends to be young, spirited, and exciting, and Dr. Pepper is seen as nonconforming, unique, and fun. Source.
A brand can also be described by demographics (age, gender, social class, and race), lifestyle (activities, interests, and opinions), or human personality traits (extroversion, agreeableness, and dependability). Source.
There are three approaches on how to find your brand personality.
- Jennifer Aaker’s Dimensions of Brand Personality framework contains 15 traits organized into five factors (Sincerity, Excitement, Competence, Sophistication, and Ruggedness).
- Carl Jung’s Brand Archetypes Framework believes that archetypes are models of people, behaviors, or personalities, thus making them more recognizable and relatable to target audiences. Jung identified 12 archetypes. The idea is that any brand can relate to one of the 12 archetypes that help define the brand.
- There is the Combo Brand Archetypes & Brand Personality Framework. This model combines the Brand Archetypes and the Dimensions of Brand Personality frameworks mentioned above.
The first three brand pillars, purpose, positioning, and personality, are driven by the brand through targeting, messaging, and execution. The fourth brand pillar, perception, is owned by your customers. It’s how they view and experience your brand. Jeff Bezos famously said, “Your brand is what people say about you when you’re not in the room.”
When you’re starting your business, list out the traits and characteristics that you want your customers to associate your brand with. If you have an established brand and want information on how your brand is perceived, gather customer, employee, and/or vendor feedback:
- Online reviews/ratings
- Social media listening
- Live chats
- Customer service calls
- Research (polls, surveys, focus groups)
You can also gain further insights into your brand perceptions by asking customers, employees, and/or vendors questions through various research tools (i.e. polls, surveys, focus groups, etc.):
- How do you perceive our brand? How would you describe it?
- What do you perceive our value to be?
- What terms or adjectives would you use to describe our brand?
- What do you consider to be our brand strength?
- What problems or challenges does our brand solve?
- What do you think of our competitor’s products (list them)? Have you used them?
Your goal is to evaluate customers’ perceptions to see if you need to make changes to your brand strategy. It’s important to create a positive perception of your brand that aligns with your mission, vision, and purpose.
Brand promotion is a way to inform, persuade, convince, and influence consumers by driving their decision-making process towards purchasing your brand.
A strong brand promotion strategy places your brand in the right place, at the right time, and in the right context for your customers and prospects.
The goal of brand promotion is to increase brand awareness in order to drive revenue and convert consumers to loyal customers, building long-term, lasting relationships.
To start identifying how to promote your brand, consider asking the following questions:
- What is your current brand awareness?
- How are you currently promoting your brand?
- Where do your customers expect to find you or your competitors?
- How are customers interacting with you online and offline?
- When do your customers need you?
- What kind of experience do you want your customers to have with your brand?
- How do you handle bad experiences?
- Who are your greatest brand ambassadors?
Brand pillars are the foundation of your brand. They help you define your brand for your internal and external customers, ensuring you capture your audience and convert them to brand loyalists. Start building your brand leadership today. You’ve got this!
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