Posts Tagged consumer
Is there a formula that you use to measure success in your career or to measure the performance of employees of your company that determines the success you achieve? What are the metrics or goals that you follow to measure success (or failure) that drives (inhibits) sales and profits for you company? Having metrics is obviously critical to ensure that employees know what is required of them allowing companies to be successful.
Sports are another example of the importance of metrics and formulas managers and coaches use to ensure success. If you like basketball you’ll know who Rick Majerus was (he passed away in 2012). He attempted to be a walk-on college basketball player for the Marquette Golden Eagles in 1967, but didn’t get a chance to play. Instead he became a student assistant at Marquette. After being an assistant coach to Al McGuire for 11 years; Majerus went on to become a head coach at Marquette, then to Ball State, Utah State and ending his coaching career at Saint Louis. Majerus had a short stint as an assistant coach with the Milwaukee Bucks in the late 1980’s.
During his coaching career he developed a statistics formula he believed a college basketball team needed to achieve in order to be successful. Majerus developed a metric he called the “165 Formula”. It combined three key game statistics that were added together for each individual player on the team. He totaled each player’s shooting percentage during the season for field goals, 3 pointers and free throws; believing that a successful team needed at least one of his players have these three stats add up to a total of 165. Over his coaching career Majerus won over 70% of his games, so he must have found players that he felt could hit his magical 165.
There are a lot of ways to achieve success on the basketball court. Just take a look at men’s college basketball’s current AP number one ranked team the University of Kentucky Wildcat’s. How many players does Coach John Calipari (Coach Cal) have that meet Majerus’ formula? Take a look at the graph below and you’ll see how many.
Now let’s take a look at the team that I follow, the University of Illinois Fighting Illini men’s basketball team to see how they compare against The 165 Formula. As you will see in the picture below (from the game versus the Hampton University Pirates on 12/17/2014), the Illini have four players that beat the formula. Great!
After last Saturday’s game versus the Ohio State Buckeye’s, the season statistics for the Fighting Illini’s six leading players show that Rice, Hill, Eguw and Nunn continue to exceed the formula target of 165.
|Name||FG %||FT %||3-PT %||Total|
|Average as of 1/3/2015||166.7|
So the Fighting Illini has a record of 10 wins versus 4 losses for the year and they are not currently ranked in the AP Top 25 and they’ve lost their first two Big 10 Conference games. You’d think they’d either be ranked or winning conference games with four starters with numbers that exceed 165 as per The 165 Formula Rick Majerus felt was needed for success. Perhaps Illini Head Coach John Groce thinks that they are successful? I’m guessing not as much as he’d like.
Now let’s compare the Fighting Illini to the number one ranked team in men’s college basketball, the Kentucky Wildcats. How many players do the Wildcat’s have that meet the Majerus 165 Formula? Well…..just one.
|Name||FG %||FT %||3-PT %||Total|
|Average of 1/3/2015||140.9|
As you can see the one player on the Wildcats that scored a 165 using the Majerus formula is Tyler Ulis. He became a starter after Alex Poythress was injured after the 10th game of the season so his stats may be an outlier. The Wildcat’s had already found phenomenal success prior to Ulis getting more playing time. With the Wildcat’s averaging 140.9 points (110.4 if you take out Ulis) to the formula and the Illini averaging 166.7 points there must be more to achieving success. Besides the entire team of players performing at a level it also takes the head coach, assistant coaches, trainers and doctors to achieve success. You can add to the mix scouts, recruiters, training facilities, athletic director, along with support from students and alumni. So Coach Cal has obviously found his formula to achieve success at the University of Kentucky. He’s surrounded himself with the best players, along with the all the best people and resources needed to support the team.
So John Calipari (along with Rick Majerus) obviously found a formula that he has used to find success in his career. It’s the same in business isn’t it? Don’t we all want to be Coach Cal? To achieve a consistent level of success you need to develop your own formula. But a key ingredient is the need to surround yourself with the best people, the best team you can find to help you find great success for your organization. It doesn’t really matter what your business is, if you don’t have great people it’s going to be more challenging for you to find success against those you compete with in the marketplace.
Previous blogs on the importance of assembling a great team:
What’s Your Line-up? – December 26, 2012
What’s Your Line-up? – “Updated” – January 17, 2014
A couple of weeks ago my mother experienced shortness of breath along with chest pains. Two hours later she called her sister who lives close by and told my aunt she was thinking that she should go to the emergency room. They could’ve called 9-1-1, but instead together they made the decision to have my aunt drive my mother to the closest emergency room in a hospital about 30 miles away.
My aunt is 91 and my mother is 90……
They made it to the E.R. and after a few days in hospital my mother was released and is doing fine. I talked with them about whether they thought they really made the best decisions to drive down themselves based on the symptom’s my mom was experiencing, the fact that ambulance service was readily available and that it was snowing that day. I hesitated to mention their age to them.
They both are very independent women who have great genes. I’m very happy that they both are very independent and it’s great that they rely on each other, but they reluctantly agreed that they probably made a bad decision even though it turned out okay so it wasn’t that bad of a decision. I suggested that perhaps they should’ve called 9-1-1 and they said that next time they would. I’m not so sure they will though.
If you look up the definition of decision in the Merriam-Webster Dictionary you will find:
“a determination arrived at after consideration”.
We make countless decisions every day just like my mom and aunt did. There are good decisions and bad ones, and all are based on a myriad of bits and pieces of information that we take into consideration. Most decisions we make are uneventful, but some carry great consequence for those who can be affected by them. Consequential decisions are often forks in the road and generally require more information and greater evaluation of the right or wrong road to follow. Those consequential decisions will most likely be based on the values or principals you hold. They therefore provide a clear view of who you are and what is truly important in your personal and business life.
You can be decisive in your decision making or you can hesitate and be indecisive. Indecision makes all decisions more difficult because when you’re uncertain, unsure of your decision, it will often lead to less-than-positive results. Even after giving great thought and consideration to a decision it can turn out badly, but with careful consideration and a look at all the information available, those difficult decisions you make tend ultimately to be the right ones.
If you’re an auto glass shop owner or manager you make decisions relating to whom you hire to work for your company. You decide what kind of on-going training you provide to your employees. You decide the quality of the auto glass you buy for them to install and you make a really big decision on the urethane adhesives that you buy for your auto glass technician (AGT) to use when they install windshields for your customers.
Does the urethane you buy cure in 1 to 4 hours and provide a safe drive away time for your customers and their passengers? Do you tell your customers when their vehicle is safe to drive? Is it really safe for them to drive? As the shop owner it’s your decision. You make a decision on whether your company will join the Auto Glass Safety Council and follow the Auto Glass Replacement Safety Standard – AGRSS® as a registered company or not. If you become an AGRSS Registered Company you open your doors to an independent 3rd party validation process proving that you adhere to AGRSS®. That decision is important to all consumers who expect that their auto glass replacement is installed safely. I strongly feel that supporting the Auto Glass Safety Council is an easy decision for anyone who provides auto glass replacements to consumers. What do you think?
Your AGTs are responsible for making decisions when they are installing auto glass too. An AGT could make the decision to take a short-cut during the installation, or he could go forward and complete an installation of a windshield where a rust issue exists which could cause an adhesion problem effecting the safe installation of the glass. Or he could contaminate the surface of the pinch-weld or glass, he could use an outdated urethane which could affect the adhesion of the glass installed, etc. Whether your company is a small one or the largest, you have AGTs making decisions that affect safety with each install. Are they making the right decisions for your customers?
When an insurance company makes decisions regarding which company it chooses to replace auto glass for policyholders, what information do you think it uses to make those decisions? What information do you think is important for agents or brokers who are in a position to recommend auto glass service providers to policyholders?
What are the key drivers for these decisions? Quality should certainly be the key driver. Price is also certainly a factor as is the importance of an efficient claim handling process for the insurance company, agent and/or broker. The service and convenience provided to the policyholder should also be a factor in the decision making of those who are in a position of influencing where a policyholder has their glass replaced. Neither the steering of a customer to a particular AGRR company that also happens to be answering the call for the insurance company nor the practice of handing a gratuity to the agent/broker should be a part of the decision-making process. Sadly it is. What do you think the key factors for those making these important decisions should include?
We all have had to make many consequential personal and/or business decisions over the years. When we make those consequential decisions they often affect not only you and your family, but they also often have an unintended effect on others too. They aren’t easy, but they say a lot about your character.
The last stanza of the poem “The Road Not Taken”, penned by the great America poet Robert Frost says:
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.