2/16/2021 Tip: How to Reverse Engineer Success

Today’s Quote

“You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.”
~ Zig Ziglar


Today’s Tip

Here’s how to Reverse Engineer the Success of your company:

  1. Identify your long-term vision: Write down what your ultimate goal is for your business.
  2. Identify your key end-game metrics: e.g., amount of sales, # of customers
  3. Reverse Engineer Success within the Key Functional Areas.
    For example, within the Marketing function, ask:

    • What marketing channels allowed you to attract/gain the most customers?
    • What have you done to fully satisfy your customers?
    • What business partnerships (if any) have you forged that have resulted in significant numbers of new clients?

    And for example, within HR, ask:

    • Who are your key managers that motivate and manage your other employees? When did you find these key managers? Where did you find them? How did you develop them?
    • When did you start ramping up your hiring process?
  4. Create Your Action Plans from your answers above. For example, if you answered “direct mail” as your top marketing channel, document your direct mail strategy. For example, document who you will mail to, what your message will be, what your direct mail timeline will be, etc.

The exercise above is critical in ensuring your success.


Today’s Resource

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Today’s Question: Which entrepreneur developed Youth Dew, the first bath oil to double as a perfume, in 1953?

Previous Question: Milton S. Hershey founded what successful candy company in 1886?

Answer: Lancaster Caramel Company

Milton S. Hershey founded Lancaster Caramel Company after several business bankruptcies. Fortunately, Hershey had great perseverance and determination and never gave up.

The Hershey Chocolate Company was founded as a subsidiary of Lancaster Caramel Company in 1894.

Hershey sold Lancaster Caramel Company in 1900, but retained the chocolate business and the rights to his chocolate products in the deal.

In 1903, Hershey began construction on what would become the world’s largest chocolate manufacturing plant near the community of Derry Church, and Hershey, Pennsylvania was born.

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