075 – Truth and the new capitalism with Mike Edmonds
How the new economy will transform your company
Capitalism is on the brink of significant change and a new horizon is coming into view. That’s the view of Mike Edmonds who joins me this week to discuss this powerful concept. Mike is the chairman of Meerkats, an advertising company based in Perth. As a veteran of the marketing world he’s seen capitalism up close. He says change is coming and it is now possible to see what the new economy will look like. In his new book Truth. Growth. Repeat. Mike details how a company based on authenticity and honesty is the best way to ensure long term profitability.
In a world where consumers can instantly share their experience with a company, there is no place for subterfuge and dishonesty. Mike calls this new capitalism. Companies that don’t adapt to that new reality will not survive. Companies need to create a virtuous circle that will engender brand loyalty from consumers. Where coming to an age in which it won’t be possible to have commercial success with a company that sells poor products with bad service.
The monopoly of you
If you understand the true purpose of your company and understand the gap in the market that it can fill you will better serve the customer. What’s more you will do it in a way that is so authentically you that no one will be able to copy you. People have learned to distrust companies after years of being disappointed and taken advantage of. When they meet a company that actually delivers what was promised you create a tremendous loyalty.
Circle of True Purpose
The circle of true purpose is either a virtuous circle or a vicious circle depending on which way you go around it. Companies succeed when they are based on a true purpose rather than some made up corporate BS. When customers research what the customer wants they end up all looking the same. That’s because they all get the same answers. When you innovate based on your true purpose you’re going to grow. The reward of this circle is an incredible culture of workers who are happier, healthier and far more motivated.
Money can’t be first
If you operate by a “money first” mantra it forces you into a fake relationship with consumers. What’s worse, it distracts you from your true purpose. It puts you into a mindset of only giving people what they want – and what will get fast money in the door – rather than something they truly need.