57: Cultivating a Beginner’s Mind and Understanding Your Industry with Jeffrey Hayzlett

From today’s guest, Jeffrey Hayzlett, we learn the importance of having a beginner’s mind and being open to learning. And who better to learn from than someone like Jeffrey, who has bought and sold over 250 businesses amounting to around $25 billion in transactions? In addition to his impressive successes in this realm, Jeffrey is also the author of several bestselling business books: Think Big, Act Bigger: The Rewards of Being Relentless, Running the Gauntlet, and The Mirror Test

Not all of Jeffrey’s accomplishments are inaccessibly high-level ones, though. He has been a guest celebrity judge on Celebrity Apprentice for three seasons, and is a primetime TV and podcast host. In other words, he’s approachable and has some great experience in sharing his knowledge. That’s exactly what he does in today’s episode, which should give you some great insights into identifying your industry, understanding your priorities, and much more.

Find Out More About Jeffrey Here:

Jeffrey.Hayzlett on Facebook
@JeffreyHayzlett on Twitter
Jeffreyhayzlett on Instagram
Hayzlett.com
C-Suite Network

In This Episode:

[02:30] - Jeffrey explains what he means by the “Mirror Test.” He also discusses how frequently you should apply the Mirror Test, and talks about asking yourself whether the things you’re doing are leading to where you need to go. [05:37] - We learn more about how Jeffrey came up with the concept of the Mirror Test and his theory of the customer and performer. [07:38] - Managing a role as big as the one he held at Kodak was mind-boggling to Jeffrey, but here’s his advice: take the zeros off. He imagined he was running a small business and asked himself what he would do in that case. He and Stephan then go on to discuss an example of this. [10:33] - Jeffrey talks about being measured on whether he “played well with others” at Kodak, and explains why that was problematic given his role there. [11:36] - We gain some insight into what happened with Kodak’s problems, as well as the overall switch to digital in many realms. [14:12] - Stephan and Jeffrey talk about misunderstanding exactly which industry your business is in, with examples including Kodak and the railroad industry. [16:12] - What does Jeffrey consider the most disruptive thing he did while working at Kodak? [19:18] - Using the examples of Coke machines and farming, Jeffrey talks about how the Internet of Things can improve efficiency and change the way we use and do things. [22:30] - What can a marketer do to prepare for the coming revolution with the Internet of Things? [25:48] - Jeffrey addresses what he expects will be the biggest disruptive events besides the Internet of Things, and talks about how he sees the marketer’s role. [28:32] - How does Jeffrey measure customer satisfaction? His favorite way is to ask customers, which depends on having a relationship with them. If you listen to your customers, you have less need for tests measuring their satisfaction. [29:46] - Jeffrey talks about some rating systems (including Net Promoter Score), then suggests his own preferred indicators for measuring customer satisfaction. He reveals that he had people at all levels personally resolve customer complaints, and he and Stephan discuss the value of empowerment and open-book management as explained in The Great Game of Business. [34:20] - We hear about some options for how to share information in an open-book management style, and some examples of things to share. Jeffrey also explains how this can contribute to forming a great team. [37:38] - What are some other obstacles that are facing CMOs and marketing directors that are going to blindside them? [40:39] - The antidote to distractions is keeping your focus on your promises, what you’re supposed to be delivering, and your conditions of satisfaction. Jeffrey and Stephan then talk about the importance of promises. [43:19] - Jeffrey returns to the question about obstacles facing CMOs. He thinks it’s important to be more strategic. He also explores the importance of an open mind and the willingness to declare yourself a beginner. [50:13] - Stephan asks whether Jeffrey does anything special to ensure he gets thinking time. As we learn, Jeffrey does his best thinking when he’s sitting down and uninterrupted (whether on a tractor, horse, or plane).

Links and Resources:

Jeffrey.Hayzlett on Facebook
@JeffreyHayzlett on Twitter
Jeffreyhayzlett on Instagram
Hayzlett.com
C-Suite Network
TallGrass PR
Think Big, Act Bigger: The Rewards of Being Relentless
Running the Gauntlet
The Mirror Test
The Internet of Things
The Great Game of Business
Open-book management
Beginner’s mind