A great conversation with Jamie Dimon of JP Morgan Chase

This is a really great conversation between JP Morgan Chase CEO Jamie Dimon and Charlie Rose.  In addition to the notion of keeping an owe you/owe me list on you at all times, here’s a few quotes I like from the chat:

“history may not repeat but it rhymes”

“buying a house and buying a house on fire are two different things” (about Bear Stearns purchase)

The “owe list” is something he keeps in his pocket.  If he has a conversation and someone owes him something as a follow-up, he writes it down and same goes if he owes somebody something (a call, etc.).  Interesting approach and unique way to stay focused on getting things done and holding people accountable.

Below is a snippet from Youtube and a link to the entire discussion is here (via Paul Kedrosky).

Happy 4th of July & a guest post

Happy July 4th everyone.  I hope everyone is having a great day and enjoying some nice weather.  Kirkland had its annual July 4th parade downtown this morning and we are all pretty exhausted at this point.

To mark the holiday and to share a great story, we are having the first ever guest blogger on Reply to All.  My good friend Michael Barry wrote the post below after a recent trip.  If you have a comment, leave it here or drop him an email on rmichaelbarry at gmail dot com.  Enjoy!

US Troops – The Best Anywhere

I recently had the opportunity to visit Joshua Tree, California – one of a handful of places in the world where the Joshua Tree grows.

Joshua
 Entrance_park

If you’ve never been to the high desert, I would highly recommend the visit. In particular, the Joshua Tree National Park has some of the most beautiful scenery in the west.  Stay at the Roughley Manor and enjoy the wonderful hospitality of Jan and Gary Peters. They have developed a real oasis in the desert.

While in Joshua Tree, I had the honor to visit Twenty Nine Palms Marine Base, in Twenty Nine Palms California.  Much is written about leadership, but regardless of your political views, you should be proud of the physical, technical, mental and emotional training that our men and women receive at Twenty Nine Palms – it is quite simply beyond compare and results in leaders that we would all be fortunate to work with and whom we should all be proud to serve our Country (we should also be proud that there were at least 3 other western countries training alongside our men and women).

Entrance

Our U.S. Marines are trained to plan (and contingency plan) and execute on that plan (or modify as necessary), in a variety of scenarios.  From IED search and destroy, injury triage, clearing a room, to interacting with locals and press representatives, and other “lanes” of training, the base was realistic in every way that a civilian could find imaginable.  Lt. Col. “Dutch” Dietz was kind enough to spend a few hours with us and permit us to experience some of the in-depth training that our Marines receive.

The base itself is 600 square miles and, among other things, houses at least one full-size, mock town that is used for reality optimized training. 

29
Humvee
Mock

Each of the men and women of the US Marine Corps that we met were respectful, well trained, confident in their training and proud to serve our Country. The degree of training, technology, responsiveness and pride of our men and women in uniform is rarely covered in the popular press, and it’s a shame.  Our troops provide our Country with the best service we could possibly expect and they deserve the best from us – all of us.   

The next time you are walking through an airport, or are seated next to one of our men or women in uniform, let them know you appreciate their service to our Country. A simple “thanks” will be meaningful to them. Remember that at places like Twenty Nine Palms, our men and women in uniform are prepared for days that make even our most demanding board / client interactions pale in comparison.

A favorite quote

From Robert Frost’s “The Road Not Taken

Two roads diverged in a wood, and I--
I took the one less traveled by,
And that has made all the difference.

I have this part on a nice wooden piece that my Mom and Dad lugged to Seattle from St. Simons Island a few months ago (thanks again for that).  To me, this reinforces the choices we can make and embracing the challenges that come with those choices.

Email in the crosshairs

Interesting post over on ReadWriteWeb about email, the technologies challenging its dominance in personal electronic messaging, and the reality that it is not going away anytime soon.

“Even if consumers shift away from email, it is difficult to see how enterprises could.”

There is definitely innovation around the edges to improve how we message and collaborate but email is deeply embedded and will be with us for many, many years to come.  The question is really more about how to live with it and make it work for us versus replace it.

Natural Points of Friction Part 2: Marketing & Engineering

Here’s the second part to my earlier post on what I call “natural points of friction” for the Marketing function.  Unlike Sales, I have not spent time in Engineering (other than a short and painful amount of time wallowing in C++ and the vi editor during my consulting days) so my points could be incomplete.

Regardless, the same approach applies here in that no matter what company and pretty much regardless of what stage, this is the back and forth that takes place between these two functional areas.  Knowing that it will occur and taking it in stride is more than half the battle.

Engineering says about Marketing-

  • Not enough guidance on what to build and for whom
  • Not enough detail on what are being defined as requirements – too much gray area
  • Unreasonable requirements that either represent too much marketing “fluff” or ridiculous customer requirements
  • Unreasonable expectations in terms of delivery times and resource utilization
  • Focusing on only visual demonstrations and “sizzle” of end-user experience
  • Once we build it, why can’t you sell it (flows thru marketing to sales)

Marketing says about Engineering-

  • Not enough flexibility to let the market dictate what to build next
  • More than enough detail on requirements that need only a little “common sense” to figure out the gray areas
  • Too much time and effort to build “basic” capabilities
  • Building everything that can’t be seen
  • Building only innovative and “cool” vs more utilitarian capabilities that customers require (and will pay for)

Forrester Research has the verdict on corporate blogs

Interesting tidbit via the Wall Street Journal about a recent Forrester Research survey of corporate blogs. 

Big surprise – those that regurgitate PR and press releases suck. 

Forrester found that most B2B blogs are “dull, drab, and don’t stimulate discussion.” Seventy percent stuck to business or technical topics, 74% rarely get comments, and 56% simply regurgitated press releases or other already-public news.

Most B2B bloggers publish irregularly, don’t stick to it for very long, and rarely inject personality into their posts. That’s a formula for failure.

Blogs are a vehicle for conversation and exchange not for a one way stream that adheres to core corporate messaging pillars.  Stick to themes but have an honest and personal discussion about the topic otherwise you will quickly be ruled irrelevant.  At least that’s my two cents.

What does marketing really do?

I gave a lunch and learn-type presentation last week to my company about marketing.  My goal was to communicate that there really is a method to the madness and that a simple framework can be applied to drive activities and results.  I picked this framework up some time ago and have used it to varying degrees over the years making some tweaks along the way.  It revolves around four key levers:

1.  Market presence
2.  Getting in front of decision makers
3.  Product line coverage
4.  Winning business

This is a bit self-deprecating in order to entertain my audience and hopefully it will stand on its own without my voice over.

A memorable run yesterday at the Seafair half marathon

I had a memorable run
yesterday as part of the Seafair activities kicking off here in Seattle
now that summer has finally arrived.  This year they changed the course
a bit and after starting adjacent to Huskie Stadium over by the
University of Washington, the route took us over the 520 floating
bridge.  It was nice to run across the bridge with some 5,000 of my
friends.  It was a beautiful day and lots of folks were out to cheer us
on.

It was also
memorable due to the price we had to pay for running across that
bridge.  The price was in the form of some of the most brutal hill
running I have done in a long time.  The person or persons that chose
the hill at mile 7 in Bellevue should be commended for their cruelty. 
This was closely rivaled by the near vertical rise just shy of mile
12.  Admittedly, I had not trained as much as I needed to for this race
so the hills really took their toll on me.

I
did not match my time from last year when I attacked this race with an
athletic vendetta and nailed a 1:55-ish finish time, but did manage to
finish with a respectable 2:10-ish.  All in all, a great way to spend a
beautiful sunny day in Seattle and also a great way to spend my
birthday.

Natural Points of Friction Part 1: Marketing & Sales

After spending a bit of time building and developing marketing and product management processes and teams in early stage companies, I believe if you have a process view of how all this works you understand that there are natural points of friction that exist on two sides of the marketing organization – one with sales and the other with engineering. 

My recent participation in Scale Venture’s Sales 2.0 event made be think more about this and thought I would lay out some thoughts that came out of that event in a post.  If you know me, you know I use the word “systemic” a bit as problems are based on root causes not symptoms and, more often that not, those causes are linked causing a systemic problem.

I’m going to split this into two posts starting with Marketing & Sales.  Although I have had direct account responsibility in my past and believe that it is everyone’s job to help acquire new customers, my view is skewed from the marketing point of view and I am certain that someone in sales would populate this list differently so I look forward to your comments.

Sales says about Marketing

  • Not enough leads
  • Leads aren’t qualified enough – just because marketing generated it does not mean it is for real
  • Spending time on leads that require significant amounts of nurturing and development that do not align with their compensation plans
  • Marketing spending time on things that don’t directly lead to the acquisition of new customers
  • Marketing being out of touch with what customers really want or are saying
  • Insufficient or no messaging and content for specific customer needs/pain at each stage of the sales cycle
  • The lack of a defined, repeatable, and dependable sales process (also applies to target market/business problem)
  • Lack of education, collateral, and support to get deals done (especially field staff)
  • A product roadmap that is out of synch with customer needs/wants

Marketing says about Sales

  • Failure to update the CRM system in a timely and accurate manner
  • No visibility or feedback on what happens with generated leads (reference above)
  • No win/loss analysis to highlight why a loss occurred (product, price, message) or why it was won
  • Not spending time on and following up with leads that require nurturing and development
  • A focus only on the next commission vs. the strategic goals of the company
  • Inability to stand alone on sales calls and carry the company message and value proposition including heavy dependency on marketing personnel to move a deal forward
  • Difficulty in navigating an ambiguous and undefined sales process in the quest to find the repeatable process (as well as help design it)

I’m not saying that any of these are easily resolved, but knowing that they will most certainly arise puts you in a position to plan accordingly.  Having this additional perspective will also help you navigate the “friction” that will come up as you go to market, build and launch products, acquire customers, etc. 

At a minimum, the next time you think sales isn’t doing their job or marketing is out of touch, stop for a moment and reflect on the fact that this type of friction is natural and is going on in every company.  It will definitely lighten the mood a bit and let you power through the tasks at hand.