August 21st, 2018 • Ondřej Fryc
I’m always shocked by emails that I call “I have a dream, but I’m not willing to sacrifice anything for it.”
One of my best business rules is 2x ASAP, a.k.a. “As Soon As Possible & As Simple As Possible”.
Imagine two beach bars: at one, you may select one of five main courses. Costs for the operator are lower and service is way faster. Everyone is happy (except 2% customers, who always complain). Compare to a bar with 60 main courses selection. It will take 20 minutes at least for each customer to make an order. It will cost a fortune to handle the complexity in the kitchen. And because it will also take longer to prepare, you will only be able to serve about a half of the potential customers. What’s better?
We are seeing this all the time with our portfolio companies. They come up with a genius idea, but then they fine tune it for so long that it becomes a monster. Typically, a price list. Instead of a price for a service, we read through many exceptions, bundles etc that all make perfect sense alone, but together it is almost impossible to get it right. And implementing it takes soooo long that the world is different by then.
Customers are no rocket scientists. They hate studying complicated proposals. Their attention span is short and if they are overwhelmed, they leave. Focus on 90% of them and make the decision simple. And do it now.
May 24th, 2019 • Ondřej Fryc
Brand Embassy is now part of NICE. We sold our stake, the money is in the bank and everyone, including the buyer (NICE stock performance post announcement jumped considerably), is celebrating.