Cover Interview up with conflict and arguments instead.”
Mike has also said in the past that the key to his success was getting inside the customers mind. What were some of the key ways in which he was able to do that?
“One of the best ways is to be a customer yourself” he tells me. “In many ways the team that designed Firstdirect were creating a bank they wanted to use and recommend to family and friends.
“However, that can be dangerous because not many
customers are like entrepreneurs so when you think about what customers might want you have to include everyone you know or can imagine. Richard Branson does this all the time – Virgin Atlantic was the airline he wanted to travel on. Steve Jobs comes to mind too when he said ‘We know better what the customer wants more than any customer could possibly dream of so we never talk to customers.’
“I balance Steve Jobs’ attitude with the exact opposite – customers may not be able to tell us what they want or need but if you observe them you will know what is not working for them. Procter and Gamble do this a lot – they send management teams to go and live with a customer to find out what really happens in a household. We did that at Egg to find out how families really manage their money as opposed to what they tell us in research groups.”
Mike’s career has been forged in taking old establishments and essentially making them better. What advice would Mike give to any entrepreneur trying to challenge and disrupt established markets?
“Have a game changer” says Mike. “How is your product or offering better exactly? What is the fundamental new idea, the technology, the customer insight? In telephone banking we took the branch out of the equation so that we were able to offer a 24/7 service that was outstanding and affordable. We saw that possibility through the insight that 30% of customers weren’t visiting branches and so we could design a bank for people who didn’t value branches.
“At Egg we realised that banks couldn’t afford to give the advice customers wanted because customers would not pay an economic price for it. The internet was a game changer; it allowed us to offer advice that was economical.
“You really need to think about what is it that’s going to change how the industry works or how customers behave or think. I push people on that when I mentor them because people often display wishful thinking – they think they have a game changer but often it’s not enough.”
Mike’s last entrepreneurial project was in 2005 as Chairman of Garlik, an online identity expert and the only company in the world to have Tim Berners-Lee on the Advisory Board. Harris then led the sale of Garlik to Experian, closing the deal on 23rd December 2011. He now dedicates his time to small businesses with high growth potential with IconicShift, a set
of programmes to coach, mentor and provide workshops for entrepreneurs. What made him want to give back to the entrepreneurial community in such a big way?
“I find it intensely rewarding and I love the process of seeing ideas become a product or new business, particularly if it is game changing – it’s a great deal of fun and I love doing it. It keeps me lively and keeps me believing what I’m doing is worthwhile.” Mike then tells me that he has set himself a goal to find 100 entrepreneurs in 10 years who create game changing companies. “That’s my current vision of perfection and like everything else I’ll approach it a step at a time.”
Lastly, I ask Mike what business owners could learn in
terms of keeping people inspired and innovative within their organisation. He offers his final few words of wisdom.
“Communication is key – leaders need to tell and show employees what the organisation is all about.
“What do you want to be known for and how do you want to leave people feeling after every interaction? Have that in your head and keep creating evidence that supports it. That is what the brand experience is all about.”
For more information on Mike Harris’ mentoring programmes and workshops (some of which are free) for small businesses and
entrepreneurs
with game changing ideas, visit the website at
www.iconicthinking.com.
11 entrepreneurcountry
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