The Weekly Minute - May 10, 2024
Before we do anything, I want to wish a Happy Mother’s Day to all of the amazing moms out there.
Now, onto what I’ve been thinking about this week:
Trader Joe’s Secret
Sometimes commercial opportunities can erode your long term advantage.
The magic of Trader Joe's strategy is in their in-store experience.
Don't do things that contradict your strategy, even if they will make you money.
Dive into Alex Smith’s LinkedIn carousel for an awesome breakdown.
Shy vs. Introverted
Being shy is not the same as being introverted.
— Adam Grant (@AdamMGrant) May 4, 2024
Shyness stems from social anxiety. The goal is to avoid being evaluated negatively.
Introversion is rooted in neurological sensitivity. The goal is to avoid being overstimulated. pic.twitter.com/hBOdb1VI6V
Why Trust Matters More Than Ever for Brands
Trust is no longer just a nice-to-have for brands, but a critical asset. And it’s about more than just avoiding scandals. It's about acting with decency and making good decisions that build strong relationships with all stakeholders. There are three reasons for this:
Intangible value is a major driver of company value today, and trust is essential for building intangible value. This includes trust within the company (to mobilize people and build innovation) and trust with consumers (to build brand reputation and customer goodwill).
Design is key for building trust with consumers. Brands need to deliver a consistent experience across all touchpoints, and their messaging needs to align with reality. Trust also helps foster innovation through collaboration and getting feedback from a community.
Technology companies are now leading brands, and they handle a lot of sensitive personal data. Trust is crucial for these companies.
Time is your most sacred asset
This video hit me hard...
— Sahil Bloom (@SahilBloom) May 7, 2024
In this 2017 interview, Warren Buffett commented on the importance of his open schedule:
"I can buy anything I want, but I can't buy time."
The power of this realization is hard to capture in words...
My attempt:
Time is your most precious asset.… pic.twitter.com/OQpgbzpx0G
A Tiny Thought from Farnam Street
Everyone looks for the miracle moment – the moment when success happens.
We are drawn to these moments because we want to know the secret. We want to know the ingredient that we are missing.
The ingredient that makes the recipe.
The problem is … there is no miracle moment. If you want to understand success, you can’t focus on what’s visible.
Results are simply one more step in a long chain of steps that led to that moment.
