Transcript (00:04): So here's the performance achievement framework. This will lead you to identifying the gap or the missing link between performance and actual achievement in the first place. Now you have an offer, a product, a service, or even yourself if you're in a job that is reliable, credible, and meets the needs of your stakeholder. Now, that's an assumption that I'm making, that you have an offer or something that you have to put out there to be able to convert into achievement. Now, reliability means that, do you have a track record of fulfillment? This could be past experience, it could be clients, demonstrations, anything credibility means that you have verifiable expertise to do what you're proposing to do. Again, this could be past experience, your qualification, cred, your unique accomplishments, stuff like that. Your awards and stakeholder is anyone who gives you what you need for accomplishment or achievement. (00:59) This could be a customer. This could be your employer, this could be your boss, this could be your coach. This could be the government, the society, whatever it is that you are catering to. Now, we all based on our past experiences have something to offer that is reliable, credible, and fulfills a demand, right? Most of us are very good at what we can do for our clients as stakeholders. The ideas we have are never bit or bad. The problem is that our performance either doesn't translate to accomplishment or we don't even get a chance to prove ourselves. The customer doesn't try. The boss may disregard. The client isn't ready for the new thing that we are proposing. The world is mediocre. The other side doesn't get it. The reason is that it doesn't have stakeholder resonance, and this is critical. Stakeholder resonance occurs when stakeholders agree to implement your offers or suggestions. (01:53) Your accomplishments or achievements are dependent on a reality called stakeholder resonance. Still the time the stakeholder has tried your product or service or expertise, he or she has no clue about its performance. It is only based in perceived performance. That is your promise, your cv, your past regard, et cetera. The promise aspect of this makes it a marketing problem and not a performance problem, at least in the beginning. Now let me explain what do we promise? What is it that we actually promise? We essentially promise to fulfill a stakeholder demand or a need. And demand implies that there is a market and there may be other suppliers for the same. This could be competition, this could be other employees. This could be other products. Even if you were the best, you still have to earn stakeholder resonance ideas. Businesses, athletes, experts, executives, coaches, the best of minds are often unable to have the highest accomplishments because they fail to earn stakeholder sometimes, and I've been guilty of this. (03:01) We are so good that we don't believe it is needed. Our ego catches up, but guess what? We'll remain outstanding. But to accomplish things, even Steve Jobs had to take the stage and build stakeholder resonance. Stakeholder resonance is about understanding the stakeholder demand and building trust Your current offer, no matter how superior is not translating to demand or resonance because there is not adequate trust or there is no demand for it and there is no other reason. Let's address both trust and demand. Trust is a function of two things, character and competence. For example, if you went to a doctor for an eye surgery, you will obviously select a doctor competent in that field versus let's say an orthopedic surgeon. It's a no-brainer right? Now, let's say you find a highly competent doctor, but every time you visit him, you found him intoxicated. Would you be able to trust him for your surgery? (03:55) Competence is not enough. Character plays a big part in building trust from the stakeholder resonance point of view, if I can't verify the character or competence, I can't trust you. Plain and simple. If you are an established authority or a known brand, it is easier even if your performance suck because I trust the brand or I trust the authority. This is not about faking it with testimonials and whatnot, it still doesn't translate to trust because everyone knows they're fake. If I can't trust, then I have to take risk. We'd said earlier that if your current offer, no matter how superior is not translating to demand or resonance because there is not adequate trust or that there is no demand for it. Now let's talk about demand for a second. Desire to buy what you have to offer plus no hesitation at your price point. Plus willingness to take that risk of promise of fulfillment is equal to demand or stakeholder resonance. (04:53) Any one missing link, whether it's desire or hesitation or risk appetite means that there will be no resonance. Do I need this now that is solving a current need or problem? Do I trust you? These two questions determines the journey from performance to achievement before even interacting with your product to service because that will follow much later. This holds true whether you're trying to sell a product or a service as a business or trying to sell your ideas. Even as an executive in a job, in order to be trusted for what you propose will solve my problem, I have to believe in your authority to say so or to propose it, but to be able to establish authority, you need the stakeholder to try it, and that's a dichotomy. So what do you do? You in a went an iPod and literally, I mean this. (05:43) If you apple in the late nineties, you have these options in front of you. You can build great cars, you can build even greater computers and MacBooks and servers. You can have plans for mobile phones and handsets and touch screens and iPads and whatever. Or you get down to bare bones reality and you say, let me put a play button on a USB drive. When stakeholders are not resonating with you, you meet the stakeholder at a lower reality. You meet the stakeholder at their reality. They don't trust you yet, you're not authority yet, which means you need to create your iPod. You need to create an offer that people will be comfortable with, and this is the question that is in front of you to be able to do so. Which current need can a subset of your product or offering solve better than anyone else at a price point of least hesitation so that you can overcome all the resistances to a demand of a stakeholder or you can build stakeholder resonance. (06:41) This may for some even mean that you have to dumb down your current level of performance to an existing need to gain trust. You see, you may be the best website designer in the world, but if I don't know, you will trust you. Yet a mediocre WordPress template will out achieve you. You may have the best leadership coaching method in the world. Again, a mediocre program by known brand may be killing you. You may have the best solution as an employee for future of your company, but your CEO may not be willing to risk it on you. Or as I believe I have the best business breakthrough solutions in the world. I've even designed them for the likes of McKenzie and EY and PWC and whatnot, but they sell Meoc versions of it today at thousand times the price that I can, stakeholders will have the resonance to buy. (07:30) Whatever you offer once you have the authority. Authority ensures that whatever you are proposing becomes the need. For example, apple launching anything today becomes the demand, but to get to that authority, you have to build the trust. To build the trust, you have to solve a current and immediate need only. Not the big picture, but a current and immediate need. In a way, this is similar to the theory of disruption, which is that you simplify an aspect of a product or service, make it most affordable and start penetrating markets, and eventually you rise up to dominate the very market that you penetrated with a slow and a low offering. For example, Amazon began with books. Netflix began as a mail-in David service. One couldn't copy paste text or send images and messages on iPhone one before Beatles became Beatles. They played music at birthday parties, but there is one big red flag. (08:28) Take for example, so many course creators and influencers today launched these micro offers at ridiculously low prices on the internet. You have to outperform on value, perception and conception by leaps and bounds. There's no use creating a small entry product if you're not outperforming humongously on the value. It might be a stripped down version, but it has to be iPod value and it can't be a one time thing. You have to have multiple, such entry points to a stakeholder, and once you consistently outperform on micro needs and achievement, you gain authority to propose the big picture because you gain trust. If you're in a job, for example, especially higher up, you will notice that performance alone is not getting you the achievements or promotions that you so desire, and it happens to all of us. It happens to everyone. I hear so many people saying, but I'm a better performer, and so were, I'm not suggesting psycho, no, but you must be aware of what your stakeholder resonance is. (09:30) Who is it? Who can give you that promotion? What are their immediate needs or problems to solve it? Reach the level of accomplishment, get the authority. Once you have the authority, your suggestions will be adopted. There is no trick. It's pure demand and supply economics, so let's capture where we are. Performance does not lead to achievement all the time. We've all been there that we have tried multiple number of things. We believe we are great, we are doing a great job, we are doing the best that we can, but we don't get the results. At the same time, you will be exposed to people, you will see products just like yours, or you will see people in the same profession getting outstanding results while they do not even have an offering that matches up to yours. And how come it happens? It happens because of a singular reason, which is called stakeholder resonance. (10:19) And stakeholder resonance could be your customer, it could be your boss, it could be an employee, whoever has the ability to award you what you really want. And stakeholder resonance is an outcome of meeting market dynamics. It's a marketing problem. It's about meeting the demand that a stakeholder has, meeting the current and immediate need, not the big picture need, but meeting the current and immediate need that a stakeholder has. And once you meet that need, it could be a small need, it could be a micro need. Once you start meeting the smaller and those micro needs solving their most current and immediate pressing problems, you begin to establish trust. Once you establish trust over a series of such interactions, you slowly begin to establish authority. And once you've established authority, no matter what you propose will create the demand. Why? Because the stakeholder got the trust in you. He already has or she already has the resonance built with you. And once you reach the level of authority, no matter what you propose, it's like Apple, you'll be able to create the demand.