It’s March Madness time and thought it would be appropriate to revisit two popular postings that still ring true today. So here’s the first, “Second Chance Points.”
I’ve been intrigued with the David vs. Goliath story that unfolded over the past month, aka Butler vs. Duke in the NCAA Basketball Tournament. It’s been a story few could have imagined, and am certain will be a movie in the future. It rates right up there with Herb Brooks and the 1980 Olympics, where the US Men’s hockey team upset the highly favored Russian team, and eventually took Gold. Despite the phenomenal storyline, there is an integral business and leadership lesson that lies in each of these stories. This being “Second Chance Points.”
CBS analyst and commentator Clark Kellogg in his coverage of the Road to March Madness introduced me to the importance of Second Chance Points and Points off Turnovers (Part 2). In basketball, second chance points occur when there is a missed shot and the team on offense gets the rebound or recovers the ball following a missed shot and scores. If a team is aggressive, smart and talented, they get more second chance opportunities and second chance points than the opposition. How does this relate to business success or leadership?
Nobody bats a thousand every day. And from time-to-time, even the most disciplined businesses and leaders mess up. An order was incorrectly shipped. A client sales call didn’t go smoothly. A deadline was missed. A product recall is initiated. An employee didn’t follow through on a commitment they made. If you’re a competitor, you realize the potential for picking up new business increases exponentially when the competition messes up. However, on occassion good companies get a second chance - great companies almost always get a second chance. They get a second chance because they have developed a deep relationship with their customers. In essence, the company’s value proposition is always greater than the product or service they sell. And because the value proposition is high, they are given a second chance. And if they leverage their second chance opportunity, they’re even able to score points off of the initial miss. Think of these contrasting companies and second chance points. Which companies have been able to leverage second chance opportunities?
Southwest Airlines vs. Delta, American or Spirit Airlines
Apple vs. Microsoft
Google vs. AOL or Yahoo
Netflix vs. BlockBuster
I’d suggest that Southwest, Apple, Google and Netflix are positioned to leverage Second Chance Points. Because when you’re given a second chance, you have the luxury of being able to learn from your mistakes. When you aren’t offered a second chance, you die by your mistakes. This is why companies must fight their way to earn the right to be given a second chance.
So what do organizations need to do to position themselves for Second Chance Opportunities and Second Chance Points?
- Build deep relationships with customers, employees, and suppliers.
- Remain true to the Vision and Values of the organization.
- Acknowledge missed opportunities, fix them and learn from them.
- Celebrate Second Chance Points when they occur.
- Never take for granted that you will be offered a second chance.
Second Chance Points are huge strategic advantage when you’ve earned them, because it makes it more difficult for competitors to displace you.
What do you do to earn a second chance with your customers? And let’s not forget, second chances also relate to your employee engagement.
