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The Myth of Excellence

By David Holzmann

Services for Real Estate Pros with Holzmann & Associates

February 18, 2008 10:32 PM

Yesterday I wrote about Exceeding Expectations versus Meeting Needs. I proposed that we should first and foremost focus on discovering and meeting the needs of our clients.

Today I want to talk a little bit more about exceeding expectations, but more from the perspective of trying to achieve excellence in every area of our businesses. I should "warn" you - this will be more of a book review than my own independent thinking.

A while back I read the book, "The Myth of Excellence" by Crawford and Matthews. The authors set out to research and write a book on excellence in business. Their hypothesis was that the BEST businesses excelled in ALL 5 areas of business, including: access, experience, price, product, and service. As they did their research they discovered that the thousands of people they were surveying seemed to be all giving the wrong answers. Finally, they decided, those answering weren't wrong about the BEST businesses excelling in ALL 5 areas of business, on the contrary, the BEST companies DIDN'T dominate in all areas.

The BEST weren't THE BEST in everything. No, they were THE BEST in ONE thing. Excellence in EVERYTHING is a myth.

What they discovered was the BEST companies tried to dominate the market in one area, and one area ONLY. They tried to be better-than-average or "good" in a second area. And they tried to make sure they weren't less than average in the other three areas - this they called "par."

The point is: we are foolish to try to be the best at everything. We'll burn ourselves out, and in business end up leaving "money on the table" if we try to excel in everything.

And it will be most helpful if your entire organization is all "on the same page" as far as identifiying what you're going to try to dominate and be "good" in. Again, if you're pulling in different directions you'll be weaker for it.

If you get the book (or find it in your local library to read), the first two chapters outline their research. The rest of the book is spent going into detail on each of the 5 areas giving examples of how it all works out.

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Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

This is a good post and excellent reading thanks

Feb 18, 2008 10:37 PM

Debra Gambill

Weichert Realtor's Southern Coast - North Myrtle Beach, SC

Realtor, N.C. / S.C

Thank you--now I can go on and not feel I have to be "perfect" in everything I do--good post- I think you are right when you say you can burn out by trying to excel in everything.

Feb 18, 2008 10:40 PM

Dwayne West

Atlanta Real Estate - Canton, GA

Canton Georgia Real Estate

This has peaked my curiosity. I will have to go pick up the book now and see what it is all about. Thanks for the great information.

Feb 18, 2008 10:48 PM

Nannette Turner

eXp Realty LLC - Lynchburg, VA

Online Marketing Home Ownership Advocate Specialis

I've always tried to focus on being the best at one thing. It is a cornerstone of my life including my business. To be focused on too many things dilutes energy.

Feb 18, 2008 10:49 PM

David Holzmann

Holzmann & Associates - Mountain View, CA

Charlie - thanks for your comment and encouragement

Debra - you're so right (I struggle with perfectionistic tendencies too!) Thank you for your contribution

Dwayne - I think you'll find the whole book more valuable than my short blog entry. Thank you for reading and commenting. (I also appreciate all the encouragement.)

Nannette - good input - thank you!

Feb 19, 2008 01:28 AM

I realized yesterday afternoon that one of the links in my post was messed up. This morning, I finally made some time to fix it. (For all those who were frustrated by the messed up link, please forgive me.)

Feb 19, 2008 10:55 PM

Mike Frazier

Carousel Realty of Dyer County - Dyersburg, TN

Northwest Tennessee Realtor

David,

It is good to know we do not have to be best at everything. I try to drill into my agents to be the most ethical and knowledgeable agents they can be.

Feb 19, 2008 11:03 PM

Kai Lani

RE/MAX Kai Lani - Kailua, HI

RE/MAX

David, I think the pertinent common phrase you describe is "Jack of All Trades; Master of None"? Everyone needs to be a master of the trade they are doing now. I have had a long and good life and have mastered several at different points in my life, but when I moved on, becoming the master of the next, it was interesting how quickly I lost my proficiencey in what I had been doing. This means that only by focusing on our skills to stay current can we ever hope to keep our mastery current. Skills and proficiency are transient. Jerry

Feb 20, 2008 04:00 AM

Mike - thank you for your note. I applaud you for your values that you're trying to pass along.

Jerry - when I hear "Jack of All Trades; Master of None" I think of it as a more global concept (but equally valid/true!) than what I see in "The Myth of Excellence." What I'm talking about is within one trade (YOUR trade, or MY trade - whatever Trade we individually are in), there are several things we can try to focus on to dominate the marketplace.

Take Real Estate for example. Beyond figuring out your niche market (Residential vs Commercial, which locale and how broadly you want to define that locale, price range, type of structure, etc.), beyond those questions that determine how broadly or narrowly you want to define your market... what are you focusing on to be the best in your niche? Are you trying to dominate by...

being the most convenient/accessible? (Offices everywhere and/or willing to drive anywhere at any time with little-to-no notice)

being the most creative - creating a unique/memorable buying/selling experience? (making each buying/selling experience a unique experience)

offering your services for the lowest price? (you are THE discount Realtor - willing to go lower than anyone else in your commission)

finding/providing/representing only the best or the widest range of real estate? (you represent only the BEST builders/developers or you represent more homes/commercial-space than anyone else in your area)

going the extra-mile to give the best service? (you always think of what is going to help your client out the best - and are willing to do whatever that is - putting those extra special touches on each transaction that others are unwilling to go-to-the-expense/go-to-the-trouble/take-the-risk of doing.)

(Not being a Realtor, I've probably missed one at least one of those in terms of describing what "dominating" your market would take, but I hope you get the idea.)

The Myth of Excellence would say if you're trying to dominate in all 5 of those areas, you're leaving money on the table, and you're not truly excellent in business. They're suggestion (and what I'm echoing) is to pick one of those to really focus on dominating your particular market niche in, pick a second to be better-than-average in, and make sure you are no worse than average in the other three. By doing that, you will maximize your profit potential and be truly EXCELLENT.

Feb 20, 2008 06:23 AM

Dionne Bass

Ask The Underwriter - Atlanta, GA

Blog: Ask The Underwriter

This post was confirmation for me. My business plan had one goal and I sometimes get side tracked and concerned about other areas, but you are right! This was a very good post

Feb 20, 2008 12:22 PM

D - thanks for the words of support. And you're right... it IS easy to get side-tracked and/or distracted. (Been there, done that - more times than I'd like to count) Glad to provide confirmation for you that you're on the right track.

Feb 20, 2008 12:38 PM

The Myth of Excellence

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