Are you familiar with the $5 haircut parable? Business schools often use it to illustrate effective counter-marketing tactics. I haven’t required the services of a barbershop in quite some time, but even someone as follicly-challenged as me can appreciate the parable.
It goes something like this:
A barbershop had been an respected member of their local community for several generations. The family who ran the shop had a long-standing reputation for providing quality haircuts at a fair price.
One day, a national chain opens across the street and hangs a banner outside their salon advertising “$5 haircuts.” The community was instantly attracted to the lower price.
As business boomed at the new salon, the family-owned barbershop fretted over what to do. Should they try to beat their competitor’s price? They knew they couldn’t sustain a lower price without putting themselves out of business.
They found themselves in a conundrum until the family patriarch came up with a solution.
He knew that quality differentiated their business from their competitor’s, so he hung a banner outside their barbershop that simply stated: “We Fix $5 Haircuts.”
The barbershop’s business steadily returned once customers realized the value of quality—quality of product, quality of service, and quality of experience.
The “We fix $5 Haircuts” banner reminded the community that quality matters, especially when it comes to time and money. Sure, customers could save money with the quick $5 haircut, but their lack of satisfaction would eventually lead to wasted time and money.
Lately, I’ve been spending a lot of time working with talented teams who are failing to jell. I feel like a banner should hang outside my office that reads: “I Fix 5-Star Teams.”
Too many leaders mistakenly think the quickest route to success is assembling a team with 5-Star talent—blue chip recruits with impressive resumes. In sports, these are persons with striking physical attributes who’ve acquired notable individual statistics. In business, they’re graduates from the top schools who’ve acquired the best grades and highest test scores.
Talent plays a vital role in team success but only if that talent can work together.
Hastily assembled 5-Star teams falter when their “talented” members are unable to sacrifice for the greater good, prioritize team needs ahead of individual agendas, or consider how their actions affect the rest of the team.
Much like the customers in the $5 haircut parable, team leaders need to consider the value of quality when evaluating an individual team member’s worth. In this case, quality is found in that individual’s capacity to be a good teammate.
Leaders who discount the value of good teammates eventually find themselves embroiled in pettiness, jealousy, and avoidable drama.
Leaders who place a premium on the value of good teammates eventually find themselves enveloped in camaraderie, harmony, and happiness.
As always…Good teammates care. Good teammates share. Good teammates listen. Go be a good teammate.
