Lesson #5: Use IT to Interact
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Free Download - The Virtual Virtuoso: Mark Cuban Is Born |
Unlike the owners of most other sports teams, Cuban chooses to sit courtside along with the rest of the Mavericks’ fans instead of in luxury boxes. This is characteristic of Cuban, who, throughout all of his businesses has strived to maintain open channels of communication with the people that matter – whether they are the fans, staff or customers. And, because he is a self-professed technology geek, Cuban chooses to use the Internet as his means of keeping in touch.
Cuban currently runs his own blog, Blog Maverick, on which he posts his thoughts on everything from his sports team to music piracy to spamming to politics. He encourages feedback from readers much in the same way as he encourages feedback from Mavericks fans after games. You can readily email Cuban and he will do his best to respond. This has earned him a reputation as one of the most accessible billionaires in the world today.
Cuban believes that harnessing the power of the Internet should not be limited to those working in the IT field. “Executives should blog if they have a vision they are trying to communicate, or if they are very visible in the media,” says Cuban. In addition to blogs, Cuban believes that email can be used as a tool by managers of companies across various industries. Cuban manages his businesses, social relationships and even press interviews almost exclusively by email and recommends this strategy for others who are trying to run a company.
Cuban spends on average 3 to 4 hours per day responding to email and only visits his office headquarters in person once a month. He responds to all emails from employees or customers as well as to 10% of strangers. He believes that email is a more effective form of management because emails takes less time to deal with than making a phone call or calling a meeting, they keep a written record of all relationships, and they allow Cuban the freedom to respond at any time of day.
Emails, especially those charged with emotion, are often subject to misinterpretation, but in general, Cuban believes that managing your company by email can lead to significant productivity gains. Once the technology is embraced, the important thing then becomes using it in the most appropriate way.
“Know the culture of the company and the direction you are trying to take it, and make sure any e-mails you send reflect that,” advises Cuban. “People will react in kind to the tone and nature of your e-mails.” Emails should be kept short and to the point in order for them to be easily understood, he says. If used effectively, email can be one of the most efficient ways to reach the greatest number of people in the shortest period of time. “It allows you to convey a message that might otherwise take a long time F2F [face-to-face].”
Aside from running his company, what was the most important email that Cuban ever sent out? “Asking my wife out on our first date,” he says.
Lesson 5 Use IT to Interact
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