Monthly Archives: June 2022

How Networking Accelerates Growth

How Networking Accelerates Growth

GUEST POST from Douglas Ferguson

As a leader, you’re likely aware that building a network takes time and work. Mentors and a network of peers are not easily established for jobs, professional growth, or business. The process of growing a network, and a community, is proportional to the thought you put towards it.

That said, not everyone takes the same steps to build a network. Leadership development programs are tools we highly recommend considering. They’re a step towards learning about yourself and expanding your understanding of how to work with people.

Now, how does a network contribute effectively to your role as a leader, and how can you unlock that network in a productive way?

The search for true leadership requires self-awareness, which networks play a key role in developing.

A true leader puts in the self-work before looking to others to change. They also view self-work as an ongoing experience of sustained learning rather than a short-term project.

Let’s dive deeper into networking, a concept that you’ll learn has positive connotations when framed correctly. This article addresses the following:

  • What is networking and why is it important?
  • How do we pursue true leadership?
  • How do we sustain learning as leaders?

What is networking?

Networking is intercommunication, exchanging ideas with those with shared interests or expertise. We view networking as a series of opportunities to learn and engage. Learning about yourself, others, and information. Most importantly to leadership development, it’s learning about yourself through others.

Networking doesn’t have to be insincere, corporate, or repulsive if you approach it with meaning and an intention to develop deeper relationships. Oftentimes, those relationships are a twofold source of wisdom and knowledge when you need it most.

Good networking involves a mutual understanding of the relationship and an environment conducive to it. The more work you put into a network, the more it resembles a community: a place you can go to for help or to help.

Why is networking important?

Networking is profound for connection and support. As you build yours, you’ll find that you can lean into your network for much more than professional development, and you begin to build a community.

It’s also a wonderful practice in self-awareness. By interacting with people outside of your usual environment, your creativity and self-image is challenged. It often feels uncomfortable for good reason. Allowing yourself to feel uncomfortable and observe the environment around you serves as practice for what you should often do as a leader.

As we do this, we acquire perspective, which encourages growth. A healthy network focused on growth boosts:

  • Confidence and awareness of strengths
  • Understanding of opportunities for personal and professional growth
  • Creativity through exposure to other pools of knowledge and ways of thinking

The community you draw from networking often becomes a resource for your team. That includes resources for:

  • Hiring new teammates and identifying strong leaders
  • Industry information and trends
  • Future positions or opportunities for involvement

Dr. Peter Gray, who spent years studying professional networks, also emphasizes the importance of maintaining a tight-knit community, or as he phrases it, “building a collaboration network”. In our Control the Room podcast episode with Dr. Grey, he suggests that consistent, quality relationships with 15-20 close ties prove wildly beneficial to a work environment. Reframing teamwork as a collaborative effort makes the workplace exciting, and perspective within your network enhances your desire for innovation.

“Your ability to see the world really changes as a function of your network.”

Dr. Peter Gray

Are there people who are positive thinkers within your network? Do they support your ideas? Do you feel excited to present your ideas to them? Dr. Gray calls these traits of good leaders “energizer traits”.

As you grow within an organization, it becomes more important to have a solid network from which to pull when needed. That’s especially the case as teams become more collaborative with time. We built this assessment tool to help analyze involvement and existing relationships.

Spend time pursuing a network. Your future self will thank you for the time you save them and opportunities you bring them.

How do we pursue true leadership?

Self-awareness assessments can fall down when used without follow-through. We can use them to help us understand whose strengths in the team will help us prevail when faced with a new problem, product, or shift.

Such assessments should be used or followed up with for inner work and inner change. The self-assessment serves as a true mirror when you’re focused on self-discovery and self-improvement. Use the reflective moments to continually practice being the improved version of yourself.

When you practice looking at your true self, you can begin to ask questions. It can be powerful to see if you’re being perceived the way you see yourself. 

Are you being manipulative? Are you a true leader? Is the story in your head about yourself authentic? What can be done to fine-tune your tendencies and align the person in the mirror with the person in your head.

The leader should always start within, looking to the symptoms that need to be addressed within themselves.

It is necessary to lean into the things that can create change, empathy, psychological safety, and culture. These are often viewed by society as soft, squishy, and even scary to approach.

As you address these within yourself, you’ll learn how to better work with those around you, and you’ll see the value in advancing those skills. Inter-relational dynamics have to be discussed and addressed. People don’t often want to lean into that stuff, but that’s ultimately where the real work happens.

Learning and working through how to work with people and welcome collaboration advances innovation. Spawrks, the co-host of Space Pencils, stated the following in a recent conversation on our podcast:

“I feel like that’s the thing, that if you can have the patience for assuming positive intent all the time as much as possible, you can really find out and learn a lot more, even when you might be completely able to see around the corner. By validating it with that type of respect and in your communication, you can yourself learn more than you even knew about what you’re thinking about.”

Spawrks

Start with yourself, move to department health, and finally the full organization.

How do we sustain learning as leaders?

Practical steps must be taken to sustain learning and development. Oftentimes, this takes the form of programs, which can replace networking if done right.

There are systems and programs that offer some of the same benefits of networking. What’s key is finding the right cohort or program to suit your needs.

Programs offer support to those who are looking to build a network. At the end of a program, this question often arises: “Now that I’m trying to use these learnings, what do I do with them?” It’s vital to be able to bring it back to the cohort for support.

The most powerful programs offer quality content and provide an environment for connection. We believe that the right programs, ours included, are designed to create extended relationships as a long-term resource. That’s invaluable. Maximize your time by recognizing opportunities for connection. That comes in the form of connecting the content and training into the work you do and building relationships with others on site.

Ultimately, learning is sustained through consistent attention to self-work and upkeep with your network. Connection within programs allows a moment where we truly connect to the work we do.

We’re capable of both contributing towards and gleaning from our networks in a productive manner. The aim of “networking” should be to do both, developing connections into communal, mutually beneficial relationships.

Interested in growing your network through programs? Check out our Leadership Development Programs, which offer leadership consulting through self-work and connection with a cohort. The aim is to provide a clearer view of your leadership style and connect people with interests in innovating as leaders.

Article originally seen on VoltageControl.com

Image Credit: Unsplash

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Creating a Purpose-Driven Workplace

Creating a Purpose-Driven Workplace

GUEST POST from Art Inteligencia

The modern workplace has evolved beyond mere transactions of labor for monetary compensation. Today, employees seek deeper fulfillment and a sense of purpose in their work. Cultivating a purpose-driven workplace can improve employee engagement, increase productivity, and boost organizational success. It’s about aligning work with a meaningful mission that resonates with both employees and customers.

Understanding Purpose-Driven Work

A purpose-driven workplace connects an organization’s mission to its core values and the work employees do daily. This sense of purpose goes beyond profits and can transform how employees perceive their roles, feel motivated, and achieve satisfaction in their contributions. Creating such an environment involves intentional efforts to redefine the organization’s identity and culture.

Steps to Cultivate a Purpose-Driven Environment

Organizations can take several steps to foster a purpose-driven workplace:

  • Define a Clear Mission: Establish a clear and compelling organizational mission that inspires both employees and stakeholders.
  • Align Values with Actions: Ensure that company values are evident in daily operations, decision-making, and interactions.
  • Engage Employees: Encourage employees to connect with the mission by involving them in decision-making and recognizing their contributions.
  • Measure Impact: Evaluate how aligned activities are with the purpose and identify areas for improvement.

Case Study 1: Patagonia

Patagonia, an outdoor apparel company, is a quintessential example of a purpose-driven organization. With the mission “We’re in business to save our home planet,” Patagonia has woven its environmental activism into its brand and operations. The company donates a significant portion of its revenue to environmental causes and encourages sustainable practices among its customers.

Patagonia’s commitment to sustainability resonates with its employees, who share the company’s environmental passion. This alignment creates a cohesive workplace culture where employees see their work as part of a larger, impactful mission. As a result, Patagonia enjoys high employee retention, loyalty, and advocacy.

Case Study 2: Warby Parker

Warby Parker, an eyewear retailer, integrates purpose with profit through its innovative “Buy a Pair, Give a Pair” program. For every pair of glasses sold, Warby Parker distributes another pair to someone in need through nonprofit partners. This model not only drives social impact but also instills a sense of purpose in its workforce.

Warby Parker employees are motivated by the tangible impact their daily work has on improving global vision health. The strong alignment with the company’s mission fosters an enthusiastic, innovative culture where employees are eager to contribute beyond their immediate roles. Their purpose-driven approach has garnered customer loyalty and propelled the company’s market success.

The Benefits of a Purpose-Driven Workplace

Organizations that successfully cultivate a purpose-driven workplace can realize several benefits:

  • Enhanced Employee Engagement: Employees who believe in their organization’s mission are more likely to be engaged and motivated.
  • Increased Productivity: Purpose-driven employees often exhibit increased focus and dedication, driving higher productivity.
  • Attracting Talent: Organizations with a clear and compelling purpose attract talent who seek more than just a paycheck.
  • Customer Loyalty: Consumers increasingly prefer brands that align with their values and contribute positively to society.

Conclusion

Creating a purpose-driven workplace is a strategic choice that can significantly affect an organization’s culture and success. By defining a meaningful mission, aligning it with daily actions, and engaging employees in the larger organizational purpose, companies can cultivate a thriving environment that benefits everyone involved. The examples of Patagonia and Warby Parker illustrate how purpose and profit can go hand-in-hand, creating not only financial success but also meaningful societal impact.

Extra Extra: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Unsplash

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Transformation Insights – Part Two

Transformation Insights - Part Two

“The world needs stories and characters that unite us rather than tear us apart.”~ Gale Anne Hurd, Producer of Aliens and The Terminator

GUEST POST from Bruce Fairley

In my early years I was fortunate to spend some time on film sets. Unlike how the entertainment industry is portrayed in the Netflix series, The Movies that Made Us, I did not come to blows with any of my directors as Eddie Murphy apparently did with John Landis during the making of Coming to America. Nor did I witness an entire crew mutiny, as James Cameron did on Aliens. Instead, I often saw the same dynamic I’ve witnessed in the tech sector from the first moment I stepped off set and into I.T.

People coming together.

Skilled, diverse, passionate people hard at work fighting against miscommunication, technical issues, and time constraints – coming together to achieve something significant. I referred to this in my previous Transformation Insights post, The Future Always Wins as:

Collaboration Between Complementary Influencers.

This dynamic is as true of a film set as it is of a firm engaged in digital transformation. In both cases, expertise in various areas is required to create a successful whole, with C-Suite leaders in the corporate sphere tasked with providing the articulated vision at the helm. Of course, the success of any endeavor comes down to human-powered action and decision making at every level of execution. And while the challenges of a digital transformation project may not be as bone-breaking dangerous as the stunts in an action film, getting to greatness requires a similar fusion of mind and machine – of talent and technology.

If that sounds like The Terminator, consider that its box office success speaks to the fusion of mind and machine as an unstoppable trajectory – but those who deepen their humanity rather than succumb to machine rule are the heroes that triumph. This was mirrored in the making of the film, which was nearly shut down when the crew put down their tools. Addressing their humanity and acknowledging the value of their contribution changed the story from disaster to blockbuster.

Humans lead – technology serves. Not the other way around.

When that is reversed, dystopia ensues whether on screen or in the boardroom. Having witnessed many occasions in which technology was expediently obtained before its value to the user could be established, I am convinced we have lost the plot in telling a wider, corporate story. Technology was supposed to liberate not enslave. Instead, how many times have you attended a Zoom meeting or prepared weeks for a presentation only to discover the sound not working, the slide deck freezing, or even a hidden ‘on’ button? These may be simple examples, but they rob the intrepid hero of the corporate journey; the chance to shine and advance their creative talent much like the crew of Aliens putting down their tools. Now multiply that by the large scale digital transformation projects I’ve spearheaded, and it becomes clear how a broken axis between human-powered decision making and technology can break the bottom line.

Optimism and momentum towards a more positive, successful outcome hinges on more than technological expertise. It requires an understanding of the whole story – and how the team, tech, leadership, and consumers each play a role. The story you wish to tell about your corporate journey requires buy-in at every level of service – human and tech. Obstacles are not indictments, they are merely obstacles. But they do often require a third-party complementary collaborator that understands how to transform pitfalls into profits.

When I launched the Narrative Group I wanted to amplify the genius of C-Suite executives through the optimization of the business-tech relationship. Similarly to how I observed the inner workings of a set and how all the pieces had to fit together to create a screen success, I spent years observing digital transformation from the inside. Across continents and boardrooms, I learned, led, and transformed as well. This only increased my commitment to helping talented leaders tell their story successfully.

If you’re a C-Suite leader that would like to storyboard the trajectory of your corporate success, please feel free to reach out and continue the conversation at:

connect@narrative-group.com

Image Credit: The Narrative Group

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Designing Products for Longevity and Reuse

Designing Products for Longevity and Reuse

GUEST POST from Chateau G Pato

The modern economy is rapidly evolving towards sustainability, and businesses are shifting their focus to designing products that do more than just meet immediate needs. The principles of circular economy — reusability, reparability, and longevity — are becoming integral to product design strategies. As a human-centered change & innovation thought leader, I am constantly exploring ways in which companies can embrace these principles to not only cultivate consumer loyalty but to also play a vital role in ecological stewardship.

In this article, we delve into how designing products for longevity and reuse can offer substantial benefits both for companies and the environment. Furthermore, I will highlight two case studies of organizations that have successfully implemented these principles.

The Importance of Longevity and Reuse

Designing for longevity and reuse involves creating products that are durable, easily repairable, and adaptable. This approach not only reduces waste but also conserves resources by extending the product’s lifecycle. In turn, consumers benefit from products that offer better value over time, increasing brand loyalty and trust.

Companies adopting these strategies are not just future-proofing their business; they are responding to a growing consumer demand for sustainable products. As awareness around environmental issues increases, consumers are more inclined to support brands that are committed to sustainability.

Case Study 1: Patagonia

Company Overview

Patagonia, an outdoor clothing and gear company, is a pioneer in the sustainability movement. Their business model integrates environmentally friendly practices at every level of their operations.

Longevity and Reuse Strategies

Patagonia emphasizes product durability and offers an ironclad guarantee to repair or replace damaged products. Their “Worn Wear” program encourages customers to trade in used gear for store credit, which is then refurbished and resold. This initiative not only extends the life of their products but also reduces the volume of textile waste.

Impact and Results

Patagonia’s commitment to longevity and reuse has reinforced its brand image as a leader in sustainability. The Worn Wear program has successfully diverted thousands of garments from landfills, and it fosters consumer loyalty by aligning with their environmentally conscious values.

Case Study 2: IKEA

Company Overview

IKEA is one of the largest home furnishing retailers in the world, known for its affordable and innovative design.

Longevity and Reuse Strategies

IKEA’s circularity transformation includes creating products that are easier to take apart and recycle. Their “Circular Hub” offers customers the opportunity to return used furniture in exchange for vouchers, supporting a secondary market for their products.

Impact and Results

IKEA’s focus on designing for longevity and reuse has redefined their product lifecycle management. The Circular Hub not only mitigates waste but also maximizes resource efficiency. Additionally, these initiatives have enhanced IKEA’s reputation as a forward-thinking, sustainable brand.

Key Takeaways for Designing Long-Lasting Products

Organizations can incorporate several strategies to ensure their products are designed for longevity and reuse:

  • Durability: Invest in quality materials and rigorous testing to enhance product lifespan.
  • Modularity: Design products that are easy to repair and upgrade to adapt to changing needs.
  • Incentives for Returns: Encourage customers to return unwanted products for upgrading or recycling.
  • Education: Inform consumers about maintaining and repairing products.

The Path Forward

As we move towards a more sustainable future, the design of long-lasting, reusable products will become imperative. Companies that adopt these principles will not only reduce their environmental footprint but also thrive in a market increasingly driven by conscious consumerism.

The journey towards sustainability is ongoing, but by embracing innovation—and placing human needs and environmental impact at the heart of product design—we can collectively create a positive impact for society and the planet.

For more insights on sustainable innovation, you can search this web site using the search bar or categories in the sidebar on the right.

Extra Extra: Because innovation is all about change, Braden Kelley’s human-centered change methodology and tools are the best way to plan and execute the changes necessary to support your innovation and transformation efforts — all while literally getting everyone all on the same page for change. Find out more about the methodology and tools, including the book Charting Change by following the link. Be sure and download the TEN FREE TOOLS while you’re here.

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A Startup’s Guide to Marketing Communications

A Startup's Guide to Marketing Communications

GUEST POST from Steve Blank

I was having coffee with the CEO of a new startup, listening to her puzzle through how to communicate to potential customers. She was an academic on leave from Stanford now selling SAAS software to large companies, but was being inundated with marketing communications advice. “My engineers say our website is old school, and we need to be on Facebook, Twitter and Instagram, my VP of Sales says we’re wasting our marketing dollars not targeting the right people and my board keeps giving me their opinions of how we should describe our product and company. How do I sort out what to do?”

She winced as I reminded her that she had gone through the National Science Foundation Innovation Corps. “Painful and invaluable” was her reply. I reminded her that all the Lean tools she learned in class–Customer Discovery, business model and value proposition canvases– contained her answer.

Here’s how.
—-

Define the Mission of Marketing Communications

Companies often confuse communications tactics (“What should my webpage look like or should I be using Facebook/Instagram/Twitter?”) with a strategy. A communications strategy answers the question, “Why are we doing these activities?” For example, our goal could be:

  1. Create demand for our products and drive it into our sales channel
  2. Create awareness of our company and brand for potential customers
  3. Create awareness for fundraising (VC, angels, corporate partners)
  4. Create awareness for potential acquirers of our company

(Marketing communications is a subset of the Marketing department’s mission. Read the post about mission and intent here.)

Audience(s), Message, Media, Messenger

Once you figure out why you’re creating a communications strategy then you can figure out how to use it. The “how” requires just four steps:

  1. Understand your audience(s)
  2. Craft the message for that specific audience
  3. Select the media you want the message to be read/seen/heard on
  4. Select the messenger you want to carry your message

Audiences Message Media Messenger Steve Blank

Step 1: Who’s the Audience(s)?

An audience means – who specifically you want your messages to reach. Is it all the people on earth? Everyone in San Francisco? Potential customers such as gamers who like to play specific types of games? Or people inside companies with a specific title, like product or program managers, CIOs, etc? Venture Capitalists who may want to invest? Other companies that may want to acquire you?

What’s confusing is that often there are multiple audiences you want to communicate with. So, refer to your strategy: Are you trying to reach potential customers or potential investors and acquirers? These are very different audiences, each requires its own messages, media and messengers.

If you’re selling a product to a company, for example, is the audience the user of the product? Her boss? The person who has the budget? The CEO?

How do you figure out who the audience is? It turns out that if you’ve been doing customer discovery and using the value proposition canvas, you know a lot about each customer/ beneficiary. The first step is to put all those value proposition canvases on the wall to remind you that these are the people you need to reach.

Steve Blank Value Prop ExamplesHow do you figure out which of these customers/beneficiaries is most important? Who’s the least important? If you’ve been out talking to customers, you will have an idea of who’s involved in the buying process. Who’s the user of product? The recommender? The decision maker? The saboteur? As you map out what you learned about the role each of these customers plays in the buying process, marketing communications and sales can decide which one of the customers/beneficiaries is the primary audience of your messages. (And they can decide if there any secondary audiences you should reach.) Often there are multiple people in a sales process worth influencing.

If you’re trying to reach potential acquirers or investors, the customer discovery process is the same. Spend time building value proposition canvases for these audiences.

Step 2: What’s the Message?

Messages are what you delivering to the audience(s) you’ve selected. Messages answer three questions:

  1. Why should the audience care?
  2. What are you offering?
  3. What’s the call to action?

Your customers have already told you how to craft the first part of your message. The answer to “Why should your audience care?” comes directly from the pains and gains on the right side of the value proposition canvas.

And the answer to the second question “What are you offering?” comes from the left side of the value proposition canvas. It’s not just the product feature list, but the pain relievers and gain creators.

Once you get your audience to read your message, then what? What’s the call to action? Do you want them to download a demo, schedule a sales call, visit a physical store location or a website, download an app, click for more information, give you their email address, etc.? Your message needs to include a specific call to action.

Other things to keep in mind about messages:

Message Context

A message that is brilliant today and gets the press writing about you and customers begging to buy your product could have been met with blank stares two years ago and may be obsolete next year. In crafting your messages, remember that all messages operate in a context that may have an expiration date. Netbooks, 3DTVs, online classes disrupting higher ed, all had their moment in time. Make sure your context is current and revisit your messages periodically to see if they still work.

Sticky Messages

Messages also need to be memorable – “sticky.” Why? Because the more memorable the message, the greater its ability to create change. Not only do we want people to change their buying behavior, we also want them to change how they think. (This is often a tough concept for engineering founders who believe that if we just tell customers about the features that make their product faster, cheaper, etc. they’ll win.)

Consider that if you were told you were going to pay for cold, dead fish wrapped in seaweed you might not be too hungry. But when we call it sushi people line up.

The same goes for a hamburger. You may eat a lot of them, but if McDonald’s message was “dead cow, slaughtered by the millions, butchered by minimum wage earners, then ground into patties, frozen into solid blocks, and reheated when you order them,” instead of “You deserve a break today,” sales might be a tad lower.

Product versus Company Messages

There is a difference between detailed product messages versus messages about your company. At times, you may have to communicate what the company stands for before a customer is ready to listen to you talk about product messages. For example, to outflank a competitor who had faster products, Intel moved the conversation about microprocessors away from speed and technology to create a valued brand. They created the “Intel Inside” campaign.

Apple was trying to resurrect a then-dying company by reminding people what Apple stood for with their “Think Different” ad campaign:

Both Apple and Intel were selling complicated technology but did so by simplifying the message so it had broad emotional appeal. Both Intel Inside and Think Different became sticky corporate messages.

Step 3: Media

Media means the type of communications media each audience member reads/listens to/watches. Is could be print (newspapers/magazine), Internet (website, podcasts, etc.), broadcast (TV, radio, etc.) or social media (Facebook, Twitter, etc.). In customer discovery, you asked prospects how they get information about new companies and new products. (If not, get back out and do so!) The media your prospective customers told you they use ought to be on top of your target media.

The online media your company controls (your corporate website, company Facebook page, Twitter, Instagram, etc.) should be the first place you experiment finding your audience(s) and message.

Typically, you pick several media to reach each audience. It’s likely that each audience reads different media (potential customers read something very different than potential investors.) You’ll need a media strategy – a plan that describes the mix of media and how you will use it. This plan should include the category of media; print, internet, broadcast and then identify specific sites, blogs, magazine, etc.

Step 4: Messengers

Messengers are the well-placed and highly leveraged individuals who have influence over your audience(s). Messengers convey and amplify your message to your audience through the media you’ve chosen.

There are four types of messengers: reporters, experts, evangelists and connectors. (Each audience will have its own unique set of messengers.)

1. Reporters are paid by specific media to write about news. Which reporters you should talk to comes from discovering which media your audience has said they read. Your goal is to identify who are the reporters in the media your audience reads and what they write about, and to figure out why they should write about you. (Wrong answer – because we have a new product. Very wrong answer – because my CEO wants to be on the cover of publication X or Y.)

2. Experts know your industry or product in detail, and others rely on them for their opinions. Experts may be industry analysts in private research firms (Gartner, NPD, AMR), Wall Street research analysts (Morgan Stanley, Goldman Sachs), consultants who provide advice for your industry or bloggers with wide followings. Experts may even be potential customers who run user groups that other potential customers turn to for advice.

(Today some reporters are experts – product reviewers in the Tech Section of the Wall Street Journal, or the Technology section of the New York Times (or its product review site Wirecutter)).

3. Evangelists are unabashed cheerleaders and salespeople for your product and, if you are creating a new market, for your company vision. They tell everyone how great the product is and about the unlimited potential of your product and market. While nominally carrying less credibility than experts, evangelists have two advantages: typically, they are paying customers, and they are incredibly enthusiastic about what they say. (Evangelists are not customers who will give a reference. A customer reference is something you have to twist arms to get; an evangelist is someone you can’t get off the phone.)

4. Connectors are individuals who seem to know everyone. Each industry has a few. They may be bloggers who expound on the general state of your industry and write magazine or newspaper columns. They may be individuals who organize and hold conferences where the key industry thought leaders gather. Often, they themselves are the thought leaders.

Founders ask me all the time whether they should hire a PR agency. I tell them, “The question isn’t if. The question is when?” Influencing the messengers is what great public relations firms know how to do. They may have their own language describing who the messengers are (e.g., “influencers”) and how they manage them (e.g. “information chain”), but once you’ve done a first pass of the audience > message > media > messenger, a competent PR firm can add tremendous value.

Customer Discovery Never Stops

Understanding your audience(s) is important for not just startups, but for companies already selling products. It helps you stay current with customers, get ideas for other needs to fill and to create new products. In addition, the audience > message > media > messenger cycle seamlessly moves this learning into getting, keeping and growing customers. Today, Marketing Automation tools (customer analytics, SEO, and Customer Relationship Management (CRM) platforms) generate customer behavior history about what messages worked on which media. These tools generate data that companies use to feed AdTech tools (demand-side platforms, ad exchanges and networks) to automate selling and buying of online ads.

Communications as a Force Multiplier

  • Smart CEOs treat communications as a force multiplier for sales, a tool to dramatically increase valuation and the vehicle to get acquirers lined up at the door. Not so successful CEOs treat it as tactic that can be handed to others.
  • Hiring a PR agency too early is a sign that the CEO is treating this as someone else’s problem. In a startup, the first pass of understanding Audience, Message, Media, Messenger can only be done with the founders/CEO engaged.
  • Getting publicity for a product that does not yet exist is how startups get noticed. But don’t fall victim to your own reality distortion field and hype a product that can never be made (think of Tesla versus Theranos.)
  • Figuring out who the possible audiences are, what messages to send, and what media to use, feels overwhelming at first. The temptation is to try to reach all the audiences with a single message and a single media. That’s a going out of business strategy. Use Customer Discovery, and your customers will teach you who they are, what to say to them and how to reach them.

Lessons Learned

  • Marketing Communications = Audience, Message, Media, Messenger
  • Use the Value Proposition Canvas to understand who your audience(s) are
  • Craft messages to match what your audience has already told you
  • Pick the media they said they read
  • Find the right messengers to amplify your message

The full article originally appeared on Steve Blank’s blog

Image credits: Pixabay, Steve Blank

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Encouraging Risk-Taking and Experimentation

Encouraging Risk-Taking and Experimentation

GUEST POST from Art Inteligencia

In today’s rapidly changing business landscape, staying competitive requires more than just efficiency and operational excellence. Innovation has become a cornerstone of success, and at the heart of innovation lies the ability to take risks and experiment fearlessly. Embracing risk-taking and experimentation isn’t just about avoiding stagnation; it’s about creating a culture where ideas can flourish and unexpected breakthroughs can occur. Let’s explore how organizations can foster this culture, illustrated by real-world case studies.

The Need for Risk-Taking and Experimentation

Risk-taking allows organizations to step out of traditional confines and explore uncharted territories. Experimentation, on the other hand, provides the tools to test assumptions, validate ideas, and iterate towards solutions with potential impact. Together, they form a dynamic duo driving innovation forward. But how can organizations encourage these practices without descending into chaos or incurring unacceptable levels of risk?

Case Study 1: Google’s “20% Time”

Google’s “20% Time” initiative, where employees are encouraged to spend 20% of their work-time on projects they’re passionate about, offers an insightful example of the benefits of risk-taking and experimentation. By giving employees the freedom to explore, Google has catalyzed the creation of groundbreaking products such as Gmail and AdSense.

Google’s approach underscores the importance of trust and autonomy. By allowing employees to deviate from their primary responsibilities, Google embraced a culture where failure is not only tolerated but recognized as a step toward success. This culture lowered the barriers to experimentation and empowered employees to innovate without fear of retribution.

Key Takeaways from Google:

  • Encourage Autonomy: Give employees the space to explore ideas outside of their core responsibilities.
  • Foster Trust: Create an environment where risk-taking is viewed positively, reducing the stigma of failure.
  • Celebrate Successes and Failures: Both successful projects and failed attempts offer valuable learning experiences.

Case Study 2: Amazon’s “Day 1” Philosophy

Amazon’s “Day 1” philosophy exemplifies a relentless focus on starting fresh and continuously experimenting. Jeff Bezos has frequently emphasized treating every day as if it were Day 1 at Amazon to maintain a start-up mentality. This philosophy has been instrumental in Amazon’s ability to innovate and stay ahead of the competition.

One practical embodiment of this philosophy is Amazon’s “Working Backwards” approach. This method starts with the desired customer experience and works backward to determine what needs to be done to achieve it. This framework encourages continuous experimentation to ensure alignment with customer needs and fosters a culture where ideas can be quickly validated or adjusted.

Key Takeaways from Amazon:

  • Stay Curious: Keep the innovation spirit alive by treating every day with the enthusiasm of Day 1.
  • Customer-Focused Experimentation: Design experiments with the end-customer experience in mind.
  • Iterative Development: Use a trial-and-error approach to refine solutions continuously.

Building a Culture of Innovation

To cultivate a culture that encourages risk-taking and experimentation, organizations must align leadership, resources, and processes towards supporting innovation. Here are steps to create such an environment:

1. Leadership Commitment

Leaders play a critical role in setting the tone for innovation. Their commitment to embracing risk and learning from failure will shape the organization’s culture. It’s crucial that leadership actively participates in and endorses experimental initiatives.

2. Reward Systems

Recognize and reward efforts that demonstrate curiosity and learning, regardless of the outcome. Celebrating both successes and failures reinforces positive reinforcement and helps normalize experimentation.

3. Safe Spaces for Innovation

Create dedicated spaces where employees can experiment without the normal constraints of their day-to-day roles. Internal incubators or innovation labs are excellent options for safeguarding creative exploration.

4. Agile Methodologies

Adopt agile practices that allow for quick iteration and responsiveness to change. Agile methods transform failures into learning opportunities, reinforcing experimentation as an ongoing process rather than a one-off event.

Conclusion

Encouraging risk-taking and experimentation is essential for continuous innovation and adaptability in today’s business environment. By learning from the forward-thinking examples of Google and Amazon, organizations can implement strategies that foster a robust culture of creativity and exploration. We must remember that the path to innovation is paved with risks, trials, and the willingness to learn from every step of the journey.

For further insights on fostering innovation and driving meaningful change, feel free to connect with Braden Kelley on LinkedIn or explore more of our writings on this website.

Extra Extra: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Pixabay

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What is Killing Capitalism in America?

What is Killing Capitalism in America?

GUEST POST from Greg Satell

There’s no doubt that capitalism in America is in bad shape. Higher market share concentration in industry is leading to higher profits for corporate giants, but also to higher prices and lower wages along with decreased innovation and productivity growth as well as a long-term decline in entrepreneurship.

You would think that the rise of progressive politicians like Bernie Sanders and Alexandria Ocasio-Cortez would be responsible for the decline in the power of capitalism and the demise of free markets. However, a new book by NYU finance professor Thomas Philippon, titled The Great Reversal, argues exactly the opposite.

In fact, he shows through meticulous research how capitalists themselves are killing capitalism. Through the charade of “pro-business” policies, industry leaders have been increasing regulation and limiting competition over the past 20 years. We need to right the ship and return to an embrace of free markets, entrepreneurship and innovation.

A Rise in Rent Seeking and Regulatory Capture

The goal of every business is to defy markets. Any firm at the mercy of supply and demand will find itself unable to make an economic profit—that is profit over and above its cost of capital. In other words, unless a firm can beat Adam’s Smith’s invisible hand, investors would essentially be better off putting their money in the bank.

That leaves entrepreneurs and managers with two viable strategies. The first is innovation. Firms can create new and better products that produce new value. The second, rent seeking, is associated with activities like lobbying and regulatory capture, which seeks to earn a profit without creating added value. In fact, rent seeking often makes industries less competitive.

There is abundant evidence that over the last 20 years, American firms have shifted from an innovation mindset to one that focuses more on rent seeking. First and foremost, has been the marked increase in lobbying expenditures, which since 1998 have more than doubled. Firms invest money for a reason, they expect a return.

It seems like they are getting their money’s worth. Corporate tax rates in the US have steadily decreased and are now among the lowest in the developed world. Occupational licensing, often the result of lobbying by trade associations, has increased fivefold since the 1950s. Innovative firms such as Tesla face legislation that seeks to protect incumbent businesses. These restrictions have coincided with a decrease in the establishment of new firms.

Perhaps most importantly, the increasingly lax regulatory environment has resulted in a boom in mergers and acquisitions, which led to increased market power among fewer firms and increased barriers to entry for new market entrants.

The Decline of Competitive Markets

To understand how markets have died in the US, you only have to look at the airline industry. After years of mergers just four airlines control roughly two thirds of the market. Yet even that understates the problem. On individual routes, there are often only one or two competitors. We’ve all experienced the results: increasingly higher prices and worse service.

Airlines are far from an isolated case. Consider the cable industry, where consolidation has resulted in broadband prices that are almost 50% higher than in Europe. For mobile phone service, Americans are being charged more than twice what our European friends are. Across a wide swath of industries, increasing concentration is leading to lower competition.

Yet the problem is more than just Americans getting ripped off by corporations who are able to charge us more and give us less. Fat and happy industries tend to underinvest and become less competitive over time, enjoying short-term profits but putting the economic well-being of the country in serious jeopardy.

Again, there is evidence that this is exactly what’s happening. There is abundant data showing that American corporations are underinvesting, even while they have been reporting strong profits to investors.

Entrepreneurial Headwinds

With protected markets and healthy profits, recent decades have been great for incumbent businesses, but not so great for those who want to start new ones. In fact, entrepreneurship in America recently hit a 40-year low and a recent report by the Brookings Institution found that business dynamism in general has been declining since the 80s.

It’s not hard to see why. A recent study found that about half of all college students struggle with food insecurity even as tuition has risen from an average of $15,160 in 1988 to $34,740 in 2018. Not surprisingly, student debt is exploding. It has nearly tripled in the last decade. In fact student debt has become so onerous that it now takes about 20 years to pay off four years for college and even more for those who pursue a graduate degree.

So even the bright young people who don’t starve are often condemned to decades of what is essentially indentured servitude. That’s no way to run an entrepreneurial economy. In fact, a study done by the Federal Reserve Bank of Philadelphia found that student debt has a measurable negative impact on new business creation.

Another obstacle for entrepreneurs is our healthcare system which represents a huge economic burden. Consider that in the US healthcare expenditures account for roughly 18% of GDP. Most OECD countries spend roughly half that. Anyone who wants to start a business first needs to figure out where their health insurance will come from. Is it any wonder that entrepreneurship is declining in America?

Pro-Business Policies Are Often Anti-Market

The truth is that no business leader wants a free market. In fact, most of our efforts go toward tipping the playing field in our favor. Often, we do that in positive ways, such as building a trusted brand or innovating new products. Yet the incentives, if not the motivations, for rent seeking behavior are exactly the same.

For far too long pro-business lobbies have run rampant over our democracy. The Supreme Court’s Citizens United decision, which led to essentially unrestricted political donations, has made a bad situation worse. Members of Congress now spend roughly 30 hours a week “dialing for dollars” rather than tending to the nation’s business.

And we pay the price in higher prices, stagnant wages and worse service. Where we should be investing in the future, creating better infrastructure, schools and a cleaner healthier environment, instead we are spending it on tax breaks for businesses, even though research has shown that these incentives don’t promote economic growth.

It’s time to claim capitalism back for ourselves and promote free markets, entrepreneurship, innovation and public well-being. That’s how you build competitive markets and a healthy society.

— Article courtesy of the Digital Tonto blog
— Image credit: Pexels

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Creating Personas for Product Development

Creating Personas for Product Development

GUEST POST from Chateau G Pato

The world of product development is intricate, requiring teams to balance technical feasibility with user desirability. One effective tool in this process is the use of personas. Personas are fictional characters that represent key segments of your target audience, helping guide development and marketing decisions. This article delves into how to create effective personas and how they can be leveraged in the product development process.

The Power of Personas

Personas provide a human face to data, encouraging empathy and a user-centered approach. They help teams understand user behavior, motivations, and needs, which in turn fosters innovation. By rooting decisions in genuine user insights, businesses can ensure their product development aligns with actual user requirements.

Creating Effective Personas

Creating personas starts with research. Here are the key steps to develop effective personas:

  • Data Collection: Use surveys, interviews, and observation to gather quantitative and qualitative data about your users.
  • Identify Patterns: Analyze the data to find common characteristics, behaviors, and pain points.
  • Develop Persona Profiles: Create detailed profiles including demographics, goals, challenges, and potential solutions.
  • Validate and Iterate: Regularly update personas based on ongoing user feedback and market changes.

Case Study 1: TechSavvy Inc.

TechSavvy Inc., a software company, was developing a new project management tool. Initially, the development team faced challenges in understanding the diverse needs of potential users. By creating detailed personas, TechSavvy transformed its approach.

The team identified three core personas: ‘Project Manager Paul’, ‘Developer Dana’, and ‘Freelancer Frankie’. Each persona had different needs and workflows:

  • Project Manager Paul: Focused on team coordination and deadline tracking.
  • Developer Dana: Required seamless integration with coding tools and task management.
  • Freelancer Frankie: Needed flexibility and simplicity for managing multiple projects.

By tailoring features to these specific personas, TechSavvy improved user satisfaction and adoption rates. Personas served as a continuous reference point throughout development, design, and marketing efforts.

Case Study 2: GreenGuard Appliances

GreenGuard Appliances, a home appliance manufacturer, sought to enter the eco-conscious market with a new smart refrigerator. The challenge was differentiating their product while ensuring it met consumer expectations on sustainability and technology.

Through extensive market research, GreenGuard developed the personas ‘Eco Enthusiast Emma’ and ‘Tech-Savvy Tom’.

  • Eco Enthusiast Emma: Prioritized environmental impact and energy efficiency.
  • Tech-Savvy Tom: Valued smart features and connectivity with other home devices.

Armed with these personas, GreenGuard integrated energy-saving technologies and advanced connectivity options. Emma’s need for sustainability was met with eco-friendly materials and energy monitoring, while Tom’s desire for innovation was satisfied with app-controlled features. Post-launch, the product saw high sales and positive feedback attributed to personas guiding targeted design decisions.

Conclusion

Personas are not static documents but evolving tools that grow with your understanding of the user. They bridge gaps between teams, ensuring everyone stays focused on the user throughout the product lifecycle. By creating and continually refining personas, companies can innovate effectively, creating products that truly meet their users’ needs. Personas, when used correctly, become the compass that guides product development toward success.

Extra Extra: Because innovation is all about change, Braden Kelley’s human-centered change methodology and tools are the best way to plan and execute the changes necessary to support your innovation and transformation efforts — all while literally getting everyone all on the same page for change. Find out more about the methodology and tools, including the book Charting Change by following the link. Be sure and download the TEN FREE TOOLS while you’re here.

Image credit: Pixabay

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The 3 Student Entrepreneur Personas

The 3 Student Entrepreneur Personas

GUEST POST from Arlen Meyers, M.D.

Healthcare professional schools, healthcare innovation and entrepreneurship education, and training programs are growing. However, one question is should they be required or elective?

The medical student persona has changed in the past several years. Seeing around corners is always hard. However, to go to where the puck will be is a useful step when planning strategy and tactics to meet the needs of customers segments. Here are some ways to help build your parabolic mirror view of what’s next.

If you have a product or service and are planning not just for the now, but the next and new, then painting a picture of your customer archetype or persona is a key tool.

Do you know who your dream customer is?

There are three steps for understanding your dream customer:

  1. Consider the big issues they are facing – look wider and investigate global issues, such as hunger, environmental sustainability or education.
  2. Identify the industry trends that are affecting them – technology, big data, cyber security, etc.
  3. Describe your customer avatar/archetype/persona now – make a collage including their goals and values, demographics, their pain points and challenges.

Here are the various sickcare innovation and entrepreneurship student segments.

That said, the argument for mandatory is that all students should be exposed to core concepts, like design thinking, much like rotating through core clinical rotations, if nothing else, to get exposure to potential career choices. It might even make them better doctors and possibly help with burnout.

The argument for elective is that all students won’t have the same interests and it would be a waste of time and resources leading the laggards to water knowing you can’t make them drink.

One way to sort potential students is to understand the entrepreneurship education customer segments and their 3 core personas.

The Convinced and Confident know entrepreneurship should be part of their career pathway. In fact, many of them have had entrepreneurial life experiences prior to medical school.

The Curious but Clueless don’t know what they don’t know but are willing to learn more. Many have never held a job in their life. Some might be willing, but unable to develop an entrepreneurial mindset. Others discover their innerpreneur, and move on.

The Could Care Less are unwilling and unable to give it a try. Their attitude is , “I went to medical school to take care of patients, not take care of business”. What they don’t realize is that if you don’t take care of business, you have no business taking care of patients.

Here is what I learned teaching sickcare innovation and entrepreneurship to 1st year medical students.

Here is what I learned teaching sickcare innovation and entrepreneurship to a cohort of xMBA/HA students.

If you are part of creating or teaching these programs, you will eventually have to sort the wheat from the chaff. If you are a leaderpreneur, your job will depend on doing so.

Image Credit: Pixabay

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Resilience in Leadership

Thriving in Uncertainty

Resilience in Leadership

GUEST POST from Art Inteligencia

In today’s fast-paced world, the only constant is change. Leaders must navigate through challenges and uncertainties with resilience, a quality that’s integral to successful leadership. Resilience enables leaders to sustain momentum, inspire their teams, and drive innovation even in the face of adversity. So how can leaders cultivate resilience?

The Essence of Resilience in Leadership

Resilience is more than just bouncing back from setbacks. It’s about growing through challenges and finding opportunities amidst obstacles. Resilient leaders possess emotional intelligence, adaptability, and the ability to lead with empathy. They create a culture of trust and psychological safety, which empowers teams to innovate and embrace change.

Case Study 1: Apple Inc.

Apple’s Journey Through Innovation and Setbacks

Apple Inc. is a quintessential example of resilience in leadership. In the mid-1990s, Apple faced significant financial challenges and was on the brink of collapse. Steve Jobs’ return to the company marked a turning point. Jobs exhibited resilience by simplifying Apple’s product line and investing heavily in innovation.

The launch of the iMac and later the iPhone not only revitalized Apple’s brand but also set new standards in the tech industry. Jobs’ visionary leadership, coupled with his ability to adapt and push the company’s boundaries, showcased resilience at every step. The company’s culture of innovation, combined with leadership that thrives in uncertainty, ensured its consistent growth and success.

Case Study 2: The Rise of Netflix

Netflix: From DVD Rentals to Streaming Giant

Netflix’s transformation from a DVD rental service to a global streaming giant illustrates resilience in the face of industry disruption. When digital streaming emerged as a threat to its core business, Netflix’s leadership embraced change rather than resisting it. Reed Hastings, co-founder, and CEO led the charge in pivoting the business model to a subscription-based streaming service.

Hastings demonstrated resilience by fostering a culture of experimentation and learning from failures. The Netflix of today is a testament to strategic foresight and an adaptive leadership approach. By prioritizing innovation and customer focus, Netflix thrived amidst the evolving media landscape.

Building Resilient Leadership

Here are some strategies to cultivate resilience as a leader:

  • Embrace Change: View change as an opportunity for growth rather than a threat.
  • Foster a Learning Culture: Encourage continuous learning and adaptability within your teams.
  • Build Emotional Intelligence: Enhance self-awareness and empathy to connect with and guide your teams.
  • Encourage Innovation: Create an environment where new ideas are welcomed and experimentation is rewarded.
  • Develop a Support Network: Engage with mentors, peers, and advisors who can provide guidance and perspective.

Conclusion

Resilient leadership is crucial for navigating the uncertainties of today’s world. By learning from companies like Apple and Netflix, leaders can understand the importance of adaptability, innovation, and a strong, value-driven culture. By cultivating resilience, leaders not only thrive in uncertainty themselves but also inspire their teams to do the same.

Remember, the measure of a great leader is not how well they perform in favorable conditions, but how skillfully they lead through the storms.

Extra Extra: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Pixabay

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