10 Paths to Growing Your Business

growth iq

Grow Your Company with Confidence

 

How organizations keep growing in the face of stiff competition, a fast-changing business environment, constant innovation, and technology changes is a constant issue for executives. In Growth IQ: Get Smarter About the Choices that Will Make or Break Your Business, Tiffani Bova shares ten simple paths to growth in this environment.

Tiffani Bova is the global customer growth and innovation evangelist at Salesforce. Her work over the last twenty years spans startups to the Fortune 500. I recently spoke with her about her work.

 

“The one thing about growth is, it is never one thing.” – Tiffani Bova

 

Common Growth Mistakes

What are some of the common mistakes leaders make when trying to reenergize growth?

One of the most vexing challenges faced by executives is determining how best to grow their business. Unfortunately, these challenges to grow have multiplied in recent years. The problem is that too many companies respond to a competitive threat, or a market disruption, with a strategic business model that worked in the past and may not work in the future. Growth strategy is a thinking game that works when you have the right mindset to inform the when, where and why of every strategic move you make. I have yet to find a company that can attribute their growth to one silver bullet. The impact of combining multiple efforts will be greater than the sum of its parts. Reenergizing growth starts with being open to getting uncomfortable with the status quo and comfortable with change.

 

Why do companies so often fail to duplicate a growth strategy from an industry rival?

Too many companies ‘benchmark’ their company against their rival or a set of competitors in the same industry. While benchmarking can be a worthwhile exercise, it can also lend itself to a limited view of what is happening in the overall market. Widening the lens to look at overall context, on the other hand, allows companies to look for best practices from other sectors and learn from innovation happening across industries. What is happening in consumer spending patterns? What technology advancements have happened which you can capitalize on? How are people engaging with brands? What is the sentiment towards big social issues? The insights we can glean from these questions are invaluable when setting a growth strategy.

Furthermore, benchmarking is an outside-in view focused mostly on products and business models. Meaning, you are only able to understand their business from an outsider’s perspective. It is the inner workings, or the mental model, of a company’s growth strategy that is their ‘secret sauce’ – it is what differentiates them from each other especially in highly competitive markets.  The fact is, companies rarely have the same products, customers, value propositions or go-to-market strategies or more importantly, culture. So, attempting to replicate another company’s strategy, may sound like a good plan, yet rarely delivers expected results, or worse it could backfire and have long-term negative impact on the company overall. There are exceptions to this statement of course, especially in highly commoditized industries where ‘price’ is what companies compete on, but any value-based product will require more than that as a solid growth strategy.

 

“Customer Experience is the new Black.” – Tiffani Bova

 

The Challenge of Customer Experience

Why the Best Innovators Are Unreasonable

The World’s Most Creative

  • What does it take to make it into the history books as one of the world’s greatest innovators?
  • Do creative geniuses have any unique characteristics?

Rowan Gibson, one of the world’s foremost thought leaders on business innovation, previously shared some of his thinking about his new book, The 4 Lenses of Innovation: A Power Tool for Creative Thinking.  Part of what makes his research unique is that he studied innovators throughout history to understand their thinking, their characteristics, and their methodology.  What he shared with me about history’s greatest innovators may influence the way you manage, the way you look at your boss, or the way you look at others we label as stubborn.  Because, as we will see, the best innovators are often the most unreasonable people.

 

Why the Best Innovators Are Unreasonable

Rowan, throughout your new book, you give examples ranging from da Vinci to Richard Branson. By studying these innovators, you developed a unique perspective. What does one need to possess or do to get mentioned in the history books?

I think those that make it into the history books are to some extent unreasonable people. George Bernard Shaw put it best when he argued that, “The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.” Innovators like the ones I just mentioned – Steve Jobs, Jeff Bezos, Elon Musk –these are not reasonable people. They don’t just accept that the world is the way it is. They have this deep, insatiable urge to improve it or radically change it to fit their own vision of how things should be.

 

“You can’t harvest big ideas unless you sow the right seeds.” -Rowan Gibson

 

Unreasonable Innovator: Leonardo da Vinci

Take da Vinci. Was he a reasonable person? Here’s a man who filled 13,000 pages of notebooks with scribbles, drawings, scientific diagrams, and designs—everything from human anatomy and facial expressions to animals, birds, plants, rocks, water, chemistry, optics, painting, astronomy, architecture, and engineering. He once coated the wings of a fly with honey just to see if it would change the sound of the fly’s buzzing noise in flight. Why would anyone do that? Da Vinci did it to establish that the pitch of a musical note is connected with the speed of the percussive movement of the air. In this case the fly’s wings became heavier due to the honey, so they couldn’t beat as fast, resulting in a lower-pitched buzzing sound–which of course might be interesting at some level, but reasonable people don’t do things like that.

 

Unreasonable Innovator: Richard Branson

Let’s say you opened a little record store in London, UK. That’s nothing out of the ordinary. But would you call it “Virgin”? And would you then create your own record label and start backing unknown musicians like Mike Oldfield or controversial bands like the Sex Pistols? Would you try to grow your one little record store into a national chain of media hypermarkets? I mean, if you did all of that, it would be quite remarkable. But would you then decide to start your own transatlantic airline and go up against British Airways on their own turf? Would you try to build your own mobile phone business from scratch and then your own bank or take a big risk by investing in a space tourism company? These are not reasonable things to do. So clearly Richard Branson is not a reasonable man.

 

Unreasonable Innovator: Elon Musk

Power Your Creative Thinking With the 4 Lenses of Innovation

Copyright Rowan Gibson; Used by Permission

  • Do you want to create a culture of innovation in your business?
  • Do you want to tap into your inner creative voice?
  • Do you want to power your creative thinking?

Power Your Creative Thinking

I love reading about the world’s greatest innovators. Whether it’s an innovative individual or a company, I am fascinated with the stories behind history’s greatest breakthroughs and inventions. Recently, a terrific new book on the subject crossed my desk and captured my attention. After reading it, I had the opportunity to converse with the author. The insights in this book can help any company improve its innovative culture and any individual become more creative.

That author, speaker, and consultant is Rowan Gibson. Rowan is one of the world’s foremost thought leaders on business innovation. He is the internationally bestselling author of three books on business strategy and innovation – Rethinking The Future, Innovation to the Core, and his latest, The 4 Lenses of Innovation: A Power Tool for Creative Thinking.

 

4 LENSES OF INNOVATION

Challenging Orthodoxies

You share four lenses or perspectives on innovation. The first is challenging orthodoxies. There are many examples of people who stand up and say there is a better way. Perhaps that child with a rebellious streak may have a great future?

Almost by definition, innovators tend to be contrarians and nonconformists. As Steve Jobs put it, they “think different.”

 

“Almost by definition, innovators tend to be contrarians and nonconformists.” –Rowan Gibson

 

I just saw the movie “The Imitation Game” about the work of Alan Turing during the Second World War. This guy was obviously a genius, and a pioneer in the field of digital computing. He almost single-handedly built a machine that broke the German Enigma code, which undoubtedly helped the allies win the war. But Turing had no regard for prevailing wisdom, or for military authority, or for anyone else’s way of doing things. He believed only in his own revolutionary ideas.

Copyright Rowan Gibson; Used by Permission Copyright Rowan Gibson; Used by Permission

So, yes, maybe that rebellious school child has a great future. Turing’s headmaster told his parents he was wasting his time at school because he wasn’t willing to be educated in classical thinking. Einstein was so rebellious he was actually expelled from school. But it was that rebelliousness toward authority that led him to question Newton’s seemingly unassailable laws of motion. Richard Branson was another rebel at school and eventually dropped out at age 16—going on to create Virgin Records.

If you recall some of the other famous individuals who were featured in Apple’s “Think Different” ads, such as Martin Luther King, John Lennon, Thomas Edison, Mahatma Gandhi, Amelia Earhart, Martha Graham, Frank Lloyd Wright, and Pablo Picasso, they were all misfits and rebels. The saw things differently from others. They wanted to challenge and change the status quo.

There are just so many examples of companies that have innovated very successfully by challenging deep-seated orthodoxies: Swatch in the watch industry Dell in the computer industry, Southwest in the airline industry, IKEA in the furniture industry, Enterprise in the car rental business, Zara in the fashion industry, Chipotle in fast food, IT’SUGAR in candy retail, and the list goes on.

A recent example is Beats by Dre. They asked themselves why every other field of consumer electronics—TVs, laptops, smartphones—was being dramatically improved, while people were still listening to music with cheap, low-performance earbuds. What if there was a market for premium headphones, costing hundreds of dollars, that would reproduce music the way artists wanted their songs to be heard? And what if those headphones could be marketed as a fashion statement, not just as an audio accessory? Luke Wood, CEO of Beats by Dre, told the press, “People thought we were crazy. They said the marketplace would never support a $300 headphone.” Well, once again, here’s to the crazy ones. Today, premium headphones are one of the fastest-growing categories in the consumer electronics industry, making up over 40 percent of all headphone sales, and Beats owns over 60 percent of that market. Last year, Apple acquired Beats Electronics for $3 billion.

Copyright Rowan Gibson; Used by Permission Copyright Rowan Gibson; Used by Permission

 

2. Harnessing Trends

The second lens or perspective is harnessing trends. How do you spot the trend in time to ride a new wave?

Well, you have to be very sensitive to what is changing in the world. It’s not about having a crystal ball and trying to predict the future. It’s more about having a wide-angled lens that allows you pick up important trends and then exploit them in some way.

Lead Positive: What Highly Effective Leaders See, Say, and Do

Most people want to be positive, to lead in a positive way, and to think positive thoughts. Not many people aspire to be negative.  We laugh when we see the donkey, Eeyore, in Winnie the Pooh, but most of us can name someone with that mindset.  And all of us go through periods where we may exhibit that behavior.  How to consistently create a positive mindset is a skill.

Recently, I spoke with Dr. Kathy Cramer, who has just released a book called Lead Positive.

 

“Leading positive is when a leader is looking at what’s possible, what’s positive, what’s valuable, and what they can leverage in the moment.” -Dr. Kathy Cramer

 

Leading Positive

Your new book is titled Lead Positive. What does “leading positive” mean?

It took us a long time to come up with that title, believe it or not. It’s very simple, very straight forward, and people tell me that they get it right away. It’s about leading and it’s about moving forward in a positive way towards a positive result.

Highly effective leaders spend 5x more attention on the possible positive than on problems.


Lead Positive also has a subtitle that is very important to the meaning of the book and the purpose of the book: What Highly Effective Leaders See, Say and Do.  In my study and experience with coaching leaders, I have found that the see-say-do framework is a self-reinforcing loop.  Oftentimes, leaders are not really aware of exactly what they’re paying attention to. But whatever it is dictates in a very direct way what will come out of their mouths—what they’re going to say—and then ultimately what they do.  So it’s a virtuous cycle.

9781118658086.pdfLeading positive is when a leader is looking at what’s possible, what’s positive, what’s valuable, and what they can leverage in the moment.  When leaders are looking at the upside of a situation—welcomed or unwelcomed—then they create a virtuous cycle.  They start talking about it, they say out loud what they’re seeing, and then other people join them in taking action, doing what is necessary to really take advantage of the upside.

In your research on leadership, what distinguishes a highly effective leader?

One of the things that stands out about highly effective leaders is that they actually spend five times more attention and effort leveraging what is possible and what is positive in the moment than they do focusing on problems. That is a big reversal from what most of us by nature and nurture do almost automatically.

What neuroscience refers to as our negativity bias literally equips us to be more sensitive and more reactive to something that spells danger, harm, problem or something’s not right. And so if we let that negativity bias have its way, most of us are literally the opposite; we’re focusing on the upside five times less than the downside.

What we’re doing here with highly effective leaders is we’re training them how to be aware: “What am I paying attention to?” And if it’s a huge problem or a huge barrier, something that’s significant, of course, you need to pay attention to it, but pay attention to it as an asset-based thinker would—by focusing five times more effort on the assets inherent in the situation, even if the situation is problematic.

On the other hand, deficit-based thinkers are people who have not tackled or tried to tame their negativity bias. It’s quite easy to do. It’s a simple process, but we find it difficult because it means cultivating a new habit.

Soul is all about meaning what you say and saying something meaningful.” –Kathy Cramer

You break down communication into substance, sizzle, and soul. It really resonated with me. “Saying it” with substance, sizzle and soul makes communication positive and memorable. Would you share an example of this?

I’m thinking of Franklin Delano Roosevelt here.  In his famous inaugural speech, one of his first lines was, “The only thing we have to fear is fear itself.”  Let’s just take that one memorable line. There is tremendous substance here, which really refers to the psychological fact that when you are afraid, when you’re in deficit-based thinking land, there’s some anxiety. And in this case, America was going through the Great Depression, so the anxiety was profound. When we feel hopeless we have a very narrow focus. Our minds operate like lasers zeroing in on what the problem is and how to escape. But there is no creative bandwidth at all in that.

“The only thing we have to fear is fear itself.” –F.D.R.

Speak With Substance

So when a leader is speaking with substance, he is giving people the kind of information that FDR was presenting, the cautionary tale: If we act out of fear, we surely will fail, we surely will be sub-optimized, we surely will be impulsive.

Speak With Sizzle

The sizzle that’s associated with this phrase has to do with the emotion, the profound warning that you can hear in FDR’s voice. We can go to YouTube, we can Google this particular speech, and we can hear it thanks to technology now and even view him as he spoke those words. The tone of his voice and the message itself had sizzle because they were speaking directly about emotion.

Speak With Soul