How to Innovate: Start With the Customer Innovation isn’t just for technologists or scientists. At its core, innovation is about finding a new way to address an unmet need. Organizations that learn how to identify their customers’ unmet needs before generating ideas can become excellent at innovation. If you ask the right questions of the …
Why I Went Into Business I grew up wanting to be a psychologist or a journalist. I lived in a community in Philadelphia where business was seen as crass, as selfishly grasping for material wealth instead of seeking to make a positive difference in the world. But shortly after graduating from college, I found myself …
Is the ‘Streetlight Effect’ Keeping You From Success? German philosopher Friedrich Nietzsche once wrote, “Many are stubborn in pursuit of the path they have chosen. Few in pursuit of the goal.” Today we might say, “Many are stubborn in pursuit of followers and likes. Few in pursuit of the goal.” Gaining followers and likes on …
What Most Companies Miss When Trying to Drive Innovation Innovation enables companies to differentiate, establish competitive advantage, and drive revenue growth, so it isn’t surprising that nearly every executive wants his or her company to be innovative. When I ask executives how they are driving innovation, people often tell me about their tactics to encourage …
3 Steps for Adapting to Disruption Disruptive innovations are working their way through the economy, leaving creative destruction in their wake. There is no way to bulletproof a business from disruption, but here are three steps you can take to adapt to and participate in it. 1. Get clear about what business you are in …
What Businesses Can Learn From Twitter’s Slowdown Twitter’s strategy is in a flutter. Its user growth rate has slowed and its revenue from ads dropped below Wall Street targets last quarter, resulting in a 30 percent drop in its stock price since April. After eight years, the company is still struggling to explain its business …
Why You Should Forget About Exceeding Customer Expectations Our modern business literature is filled with books and articles from experts who advise businesses to exceed customer expectations and over-deliver as a way to delight customers, build loyalty, improve retention, increase referrals and drive growth. This thinking is so entrenched in corporate America that it often …
3 Mistakes That Will Stop You From Being Successful Elizabeth Holmes dropped out of Stanford University at 19 with a big, disruptive idea and founded Theranos. Now at 31, she’s a billionaire. She has dramatically improved the experience of getting a blood test. Based on just one or two drops of blood drawn with a …
How You Define Your Market Matters Definition of a market: “A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.” – Investopedia. Note that this definition is based on existing products and services. Consequently, it should be no surprise that many executives define their …
Businesses Don’t Drive Growth; Customers Do Peter Drucker said, “The purpose of a business is to create and keep a customer.” While companies also exist to build wealth for owners, provide jobs for employees, etc., a company cannot survive unless it first creates value for customers.
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