This blog about new business trends is inspired by Wayne Gretzky's quote.
When asked what made him stand out from many other hockey players, Gretzky
responded: "A GOOD hockey player plays where the puck is. A GREAT hockey
player plays where the puck is going to be". Can the same principle be
applied to business? (More)
Can you summarize your company’s strategy in 35 words or less? In this amazing HBR article Collis and Rukstad stress the importance of putting together a simple strategy statement as “a guiding light for making difficult choices”. Here is an example of a strategy statement provided in their article:
Edward Jones aims to “grow to 17,000 financial advisers by 2012 by offering trusted and convenient face-to-face financial advice to conservative individual investors who delegate their financial decisions, through a national network of one-financial-adviser offices”
According to the authors, there are three critical components of a good strategy statement: objective, scope (domain) and advantage. Read More!
Here is an amazing article by Michael Porter published in Harvard Business Review that helps one better understand what strategy really is. Let me try to paraphrase Michael Porter’s definitions of strategy here:
– Strategy is the creation of a unique and valuable position involving a different set of activities.
– Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.
– The essence of strategy is in the activities – choosing to perform activities differently or to perform different activities than rivals.
– Strategy is making trade-offs in competing. The essence of strategy is choosing what not to do.
– Strategy is … defining and communicating company’s unique position, making trade-offs, and forging fit among activities.
Check out this Porter’s video “What is Strategy”: Tweet
Why things catch on? How can your campaign go viral? Follow the STEPPS principle put together by Jonah Berger to create your own word of mouth campaign:
– Social currency: give people some “currency” that will make them look good before others (e.g. interesting information, new facts and stats)
– Trigger: use triggers in the environment to prompt people to talk or think about your products (e.g. consuming Kit Kat chocolate with coffee or during the breaks)
– Emotional: focus on feelings rather than on technical qualities of your products
– Public: make your products (or the use of your products) as visible as possible
– Practical value: create really useful products; people tend to share news about products with great value
– Story: create and promote an authentic story about your products that people want to share
Check out this excellent and inspiring video and article by Jonah Sachs on “Winning the Story Wars” and on Inadequacy Marketing vs. Empowerment Marketing.
Here is a quick recap of Sach’s ideas in his own words:
“Since the emergence of modern marketing, professional communicators have relied on the “inadequacy approach”. Tell your audience that the world is dangerous, that they lack what they need, that they don’t quite fit in. Then offer the magic cure — your product.
Can marketers get in on this? Of course — if they catch up with the times. They need to recognise that nobody wants to push an anxiety-provoking message to their network. That would destroy the sender’s social capital. So such messages can’t find viral pick-up. But messages based on empowerment, which make the audience the hero and remind them of how full of potential they are, are proving to be social-media ready.”