strategy
think ahead
Innovative business ideas are invariably founded in deep customer insights—not just understanding their needs and wants, but taking a leap while they walk —just as Airbnb did. Henry Ford knew this about customer needs: customers do not necessarily know what
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to replicate or to renew?
The speed with which technologies and markets change forces firms to innovate their business model. The two main types of business model innovation are replication and renewal Replication flourishes especially in relatively stable environments. Renewal, however, has a particularly positive
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stand out, not in
In an era of sameness, it is tough to set your business apart from competition. Customers have dozens of options to choose from, and your company may get lost in the maze of choice. Fine-tuning your sales pitch is an
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leading by fear?
Those occupying seats of power—many a time unknowingly—trigger a sense of fear in their organizations. This makes them unapproachable and kills the synergy that smooth conversations can bring. Leaders may be tempted to believe that the problem lies elsewhere, but
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the power of divergent thinking
As the world evolves at a rapid pace, businesses are increasingly getting left behind as they cling to the past. Companies must turn to divergent thinking to carry their company forward into the future, breaking out of established patterns by
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cost of complacence
Refusal to step out of our comfort zones is a defense mechanism of sorts—making us entrenched in the familiar, keeping change at bay. Businesses too get trapped the same way, obsessing over ‘what is’ and failing to realize the immense
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connection matters
In this fast-evolving world—where technology is advancing at an unprecedented pace—connections have turned out to be that crucial link to success for businesses. Diligent are those who redraw their customer approaches and design a connection strategy. In our interactions with
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power of many
It is a long-known fact that models—systematic structures that let us organize information—help us make better sense of things. However, in today’s age of big data, one particular model may not be an all-encompassing one—it may not take into consideration
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a culture play
Leaders should understand the connection between organizational change and customer experience, which can be established if an enriching culture is fostered for employees to perform at their best. When I founded The Best Practice Institute, I launched it with Fortune
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‘Politics’ of failure
Nokia’s once-stellar performance was undermined by misaligned collective fear: top managers were afraid of competition from rival products, while middle managers were afraid of their bosses and even their peers. It was their reluctance to share negative information with top managers—who thus remained overly optimistic about the organization’s capabilities— that generated inaccurate feedback and poorly adapted organizational responses that led to the company’s downfall.*
It is not just Nokia, but many others who have fallen prey to complacency and turned risk-averse. New technologies are growing pervasive by the day and organizations can ill-afford to ignore its implications.
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