How do you balance delivering this year’s results with innovating for future success? That was the challenge facing 400 delegates from top New Zealand companies as well as world-leading international/New Zealand speakers. The question was explored over two days at the Better by Design CEO Summit. I’ve condensed the discussions into the key themes that resonated with me.
The Venture Capitalist approach
The mindset of placing small bets, testing, learning quickly, then either scaling-up, pivoting or killing came through strongly. With this in mind, entrepreneurial thinking, skills and attitude within larger organisations is seen as crucial. For example, Les Mills find it tough to recruit the entrepreneurial mindset but reap the benefits when they do. David Butler Vice President, Innovation and Entrepreneurship for the Coca-Cola Company took everyone through an alternate route.
David shared insights from Coca-Cola about how large companies can design for scale – they not only need to simplify, standardise and integrate but also stay agile and attuned to market changes.
Fixed vs flexible
David gave an example of a strategy, using Lego as a case study. The idea of modular, connecting pieces stays fixed, but themes like Harry Potter and Minecraft come and go with fashion. Because of the fixed elements, traditional Lego can easily work alongside themed sets. Coke's spin on this: be really clear what's fixed, consistent and unchanged across your business Vs what's flexible and changeable.
Entrepreneurs within Us
Coke have also started partnering with start-ups to solve shark bite problems (BIG painful problems vs small, gnat bites). They've set up a parallel but separate division allowing the entrepreneurial ecosystem to co-exist without compromising their core operations. This is another example of the “fixed Vs flexible” approach in action. Using tried and tested entrepreneurs, lean start-up principles and convertible loans, they look to provide an entrepreneur-friendly environment. To avoid friction between the two very different environments, there's clear visibility of projects, budget and activity across the wider organisation.
Connect in the moment
Google took things down to the micro level with Lisa Gevelber, VP-Marketing from Google introducing us to the importance of ‘micro-moments’, defined (by Google) as:
"Micro-Moments: Moments when we act on a need - to discover something, learn something, do something or buy something. Instant rich moments when decisions are being made and preferences being shaped."
Lisa talked about a person who broke a coffee plunger whilst washing up, Siri searched a replacement via their mobile and the consumer bought it with one click from Amazon. Smash to purchase in less than 10mins. And for the immediacy they were happy to pay a little price premium.
What does that mean for businesses? Moments really do matter individually and collectively. You can map those moments (or consumer experiences – BBD design coaches can really help here) and then design your digital touch points and content to match the moment. Done in a highly contextual way, you'll have lots of micro moments in which you can connect your product or service with potential customers. If you don't do it you're potentially leaving the door open to competitors who maybe more accessible in the moment.
In summary
The three key take-outs from the CEO Summit to help businesses scale whilst staying agile to market and consumer flux, were for me:
1. VC/entrepreneurial attitude
2. Fixed and flexible components
3. Micro-moments
My advice is to pick the first of these three approaches and give it a test drive. Good luck!
The Venture Capitalist approach
The mindset of placing small bets, testing, learning quickly, then either scaling-up, pivoting or killing came through strongly. With this in mind, entrepreneurial thinking, skills and attitude within larger organisations is seen as crucial. For example, Les Mills find it tough to recruit the entrepreneurial mindset but reap the benefits when they do. David Butler Vice President, Innovation and Entrepreneurship for the Coca-Cola Company took everyone through an alternate route.
David shared insights from Coca-Cola about how large companies can design for scale – they not only need to simplify, standardise and integrate but also stay agile and attuned to market changes.
Fixed vs flexible
David gave an example of a strategy, using Lego as a case study. The idea of modular, connecting pieces stays fixed, but themes like Harry Potter and Minecraft come and go with fashion. Because of the fixed elements, traditional Lego can easily work alongside themed sets. Coke's spin on this: be really clear what's fixed, consistent and unchanged across your business Vs what's flexible and changeable.
Entrepreneurs within Us
Coke have also started partnering with start-ups to solve shark bite problems (BIG painful problems vs small, gnat bites). They've set up a parallel but separate division allowing the entrepreneurial ecosystem to co-exist without compromising their core operations. This is another example of the “fixed Vs flexible” approach in action. Using tried and tested entrepreneurs, lean start-up principles and convertible loans, they look to provide an entrepreneur-friendly environment. To avoid friction between the two very different environments, there's clear visibility of projects, budget and activity across the wider organisation.
Connect in the moment
Google took things down to the micro level with Lisa Gevelber, VP-Marketing from Google introducing us to the importance of ‘micro-moments’, defined (by Google) as:
"Micro-Moments: Moments when we act on a need - to discover something, learn something, do something or buy something. Instant rich moments when decisions are being made and preferences being shaped."
Lisa talked about a person who broke a coffee plunger whilst washing up, Siri searched a replacement via their mobile and the consumer bought it with one click from Amazon. Smash to purchase in less than 10mins. And for the immediacy they were happy to pay a little price premium.
What does that mean for businesses? Moments really do matter individually and collectively. You can map those moments (or consumer experiences – BBD design coaches can really help here) and then design your digital touch points and content to match the moment. Done in a highly contextual way, you'll have lots of micro moments in which you can connect your product or service with potential customers. If you don't do it you're potentially leaving the door open to competitors who maybe more accessible in the moment.
In summary
The three key take-outs from the CEO Summit to help businesses scale whilst staying agile to market and consumer flux, were for me:
1. VC/entrepreneurial attitude
2. Fixed and flexible components
3. Micro-moments
My advice is to pick the first of these three approaches and give it a test drive. Good luck!
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