By keeping more customers, and reducing the money spent on customer acquisition, the marketing and sales people might not be too happy, but actual profits will increase by 25% to 100%.Read More
As a founder you have a big picture idea of your product or service. How do you make sure it’s the right one? Rely on your gut? Business judgement? Ask friends/colleagues?
What you need is a systematic process to reduce risk and uncertainty of new business ideas.Read More
Someone is going to disrupt your industry, is that you?
Taking the HBS ‘Disruptive Strategy’ course taught by professor Clayton Christensen was one of the greatest investments of 2018. Engaging, informative, overwhelming, and transformative.
You get a chance to dive into compelling case studies of companies that made a dent in their industries, and also revealing their market strategies to you, so you can dissect it and apply to yourself.
At the beginning of the course, professor Christensen started with statement that resonated with me so deeply and I’ve realized it’s going to be a remarkable journey:
'“Instead of telling you WHAT to think, I’ll teach you HOW to think. If you know how to think about your problem, what to do about it will be just obvious.”
You write down a problem, I would like to help you understand the relevant theories that will allow you then to predict what course of action you need to take in order to get the result you need.
Here are a few insights from the course:
Success is very hard to sustain and the common reason why successful companies fail is phenomena that we call disruption.
What initially might look like a sustaining strategy could result in losing strategic positions as a disruptor. You should ask yourself - ‘Is there enough demand for this strategy on the market?
The problem is that something which is a core competence today might not be something that is a core competence tomorrow. Skate to where the money would be.
When an organizational bias for action drives doing, often thinking falls by the wayside. Great questions to ask yourself at the beginning are: ‘What is worth doing? How do you define what is successful or what’s not?’
How do you tell whether disruption is afoot? Almost always the signals come from the bottom of the market, not the top. And so the best customers that you need to listen to are not the most demanding customers because the signal that they'll give you is they need even better products. Down at the bottom of the market these are people who don't need the products that you're offering because you're offering them too much. And they just leave, they don't call you to say, "Oh, by the way, I want you to know why I'm not buying your products anymore." They just leave silently.
But the biggest insight for me is:
What about your organization?
Do you have a clear understanding of what your strategy is?
Are you currently ‘skating’ where the money is?
I’ll be posting more insights from the course in the next series of posts about strategy.
Thanks for reading folks!
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When you have a product or service, you are subconsciously biased towards its success. People start making wrong decisions based on what users need and what features should be offered long before the customer discovery and validation process.Read More