Tag Archives | market research

Think Like an Explorer

Businessman Walking Outdoors

When I was sixteen, I went on a 2-week horseback trip in the Bighorn mountains of Wyoming. Each morning, we were given the coordinates of the location where we would camp that night, then turned loose with a map and compass. It was satisfying to arrive at the destination each night, after navigating our way through the mountains on our own.

Heading a new strategic direction—entering a new market, innovating a new product line, or changing the way we go to market—can feel like heading out into the wilderness. If we think like an explorer would, however, we can find our way to new sources of profit and growth.

Here are four points to keep in mind when navigating new strategic territory:

Continue Reading →

5 Ways to Gain Extraordinary Customer Insight

Composite image of businessman looking on a ladder

Have you ever invested great time and expense in developing and launching a new product or service, only to see revenues fall far short of expectations?

We think we’re delivering exactly what the customer has asked for, but it turns out that we didn’t really understand what our customers were willing to buy.

We’ve all been there. McDonald’s introduced chicken wraps and other menu items to satisfy the demands of health-conscious diners, only to find that customers don’t actually want to eat healthy food at McDonalds. The fries are just too tempting.

Especially in fast-changing markets, companies often get so busy running the business, they fail to understand their customers’ experience and needs. They are blind to what actually goes on when customers use their products.

Let me suggest a few ways to break out of this cycle, so that you understand what your customers value and how they think. Continue Reading →

Is Your Corporate Culture Killing Innovation and Speed?

Easy win

In the past few years, Cisco, Coca-Cola, GE, IBM, MasterCard and other large companies have begun to launch “internal startups”—teams of employees who are sheltered from corporate rules and bureaucracy – to stimulate entrepreneurship and creativity, and infuse agility.

I spoke recently with the leader of a business that existed – for a while – as an internal startup within a large corporation.

The thinking was that employees within this quasi-startup would be free to focus on their goals. Team spirit and collaboration would replace hierarchy. Innovation, risk-taking, and learning from failure would flourish. Time formerly spent on meetings and emails with other corporate groups would be spent focusing on the customer.

All those good things came true, as long as the team was left alone. Continue Reading →

Growth and Profitability from Outlier Customers

Red umbrella fly out from crowds of black umbrellas

When you deal with the same types of customers, buying the same products and using them the same way, every day, it’s easy to be lulled into a smug confidence that you know everything you need to know about how customer needs are evolving.

Market research and management reporting systems are notorious for “averaging” all customers together. This blends specific needs into a bland summary of general information. As a result, critical “outlier” information gets lost in the mix, and companies lose out on valuable insights about customer needs.

They focus product and service enhancements on the “average” customer, and as long as she’s pretty happy, they think they’re doing well.

This is dangerous.

When we ignore the unusual customers – the ones at the edges of the bell curve – we miss important market signals.

These “outlier” customers are those who do things a little differently.  They may use our product or service in an unusual way, perhaps even in a way that’s never occurred to us.

Why is this important? Continue Reading →

Be Prepared and Take Action Quickly!

Take action key on a computer keyboard, business concept

One Monday in 2013, my husband and I spent the night in our car. Shortly after midnight, on our way home from playing hockey (this is a new sport for us, and great fun), we were amazed to encounter a huge traffic jam on Atlanta’s I-285. As we slowed to a stop, we saw a plume of fire as big as a house rising from a burning tractor-trailer a third of a mile ahead. Scenes from disaster movies looped in my head, and we talked about what to do if things got worse.

We passed the first hour reading books on our iPhones, then slept intermittently while waiting for the emergency workers to put out the fire and clear the wreckage. Someone from a nearby car borrowed our jumper cables, and Rob got out from time to time to walk ahead to see how things were progressing. We started the car periodically to warm up.

This incident reminded me how important being prepared can be. I was thankful to have a warm coat and sensible shoes but thought about a few things that we should keep in the car in the future. Snacks, water, a first-aid kit, at least a third of a tank of gas.

I thought, too, about business preparedness. Business people tend to enjoy planning for good things, like new products, revenue growth and hiring. It’s worth taking the time to prepare for unpleasant surprises as well, since you can tremendously improve your outcomes with a little planning.

Here are a few examples: Continue Reading →

Six Obstacles That Stop Agility In Its Tracks

Professional sprinter jumping over a hurdle

Are you struggling to make your company more agile?

In my work with organizations in virtually every industry, I find that business agility – the ability to spot and capitalize on new business opportunities as they emerge – is a capability that many companies aspire to, but few achieve.

What makes agility so elusive?

I’ve observed six primary obstacles to achieving agility. Continue Reading →

Look Outside Your Industry for Breakthrough Ideas

Be Different

I recently met with the leaders of a highly successful company. Sales growth, which had been strong for years, was headed into negative territory. They were desperate to find the next “big idea” that would put their company on track for future growth.

As they discussed potential innovations, the same tired, incremental ideas that had been tossed around for years kept resurfacing.

What they needed was something to shake up their thinking.

Continue Reading →

3 Mistakes in Managing Risk and Uncertainty

фотосессия во Вьетнаме

Not long ago, I stood on a pier near Cape Canaveral, Florida and watched a SpaceX rocket launch.

People were wearing SpaceX t-shirts and talking excitedly. SpaceX has brought the thrill back into space exploration.

Founder Elon Musk figured that by developing a way to reuse rockets, just like airplanes, he could reduce the cost of travel to space by a factor of a hundred.

He’s well on his way to achieving that. The company created the first commercial spacecraft in history to shuttle cargo to and from the International Space Station, and has already cut the cost of launching into space to less than a tenth of its prior level.

His ultimate goal, however, is to colonize Mars, making human life inter-planetary.

How’s that for a bold vision statement?

Continue Reading →

Want breakthrough ideas? Look outside. WAY outside.

AAEAAQAAAAAAAAb8AAAAJDhkOTgyMDkyLWQ5ZjItNDg3ZC1hZWFiLWE4ODk1MGIwODAwZAI recently met with the leaders of a highly successful company. Sales growth, which had been strong for years, was headed into negative territory. They were desperate to find the next “big idea” that would put their company on track for future growth.

As they discussed potential innovations, the same tired, incremental ideas that had been tossed around for years kept resurfacing.

What they needed was something to shake up their thinking.

These managers had been so busy delivering product, serving customers, dealing with people issues, managing the budget and attending meetings, that they had focused all their attention inward. They hadn’t looked outside their industry for new ideas in months, or even years. As a result, their thinking was stale and uninspired.

When you want to develop breakthrough ideas, try looking at companies outside of your industry to fuel new thinking. If you are in healthcare, look at technology or consumer products companies.  If you are a services company, look at manufacturers. You get the idea.

Pick one company, and list what’s intriguing, controversial, new or different about it. Be specific about what you observe, and then ask: “How might we apply this idea in our own company?”

An industrial products business, for example, looked at Walmart as an exemplar, even though the two companies are in different industries and are of vastly different size.

The smaller company observed how Walmart has made its store-brand Ol’ Roy dog food the bestselling brand in the world, and decided to explore the idea of offering private-label products. It observed how Walmart has standardized apparel sizes across many different clothing suppliers, and decided to simplify and standardize its product sizes, so customers could more easily specify and buy what they needed.

This video describes this process:

Click here for a framework and example.

When I suggested “looking outside your industry” in a blog post a few weeks ago, readers contributed how they had:

  • Found new ideas for an aerospace company by looking at consumer products technology trends.
  • Developed a new hotel concept after looking at the consumer and employee experience across brands like Starbucks, Harley Davidson and Quick-Trip.
  • Applied ideas from investigative journalism to sales training.
  • Employed GM and Toyota product positioning and pricing ideas within an information services company.

Next time you want to develop new ideas for performance improvement and growth, look at companies in completely different industries than your own.  Be specific about what you observe, and then think about the implications for your own company.