i3 - January/February 2019 - 86

Business

By Scott Steinberg

FO RWA R D ST R AT EG I E S

How to Thrive Despite Disruption

Make Change Your Secret Weapon

Trade secret: Innovation is another word
for improvisation - anyone can adapt to
novel challenges by studying problems,
brainstorming original solutions, then
steadily improving as they go. The more
you get customers (the #1 best source of
successful new ideas) and frontline workers
(those closest to clients) to share their
insights, the more successful you'll be. For
example: When Dell EMC has trouble solving business problems, it routinely turns
them into innovation contests for its workforce. Employees worldwide share and vote
on ideas and the winners become real prototypes. Customer responses from these
pilot programs enhance future efforts, producing bigger and better innovations.

Emphasize Both Soft
and Hard Skills

Google founders Sergey Brin and Larry
Page once created an algorithm that analyzed every job-related decision (e.g., hiring, promotion and firing) at the
company since 1998. Shockingly, when it
came to top-performing individuals'

on-the-job abilities, technical skills were
the least important indicators of success.
Rather, soft skills such as communicating
effectively and empathizing with others
were more important in defining an
employee's potential to be a strong leader.

Cultivate Empathy
and Effective Listening

The best way to create positive change and
promote teamwork is to stay keenly
attuned to your environment and respond
to changes more rapidly and productively.
By cultivating effective listening skills, it's
easier to stay attuned to shifts in the market, cultural trends and competitive landscapes. According to the World Economic
Forum, 90 percent of top performers boast
better abilities here than peers, and studies
show that without them, it's difficult to
become a successful leader. The better a
listener and more empathic an individual
or organization, the more successful.

Turn Flexibility into Future Proofing
Corporate giant Mastercard is no longer a
"financial services" business. Instead, it is

a "technology and innovation company"
- dedicated to engineering and re-engineering solutions to meet shoppers' needs.
Likewise, other multibillion dollar companies like Allstate Insurance cite core values
that include using customer insights, data
and technology to create disruptive innovation, executing decisions with precision
and speed, and focusing on business activities that provide the greatest impact. As
Allstate notes, "be a learning organization
that leverages successes, learns from failures and continuously improves." The
more you adopt this outlook in your business, the easier it will be to stay relevant
and in tune with fast-changing trends.

Building Relationships
and Top-Notch Service

Existing customers are easier to sell to
than new ones, and building long-term
relationships is the secret to success.
Bain & Company found that raising
customer retention rates by five percent
can increase your profits 25 to 95 percent. In 1994, software creator Stardock
was making products for IBM's OS/2.
They treated buyers like trusted
friends, sending them free copies of
other products if release dates slipped.
By 1997, the OS/2 market collapsed, as
did company revenues. Switching gears
to the Windows market, Stardock
needed to raise funds fast. So it presold its new product (Object Desktop
for Windows) as a $50 subscription -
a concept sketch at the time. However,
its customers remembered how
Stardock treated them and purchased it
by the thousands. Because of this support, the company went on to create
many other hit products.
It's impossible to predict the future. But
when you apply these strategies, you'll discover more effective ways to keep up with
competitors and align with even the most
disruptive business markets.
Visit AKeynoteSpeaker.com.

JANUARY/FEBRUARY 2019

I T I S I N N O VAT I O N

iStock/Getty Images

elcome to 2019: blockchain, artificial intelligence (AI),
big data, robotics, virtual reality all promise high-tech
disruption. While continuous change is the new norm,
five simple shifts in thinking can keep you ahead of the curve.

http://www.AKeynoteSpeaker.com

i3 - January/February 2019

Table of Contents for the Digital Edition of i3 - January/February 2019