Five transforming takeaways from Martin Lindstrom’s Business Transformation Summit presentation
23/10/2018
1. Transformation starts from within.
Listen to customers by looking into the outside world and then coming inside. Take note of what happens from the bottom up. A good 85% of everything we do is deeply irrational. With this in mind, it’s good practice to start with customer experience and work backwards to initiate a transformation.2. Small data goes hand in hand with big data.
It takes two to tango and the most accurate forecasters depend on these two data where the middle is the sweet spot. Be observant of small data – the seemingly insignificant behavioural clues that point toward one or more unmet customer needs are pivotal in experience economy.3. Boredom is the foundation of creativity.
These days, people reach out to their mobile phones first thing in the morning. This attachment to phones is the reason why we are never present and never completely alone. Appreciate those moments when you are alone and bored and allow creative ideas to spurt in your solitude. Learn to meet people again and appreciate the smallest reasons behind the things they do. As popular author Maya Angelou said: “People will forget what you say, they will forget what you do, but they will never forget how you made them feel.”4. Innovation is combining two ordinary things to create a new way.
Innovation does not have to cost a fortune. It’s about combining two things to come up with an extraordinary way. Oftentimes, our obsession with data prevents us from innovating. Remember, new needs – new market.5. Be a trusted global brand.
Global brands are dying in 10 years because consumers don’t trust them. Brands cannot be fake anymore. Begin with small data and verify it with big data. Once behavioural patterns are established, identify gaps and strategize for a brand transformation. This is best summed by Charles Darwin: “In times of great change, it is not the strongest or cleverest that survive, but the ones most adaptable to change.”
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