Taking More or Falling Harder
麦肯锡 's senior partner Michael Birshan article titled "How to go faster and further during times of volatility" inspired me to rethink about the answers to some of my questions related with current business landscape.
We can expand examples of uncertainty: a massive wave of migration, the rise of nationalist movements, disruptive competition from the East, and GenZ with its new codes...
Given my job, I spend a significant portion of the year on active client visits. Over the past year, however, I have encountered increasing difficulty in comprehending the rapidly shifting market dynamics and the evolving customer personas. Despite my dedication to being a customer centric, I am grappling with the relentless pace of change and transformation in the market landscape. This scenario underscores the necessity for what Michael Birshan aptly describes as strategic courage. This involves creating new roles that both embody and execute courage through an agile strategy that prioritizes purpose-driven growth.
Michael Birshan emphasizes that there are three basic elements to turning courage into a strategy: focusing on growth, breaking organizational inertia, and investing in strategy. Similarly, I argue that insights, commitments, and execution will provide leaders with a competitive advantage in uncertain times, but it is essential to be acknowledged that we are going through a period where the gap between strategy and execution functions is steadily narrowing.
We are in a transition phase where the traditional weight and positioning of strategy department can slow down agile decision-making related to product and service innovation. Therefore, I argue that certain strategic functions directly involved in navigating products and services should also be integrated into execution, enabling organizations to embrace change with agility and break through inertia.
Let me illustrate with an example: In April, I spent a week in Chicago making observations about the industry I work in. Upon returning, I visited a customer who had also traveled to the US with his family around the same time. While I was still analyzing my observations and trying to understand the changes independently, our customer surprised me by requesting a service similar to what I had observed in Chicago. Moreover, the customer mentioned a new market entrant where they could obtain the service if we were unable to provide it. This scenario raises the question: What if we were not prepared to offer this service?
The key point I want to emphasize is that another source of volatility lies in customer personas and their evolving expectations, which significantly influence market dynamics.
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Several factors contribute to these rapid changes. Treating customers solely as data points may not fully capture the complex shifts in customer personas. While digitalization and AI provide considerable flexibility, it is important to remember that humans possess the capacity to develop cognitive and emotional responses to changes. Therefore, I believe that fostering meaningful customer interactions is more critical than ever before.
We have been primarily explaining our products and services to customers. Today, customers articulate the specific services they want from us. The competitive landscape has also evolved, entering new market players capable of delivering the requested services. Instead of us creating value propositions for customers, they now define the value they seek from us. Furthermore, understanding customers has become more intricate, influenced by factors such as migration waves and Generation Z with their unique perspectives and societal norms.
Naturally, as Michael Birshan emphasizes, we must acknowledge a period where those who succeed gain even more, while those who lag face greater challenges. Confronting this reality demands courage and agility.
Here is the link to the great article, enjoy reading!
Absolutely! Adapting quickly in volatile times is key. What strategies stood out to you the most?