Professor Wind taught us that there is no one driver of innovation; rather, innovation is a process each company has to learn about and experiment with to determine their own path forward. His eight principles of transformation guide our mindset and organizational structure so we can be prepared for whatever comes next. These principles are the foundation to help us cope with and survive current crises from the coronavirus pandemic to racial injustice, capture available opportunities, and be able to anticipate and navigate the next crisis.

Learn how Jerry Wind conceptualized his eight principles of transformation

Eight Principles of Transformation

1. Change Your Mental Model

In changing your mental model, you seek to adopt an insurgent mindset that challenges the reality we have accepted or become complacent to. Wind tells us that returning to a pre-coronavirus normal is the wrong mental model to have, as the world has drastically changed since March 2020. Between work-from-home, the e-commerce boom, zoom communications, e-learning, and the like, we would lose so much if we just went back to the way things were. We are facing a new reality and have to use our learnings to grow and expand.

Wind instructs us, “The most fundamental [task] that I’d like you to explore is what is your mental model? Is it still appropriate for today’s environment of the new reality and how can you change it? What will be the needed changes to the mental model, that how can you become not only a defensive player but actually a disrupter in your industry?” 

2. Reimagine and Reinvent Your Approach to the Customer and Stakeholder

Customer needs and expectations are constantly evolving and successful brands evolve with their customers. Wind notes that current crises, as well as significant advances in technology from apps to AI, are really “enriching and allowing the consumer to be much more empowered in the balance of the relationship between the consumer and the retailer.”

Wind encourages brands to design customer-centric strategies that respond to and anticipate customers’ needs and expectations — ideally, brands should co-create with their customers by offering real-time customizable and personalized experiences. Society is shifting from the traditional shareholder approach to a stakeholder approach, where stakeholders are predominantly the customer, but also partners and employees. A purpose-led organization that has a positive social impact will resonate with customers, new talent, and more.

3. Speed Up Digital Transformation and Design for Personalization at Scale

A rapid, agile system that can quickly respond to changes in the environment will thrive in this rapidly evolving world. As we learned last year, we don’t always have the luxury of time and deep analysis to figure out the best solution. A robust digital infrastructure and omnichannel approach will give organizations the foundation to be able to respond quickly, fully engage their audiences, market globally, and provide updates as needed. A digital infrastructure will also help with personalization at scale, as we move away from a one-size-fits-all approach to a personalized approach that directly addresses consumer needs.

4. Reinvent Your Talent Strategy and Embrace Open Innovation and Open Talent

The idea of open innovation and an open talent strategy means we search for solutions outside our traditional domain and knowledge. Many challenges that organizations face have been solved somewhere else in the world, so we should be finding solutions that already exist and not wasting time reinventing the wheel. More and more people, especially under the flexibility of remote working, are preferring the gig economy style, which means companies might not be attracting all the talent they need. An open innovation network curates specific results to a problem, benefits from an interdisciplinary point of view, and is a source of collaboration and communication that can keep innovations cutting-edge and modern.

5. Seize the Need for Speed and Design for Agility, Adjacencies, and Adaptability

Agility is an important facet of innovation and success. To be adeptly speedy and agile, organizations need to look at the adjacencies in terms of similar products and services, available markets, and shared partners and networks where they can pivot, learn from, and expand. Looking at these adjacencies creates opportunities for improvement, a new perspective, and increased efficiency.

6. Innovate, Then Experiment, Experiment, Experiment

“The key to everything we are doing, especially in today’s environment, is the need to continuously innovate and then experiment, experiment, experiment!” Wind shares. Everything from customer behavior to technology to competition is changing, so organizations need to change, too. And we change through innovations, both big and small.

Customers don’t think in terms of verticals, but rather their experience is shaped across industries, which influences their expectations of everything else. Therefore, brands need to innovate every facet of their business, from their product offering to business model to their market approach. We accomplish continuous innovation by creating a culture of continuous experimentation that allows us to come up with new ideas pulled from various industries and domains and test them.

7. Redraw Your Timeline and Build a Portfolio of Initiatives Across All Innovation Horizons

There are three horizons of innovation: one is a brand’s current offerings of products and solutions; two is the markets a brand operates within; third is that which is new to the world. Wind offers Tesla’s series of innovations as an example of operating within all three horizons. In horizon one, Tesla is developing new electric models and creating a lower-priced version for greater accessibility; in horizon two, Tesla is creating autonomous cars; and in horizon three, Tesla is working towards Hyperloop, a tube that makes fast travel between cities like San Francisco and Los Angeles possible.

It’s best to have a varied portfolio of innovation initiatives, dedicating 80-90% of your time and resources to horizon one, and 10-20% to horizons two and three. Your portfolio should seek to address how to improve your current offerings, explore what others are doing in other industries and how you can reach new customer segments, and create new solutions for the world in terms of products, markets, and business models.

8. Deploy an Idealized Design and Recreate Your Organizational Architecture and Network Orchestration

To create an idealized design, start with a compelling vision for your organization of what you want to accomplish and what your legacy will be. Select a date deadline for your objective, select a prize you wish to win (like the most innovative retailer or the best place to work), and then write a story for why you receive that award. That story is the foundation of an idealized design planning process that has you work backward to achieve your goal.

Having your story and design in place, then you look to recreate your organizational architecture — which includes your corporate culture, processes, structure, internal and external competencies, technologies, performance, and incentives — that positions you to accomplish your goal. The trick is moving away from just enacting minor tweaks to leveraging experiments and consistent daily tactics that will get you closer to accomplishing your goal by your set timeline. Through this, you will succeed in capturing opportunities and thriving, not just surviving, crises.

Your Innovation Strategy

Professor Jerry Wind inspires us to think differently, to challenge ourselves to innovate, and to continually learn to create opportunities and transform in times of crisis. 

While Wind inspires us to innovate, he shared a hefty challenge for marketers and businesses to find a place to start within their own organization. Learn where to start applying Wind’s eight principles below:

Learn how you can start innovating new opportunities for your business today.

Insights from the Experts

• Opportunities in Times of Crisis, a recap of Professor Wind’s previous discussion with NetElixir, from June 2020
• Connect the Dots with Natalie Zmuda, Head of Think With Google
• How Vigilant Organizations Gain an Edge
• Revisit the insights and perspectives shared during Connecting the Dots: Driving Change Through Innovation

The post Eight Principles of Transformation by Professor Jerry Wind appeared first on NetElixir.

David sat down virtually with NetElixir to chat about some brands he saw making a difference during the pandemic and what he considers an overlooked driver of innovation. 

Connect the Dots with the person who has been called the “guru of the DTC movement” and the “man who kick-started the direct brand economy,” David Bell, by reading his full interview with NetElixir.

NetElixir: What is a key driver of innovation that companies tend to overlook?

David: Well, to me, it’s the customer journey. So much can be done there. Early DTC companies innovated on price unlock, they innovated on value, and they also innovated on the customer journey. Think about how simple and easy it is to buy a Tesla on your phone and pop into a showroom and take a look at one, so customer journey innovation, for me, is really tops.

NetElixir: Companies are already beginning to prepare for future crises. What is one area they should focus on?

David: Well, what we learned from this current pandemic that is still ongoing is you really need to have the e-commerce operation fully integrated and up and running. So omnichannel in its most pure form: be everywhere, be where customers want you to be.

NetElixir: What is one example of innovation you’ve seen from companies during the pandemic that has impressed you?

David: A great example of a brand that’s really navigated the pandemic, I’ll give a shout out to one of our brands, Caraway, if anyone’s in need of high-quality, non-toxic pots and pans. Jordan the Founder was recently written up in Fortune as one of the brands that really, absolutely exploded during the pandemic. But what I liked was not just because people were cooking at home, but he really doubled into his grand vision which is to fill the home with products that are non-toxic, have a beautiful aesthetic, and a great value. So it really made him think about what he was delivering into people’s lives by way of making a home more interesting and more appealing for the whole family.

Connect the Dots with David Bell

Join NetElixir’s virtual conference, Connecting the Dots: Driving Change Through Innovation, to empower your DTC strategy with David Bell’s five pillars for success for 2021 and beyond.

The Playbook of DTC, live on 6/10 at 12:45 PM EST

The direct-to-consumer movement has simultaneously created unparalleled opportunities for entrepreneurs and unprecedented upheaval for incumbents. This session focuses on the building blocks for a successful DTC business, shares anecdotes and success stories for in-market businesses, and charts what the future of DTC looks like for the entire ecosystem — founders, investors, service providers, and acquirers. Lessons learned are brought together under the five pillars of the “Playbook of DTC.”

Register now to hear more from marketing legend David Bell.

Read More

Meet Natalie Zmuda, the Head of Think With Google

Meet Jerry Wind, Marketing Professor at the Wharton School

Meet Michele Peters, the Senior Manager of Global E-Commerce Marketing at UPS

Meet Aaron Zagha, the Chief Marketing Officer at Newton Baby

Meet Christine Hunt, VP of Brand Marketing at Lulus.com

The post Connect the Dots with David Bell appeared first on NetElixir.

The holiday season may start earlier this year, as customers react preemptively to delayed shipping they experienced during the coronavirus pandemic.  A strong e-commerce platform and social presence will be critical for this holiday season. Amazon’s Prime Day delay will likely usher in the holiday season once the economy stabilizes.

Planning your holiday strategy is a critical conversation to begin having now.

Connecting the Dots Speaker Lineup

Matt Guffey, UPS

UPS’s President of Global Strategy, Matthew Guffey, will present Planning Strategies for Peak 2020. Learn how to strengthen your supply chain to meet the holiday demand, especially as e-commerce demand is expected to continue to soar.

Guffey will share insights and learnings from his perspective as a small and medium-sized business champion and leader of UPS strategy, including a deep dive into:

• 2020: A year of challenge and constant peak demand
• Partnering for successful holiday strategies
• The critical importance of ‘Plan B’

Guffey previously worked with UPS as the President of United States marketing. With UPS, Guffey drives growth imperatives for success both today and in the future.

Robert Dillon, Google

Google’s Director of Agency Sales for North America, Robert Dillon, will share Digital Insights to Uncover Clues for Q4 Readiness. Dillon leads Google sales teams in partnering with agencies to drive customer success. Google’s 2020 holiday resource will be available to you, so you can begin charting your path to success.

Dillon has had a range of marketing and sales experiences prior to Google. Earlier in his career, he was a consultant with the Los Angeles office of the Boston Consulting Group, as well as an intelligence officer in the United States Navy. He earned his MBA in strategy and finance from Wharton and holds bachelor’s and master’s degrees in electrical engineering from Cornell University.

Kelly Thomas Nojaim and Milton Reis, Microsoft

Kelly Thomas Nojaim serves as Microsoft’s RVP of North America Corporate Sales and Milton Reis as the Global Corporate Sales Manager for North America. Both will present Microsoft Advertising: Getting Ready for the Near Future of Advertising. Learn about the most recent market share numbers, demographics, and index buying power from Microsoft advertising. Additionally, understand insights that are crucial for advertising during an unprecedented holiday season with trends and product insights to help you achieve specific KPI goals.

Kelly Thomas Nojaim has prior experience helping small and medium-sized businesses drive quality leads. She also worked in marketing with Microsoft’s Bing ads to leverage network insights and product management. She received her MBA from New York University’s Stern School of Business, where she was the President of Stern Women in Business.

Milton Reis has extensive knowledge of the retail vertical and experience working with a variety of brands. He is passionate about marketing initiatives, advertising, sales as a product solution, and exceeding customer expectations. He is the Co-Chair of the GLEAM of Microsoft Advertising organization.

Sheena Iyengar, Think Bigger and Columbia Business School

Sheena Iyengar is the S.T. Lee Professor of Business at the Columbia Business School who will speak on Think Bigger: How to Actually Think Out of the Box. Iyengar’s presentation is based on recent research in cognitive psychology and neuroscience which looks at how new ideas form in the human mind. Think Bigger features a new method on how to innovate a new solution by focusing on the defining and refining of a problem. She will also discuss how to go about deconstructing and verbalizing that problem in order to surface and reduce bias.

Iyengar has been voted among the top 50 most influential business thinkers by Thinkers50 and is rated one of the world’s best B-School Professors by Poets and Quants.

2020 certainly is a year ripe for new ideas. Iyengar, who has studied the process of choice since her undergraduate time at the Wharton School, muses that choice is how we create our most beautiful and singular selves.

Executive Panel Discussion with Al Bessin, Circa Lighting; Carlo Savino, Lenovo; and Parag Shah, Wakefern

The Executive Panel Discussion features insights for large retailers and is presented by Circa Lighting’s Chief Operating Officer, Al Bessin; Lenovo’s Executive Director of eCommerce, Carlo Savino; and Wakefern for Shoprite’s Vice President, Parag Shah. Learn trends and insights into the Home Furnishing, Technology, and Food and Grocery retail categories, as well as what changes in customer behavior these retail executives have seen firsthand.

Bessin oversees the marketing, operations, information systems, finance, human resources, e-commerce, and showroom functional areas for Circa Lightning and works with the President to develop company strategy. He has provided management, marketing, and operations consulting through his career of working with over 80 companies. 

Savino leads the vision, strategy, and execution of the next generation digital commerce capabilities for Lenovo’s online business. His extensive experience in online marketing and e-commerce garners tremendous insight into how the coronavirus pandemic has accelerated the digital trend.

Shah previously joined NetElixir’s second webinar on the impact of COVID-19 on retail ecommerce to explore how the Food and Grocery retail industry has changed and how Wakefern for Shoprite navigated the surge in demand. As the Vice President of the Grocery Division, he will expand his insights into how the demand for food has progressed as the coronavirus pandemic has evolved.

Robin Dreeke, People Formula LLC

Robin Dreeke, a former FBI Special Agent and Founder of People Formula LLC, joins Connecting the Dots to share Sizing People Up: The Six Signs of Trust and Building Strong Relationships. Dreeke will teach you how to think and operate like an FBI Behavioral Analyst, breaking down the elusive art form of behavioral assessment into an easy guide. You will learn how to assess yourself and others on trust and predictability. Dreeke’s expertise will help you form strong relationships for every aspect of your life, both personally and professionally. Partnerships are a crucial aspect of success and you will learn how to cultivate those relationships and build trust.

Udayan Bose, NetElixir

NetElixir’s Founder and CEO Udayan Bose will present 2020 Holiday Data: Consumer Trends & Digital Marketing Strategies. During this session, Bose will share key consumer trends that have emerged over the last few months and explain how they will influence the holiday marketing plans for the year.

NetElixir will also unveil our collection of research on the impact of the coronavirus pandemic on retail e-commerce metrics and online shopping behavior. We have been compiling the daily data since early February and sharing our findings in our webinar series, but our collection will compress the months of research and what the trends could mean for the holiday season.

Keelan Leyser, Digital Magician

What’s the fun of the holiday season if there isn’t a touch of magic? Keelan Leyser is a creative artist who performs digital magic and mind-blowing psychological illusions through innovative magical effects with his iPad and iPhone. He’ll reach right through the screen with feats of unexplainable mind reading.

Leyser is the British Magical Grand Prix Champion and has been personally invited to perform for Prince Charles on more than one occasion. He has appeared in and performed on over 100 television shows, including Penn and Teller Fool Us & Dean Cain’s Masters of Illusion. This is a session you certainly don’t want to miss, as he makes the impossible possible.

See the full agenda now.

Uddan Trust – Flight Foundation

Connecting the Dots is free to attend; however, we are accepting voluntary contributions to our non-profit organization, the Udaan Trust – Flight Foundation. Through this organization, we have already helped 9 underprivileged girls continue to pursue their educational aspirations and dream careers. With your help, we can do much more. 

Save my seat for Connecting the Dots on August 13th.

Follow us on social for the latest updates. 

The post Meet the Keynote Speakers at Connecting the Dots: Holiday Readiness Summit for Retailers appeared first on NetElixir.