We are super excited to launch the first episode of our podcast One More Question. Featuring a conversation with Loic Potjes, Managing Director from Disruptive Leap and Ross Drakes our founder, offering some practical insights in turning a business around or preparing for scale and exponential growth, in a world where speed to market separates legacy constrained businesses from profitable agile businesses, on an offer no-one can refuse. Tune in every two weeks to hear us ask more interesting questions with other interesting people we have encountered over the last 12 years.
To achieve “crazy growth” – Loic Potjes – with real value, there are eight key considerations to explore on the pivot or growth journey:
1. Challenge the status quo
Is your perspective anchored in a linear old paradigm of 10% to 15% growth year on year for the next century? Are you sure your business secure for the next ten years? Are you looking at opportunities with an open mind to grow fast before the next decade is out? Do you have the appetite to challenge the status quo and can you shift your mindset to secure a profitable future? Many companies today are having to answer some tough questions.
2. Define a new space and new territory
To shift into a new paradigm and compete in an accelerated pace of change with pressure to deliver products or services with increasing efficiencies – you need to define a new space. How? By looking at your core competencies and what you have become exceptionally good at as a consequence of your core business. Then define your territory, it needs to be specific enough to frame clearly, but large enough to offer scope for various solutions. Define who you are and what the vision is. For example, Amazon examined if they should continue to publish books or be the platform in the middle that owns the last mile.
3. A clear brand positioning message
From a brand perspective you need to answer questions around what differentiates you, makes you really special, what your core values. Can your savvy marketing team clearly articulate your territory in a simple way?
4. The offer no-one can refuse
Can you create an offer that no-one can refuse? This means offering eighty
5. Setting crazy growth goals
Now begs the question – what are the next steps to scale?
Say you are a security company, traditional thinking will lead us to hire 10 or 50 sales people who are going to go door knocking, then we will hire 100 and then 500… and in about a century we will be on a million homes and 10000 people. Happy days! Every year we will be able to show 10 percent or 15 or even 20 percent more than last year. But you know what, getting there in a century sounds pretty terrible.
So, you need to set a completely crazy growth goal like getting to a million homes in 18 months. Then you say, OK. Is that crazy? Yes, it ticks the box of crazy, good! The next step is how do you make that half crazy possible. Now, you could reverse think. What levers do we have to pull to respond to a lot of markets, with an offer no-one can refuse, very efficiently?
6. Scaling Levers
To hit scale you don’t necessarily have to scale your team and you don’t need thousands of feet. You can achieve a lot with a lean and agile team. If you can define your space well enough and you define what your core competencies are, then you can leverage efficiencies optimally.
7. Speed to market
So speed is extraordinarily important and it talks to becoming more of a puzzle maker or the analogy of the ecosystem. So Amazon is an ecosystem, they harness international manufacturing capability to offer personalised service to millions of people. Traditionally we think “in house” resources is the way to go, but to build that kind of capability takes a long time and creates unnecessary inefficiencies and overheads. To provide customers access to the “offer you can’t refuse” you need to harness and leverage external capabilities. You need to be at the centre of the puzzle to respond to the market with agility and speed.
True protection for your new business is speed because if you get to be the largest in the markets and everyone has downloaded your app and using your services, you’ve got stickiness. Stickiness is moving from a first offer no one can refuse to what Loic would call a flowing organization. The first offer you can’t refuse allows you to start a journey and it starts shaping your organization and ecosystem while leveraging efficiencies and harnassing external capabilities. It is like learning to drive, the first new service line or driving productivity is a little bit cumbersome. The second time it is a bit easier. The tenth time you are just flowing. So the value is not in the physical product but the value in what you have created in access to an “offer you can’t refuse” and being able to create new or more value along the way by adding convenience at each new piece of the puzzle…and convenience becomes exponential.