From the General Sessions: The Elastic Executive
Using the Sony Walkman and the Apple iPod as examples of companies that did not and did anticipate change to enable a pivot in product development as well as marketing strategy, Terra Winston, ringleader of inTerractions Consulting, described how important elasticity is in today’s competitive business environment. The keys to successfully surfing the winds of change include: • Understanding your purpose beyond just completing a project on time. Know if the purpose is to generate new revenue, retain existing customers while attracting new customers or increase revenue by cutting costs. • Staying current and informed. Read more than what is posted on social media by subscribing to relevant news feeds, staying up to date on current events, meeting with a variety of people and monitoring general as well as business publications. • Looking for patterns. Aggregate the information you collect to identify trends in news stories or topics of articles – this will enable you to set the foundation for change before others even know it’s coming. • Building trust. Create relationships that are based on trust and encourage information sharing. "If you are someone with whom no one wants to talk, the only information you’ll receive is information you gather by yourself," points out Winston. • Anticipate stakeholders. The list of stakeholders is long – customers, your manager, your manager’s manager, suppliers, stockholders, co-workers, external groups and the government. As you manage change, remember that each stakeholder has their own agenda, so don’t assume everyone is moving in the same direction. When change is necessary, don’t jump in a completely new direction – pivot, warns Winston. The concept of "pivot" is based on the basketball move, in which a player changes direction while keeping one foot planted. "Pivoting enables us to keep our foundation intact while making slight adjustments to react to business realities," explains Winston. By keeping the core of your business stable and integrating solutions that address opportunities for change, the business does not lose its identity as it transforms to reflect changing needs. The ability to change is also a critical component of career success, says Winston. Judith Lim, customer sales at GSK, and Richard Sampson, senior director of scientific knowledge and capabilities at GSK, joined Winston to share examples of how "elasticity" and the ability to "pivot" affect personal careers. Lim described the choice she made early in her career to leave a marketing position she enjoyed to move for a new opportunity for her husband. "I loved my job but my priority was being with my husband, so I decided to leave the corporate world and work part-time as a consultant," she says. Working in a consulting capacity for her old employer gave her an opportunity to enhance the skills she needed as a consultant and find other clients. "Because I kept one foot in the corporate world and demonstrated the ability to develop new skills, I was able to join GSK in a new role in customer sales." A key piece of advice from Sampson is realize that many hiring managers don’t hire people for the job for which they apply – they hire for the job the manager thinks they can do. He recommends, "Don’t limit opportunities by introducing yourself as a marketing person, instead describe yourself in terms and skills that demonstrate how flexible you can be and how you are willing to learn something new." |
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