Avoiding the ‘Shiny Object’ how to make other things
Running a company in the 21st century can make you feel as if you live in a world of infinite possibilities: technology is changing rapidly in every industry, and there are many different things you can try to innovate competitors.
But falling in love too much and the infinite possibilities can divert your attention from the critical functions of the organization.
Achieving a proper balance, therefore, between learning when to take advantage of new opportunities and sticking to what you know is really quite simple.
You just have to pay attention to the evidence surrounding you, understand what makes it successful and never look away from your clients just to pursue a fashion.
Rely on your data to stay on track.
using and managing performance data. One of the biggest mistakes you can make, is to spend the resources to do so, and ignore your results.
According to a CEB study summary of the Harvard Business Review, companies still see a significant difference between data collection and its proper use.
Despite the widespread availability of the data and the relative ease of collecting it, compared to what was previously the case, many companies still struggle with the use of analytics to aid in decision making. Only 50 percent of the primary study leaders were identified as “data enthusiasts.”
The ability to be bold and take significant risks from any business leader. However, when he thinks he is in the next big idea, and refuses to listen to data that indicates otherwise, critical issues are likely to arise.
Experiment with new marketing channels slowly and carefully.Marketing in the digital age is really like holding a double-edged sword.
On one hand, there are more ways than ever to reach a captive audience of millions with personalized messages.
But it also seems that a new marketing medium appears every few months. Just think about how some companies consider marketing through Snapchat a couple of years ago. For business owners, trying to keep up with the latest platform can be a distraction that requires a lot of resources.
It is important to follow the developments of new technologies and try to reach customers through different means of marketing, especially if your primary customer base is made up of people who are likely to use these platforms.
However, it is not good to divert many dollars and personal hours from their proven marketing channels in an effort to keep abreast of trends. Start gradually, at the beginning, until you have a clear idea of what kind of results you can expect to achieve and at what cost.
Know your basic skills.
One of the best ways to avoid being distracted by all the possibilities available is to understand what your company does exceptionally well and focus most of your energy on that. Then allocate a small portion of your leftover resources to test new projects and experiences with novel campaigns.
When GoPro decided to enter the drone market, the company shifted its focus and resources away from its main product, the action cameras. Although this move seemed promising, the company’s camera action was unsuccessful in manufacturing and marketing a drone that customers really wanted. Earlier this year, GoPro decided to leave the drone business.
Ultimately, you should never lose sight of what your customers expect from you, and never disrupt your mission of delivering that to you in a more efficient way.
Be willing to entrust.
Your core competency may be too important to deviate from, but you have some room to maneuver when it comes to something outside those functions.
These are areas where you can afford to outsource work to other companies when it makes sense both from a financial point of view and from a quality perspective.
With all the resources you put in to improve your core value proposition, you will not be able to do everything as well as some companies can do one thing.
If your organization needs to outsource functions such as human resources or business development so you can focus on what you do best, don’t hesitate.
Always bring it back to the customer.
The best way to make sure you are not distracted from your mission is to connect everything with your relationship with the client. If the choices you make are in the service of enhancing the overall experience.