Tag: Organisations

Is there a case to revisit the Case Study Method?

You bet!

 

Back in the 1920s, Harvard Business School(HBS) professors decided to develop and experiment with innovative and unique business instruction methods. As the first school in the world to design a signature, distinctive program in business, later to be called the MBA, there was a need for a teaching method that would benefit this novel approach.

 

 

Central to the case method is the idea that students are not provided the “answer” or resolution to the problem at hand. Instead, just like a board member, CEO, or manager, the student is forced to analyze a situation and find solutions without full knowledge of all methods and facts. Without excluding more traditional aspects, such as interaction with professors and textbooks, the case method provides the student with the opportunity to think and act like managers.

 

 

HBS professors selected and took a few pages to summarize recent events, momentous challenges, strategic planning, and important decisions undertaken by major companies and organizations. The idea was, and remains to this day, that through direct contact with a real-world case, students will think independently about those facts, discuss and compare their perspectives and findings with their peers, and eventually discover a new concept on their own. So far, so good.

 

 

In lecture courses, claimed a Harvard professor, students ” are waiting for you to give the ‘answer ‘ “. There is a built-in bias against action. What we say with the case method is : ” Look, I know you don’t have enough information, but given the information you do have, what are you going to do? “.

 

 

Consider a typical scenario. James is the CEO of MegaCorp Inc. What should the company do now? The professor and almost 90 of James’ classmates anxiously await his response to the totally ‘ cold call ‘- designed to ensure that students have prepared the case. James did give it a long thought. After all, he was told that the case study method is intended to ” challenge conventional thinking “. He has also been reminded that good managers are decisive, good MBA students must take a stand. So James swallows hard and answers the question.

 

 

” How can I answer the question? “- James begins. ” I barely heard about MegaCorp Inc before yesterday. Yet today, you want me to pronounce on its strategy. As is typical at Harvard, James was working on two other case studies the previous night, so he barely had a couple of hours to prepare on the MegaCorp Inc case. He had never knowingly used any of the MegaCorp products. Until the previous day he did not even know that the rat poison that he used on his basement was made by the same MegaCorp Inc. He had never visited any of its factories nor has been anywhere close to ‘ You Never Know Where, Newfoundland ‘, where MegaCorp is headquartered. He has never spoken to any of the company’s customers(except of course himself). James says ” My previous experience(the little there was) took place in a furniture company. MegaCorp is a high-tech company and I am a very low tech guy. All I have to go by are these few pages. This is a superficial exercise. I refuse to answer your question “.

 

 

What happens to James? At the business school, I will let you hazard(?) a guess. But from there James moves back to the furniture business, where he immerses himself in the products, the process, the people. And with his courage to be decisive and with an appetite to challenge conventional thinking, James rises to the position of the CEO. There with hardly any ‘ industry analysts ‘ at all, James and his colleagues learn their way to a strategy that transforms the furniture business.

 

 

Meanwhile, John, who is sitting next to James in class jumps in. He too has never been to ‘ You Never Know Where, Newfoundland ‘. But that doesn’t stop him.He makes a clever point or two and gets that coveted Harvard MBA. This gets him into a ‘ prestigious consulting firm ‘(surprise..surprise), where as in those case study classes, he leaps from one situation to another, each time making a clever point or two, concerning issues he recently knew nothing about, always leaving the firm before implementation (action) begins.

 

 

As this kind of experience rolls in, John doesn’t take far too long in becoming the CEO of a major appliance company.(He never consulted for one but it does remind him of that MegaCorp case study). There, after downsizing( it’s fashionable you see) a few thousand unsuspecting Human Resources, he formulates a ” glitzy high-tech strategy “, which is implemented so to speak, through a dramatic program of acquisitions.  What happens to that? Guess again!!

 

 

Readers (of the book ‘ What they Really Teach You At Harvard Business School ‘by Philip Delves Broughton) are probably asking , ‘ Read the case and do that analysis in two to four hours?’ Harvard’s answer is YES. Students need to prepare two to three cases each day..so (they) must work toward getting their analysis done fast as well done well.

 

 

Some years back, HBS ran an ad in The Economist for its executive education programs. It had a dapper, uber smart looking executive-woman saying, ” We studied four companies a day. This isn’t a theory. This is an experience.”

 

Sorry. This is nonsense.

 

 

There was a book released in 1990 called ‘ Inside the Harvard Business School ‘ by David Ewing, for long, an insider. The first line of the book makes a sweeping statement ” The Harvard Business School is probably the most powerful private institution in the world “.  The book listed 19 Harvard alumni who had made it to the very top, the school’s superstars as of 1990.If you took a look at the post 1990 records of all 19, to see how they fared, there was only one word to describe it- BADLY. 10 of them clearly seem to have failed(meaning their company went bankrupt), they were forced out of the CEO chair or a major merger backfired, or the like. Performance of another four appeared to be very questionable. The other five seem to have done fine.

 

 

To conclude, most MBA students enter the prestigious HBS or similarly profiled hallowed Ivy Leagues smart, determined, aggressive. There, case studies teach them how to pronounce clearly on situations they know little about , while analytic techniques give them the impression that they can tackle any problem- no in-depth experience required. With graduation comes the confidence of having been to a proper business school, not to mention the ‘ old boys ‘ network that can boost them to the top. Then what??

 

Begs the question!! Case Study or Case Unsteady? Ready. (Case) Study. Go !!

 

ENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KNOWstalgia Marketing!

I thought there is so much to know to about Nostalgia- so, here I go again!

 

Caveat: This is a Long Read

It was the summer of 2018. On a trip to London, I was with family at a South Bank store that sold books, records, memorabilia among other things. Apart from great classics on film making and works of Shakespeare, what caught my attention was an unadulterated digital native ( she must have been at best all of 17), buying a vinyl album(records as they were called those days) of yesteryear band Fleetwood Mac. In the days of streaming music services like Spotify, Deezer and what have you, I was wondering what was the throwback all about. That experience has retained etched in (my fast fading) memory, ever since.
 
If you’ve ever watched an ad or a TV show and felt fond memories of the good old days rushing back at you, then you’re familiar with nostalgia. Nostalgia describes the sentimental longing we feel for periods in the past. It’s the warm feeling that envelops us when we think of positive times from our childhoods or youth.
Nostalgia is often triggered by a sensory stimulus, such as a scent, a song, a taste, or a sight; it can also be caused by a conversation, a memory recollection or a similar experience.
Nostalgia marketing takes on that notion and creates a playful campaign referencing a time gone by in order to tap into our collective longing for the past.
According to Krystine Batcho, Le Moyne College professor, psychologist, and researcher of nostalgia, “Nostalgia is a refuge, as people turn to the feelings of comfort, security, and love they enjoyed in their past.”
It comes as no surprise that during the first COVID-19 lockdown, mentions of nostalgic keywords rose from 13 million to 24.4 million, which is an increase of 88%.

When people watch an old television show, listen to some excellent music from a bygone era(how about ABBA?), and so on, they feel happy and have a better outlook on life. As a result, a lot of brands and businesses are now attempting to capitalize on this sentiment and trend by creating advertisements and other marketing materials that remind and nudge individuals of happier times in their lives.

 

Many enterprises are also attempting to associate their brand with pleasant memories and notions associated with past periods and places. The goal of businesses is for their customers and other consumers to associate their products and brand with a time when things were better, less stressful, and more secure.

 

This brand of advertising can be effective for businesses of all sizes. In addition to rating such nostalgic advertisements and the company behind them more favorably, consumers also pay more for the items that are associated with those advertisements. So, it is a double whammy. It is referred to as creating an emotional connection, and it pays off handsomely for the company that employs nostalgic marketing.

Why nostalgia marketing works so well

 

Studies on autobiographical memory — the memory system that tracks episodes of our lives — have shown that when we are reminded of episodes from our past, we re-experience the emotions tied to the original episodes. So, if those memories were positive — think carefree moments from our childhoods, fun family dinners, road trips or game nights with friends, etc. — we are likely to experience the same cheer.

The Devil(does not wear Prada) is in the details!
One must ensure that the music, colors, fonts, and even the images used in the advertisements or other communication are appropriate for the time period being promoted. For example, don’t use a font or color palette from the 1920s in a 1960s retro advertisement. Instead, make use of the options from the 1960s. Authenticity is paramount.
Oh the good ol’ days… One app had brought back a decade of happy memories and made millions feel like a teenager again. Pokemon Go. Coincidently it had also brought Nintendo and Niantic billions of pounds in business revenues and a new generation of loyal followers. That is the power of the past, and the reason why brands use nostalgic marketing.
The Trifecta that drives Nostalgia Marketing
Emotions
We all know about the adage ‘ Sell the Sizzle Not The Steak ‘. Enabling people to reminisce about the good ol’ days, marketers are actually triggering actual feelings we once had. Whether those feelings are your favorite snack, or the first song you slow danced to(Lady in Red anyone?), your first date, your first bike ride..
Not only does forlorning for the past make us feel fuzzy inside it also makes us open to brand messaging.
Memories
The route to nostalgia marketing is by triggering latent memory. Three’s Company or Miami Vice or I Love Lucy were great TV shows no doubt and we don’t need to be convinced about it but it works to be reminded about it. The same applies for brands; if a brand is able to trigger a reminder of a time that they were once favourable to us, or use existing memories and tie themselves to that association, then they need not worry about convincing us that they are great they can just remind us of a heyday era.
Trust
Celebrating milestones or using the year of establishment within the brand identity( aka Marks & Spencers: Est 1884) to relay to customers that you have stood the test of time is an instantly effective method of gaining their trust. This strategy to reinvigorate the trust in brands by conjuring up past associations hopes to bring back previous customers and inspire new ones.
Why (Blast from the Past) Nostalgia?
Nostalgia is the marketing equivalent of comfort food. Especially in difficult times, a hug from the past can settle our nerves and reassure us to purchase a product to make us feel secure again. As we face headwinds of a long, protracted recession, now is the time for brands to act as a comforting cup of cocoa for consumers.
Time for brands to flip the Polaroids in our minds. It would be worthwhile spending the present to go back into the past to tackle the future.
ENDS

Curiosity Skilled The Cat!

Curiosity is that strange human trait that got us out of the cave, across the globe, and onto the moon. A trait that has led to communication and collaboration.

It is why children ask: ” why?”

And as we get older and life becomes more complicated, many of us forget to keep asking that question.

” Why?” requires work and critical thought. It requires the openness to learning answers that don’t fit into our existing world views. The brain is hardwired to be lazy. So default meets comfort zone where there is no room for ” why?”.

And sure, if we need to ask ” why?” every time we get a push notification on our phones, it will mercilessly take over our lives.

But ” why?” is also the most significant tool in combatting disinformation. And decoding the true intention of certain governments, organisations, brands.

Curiosity might help us better understand the others.

Their intentions.

Their feelings and fears.

Curiosity might help us understand ourselves.

Our intentions.

Our feelings and fears.

Certain meditation techniques encourage us to approach our emotions with curiosity. We cannot control when and how those emotions arise within us, but we can control how we react to them.

The ancient principle of Occam’s razor invites us to – when presented with competing hypothesis about the same problem– select the one that requires the fewest possible assumptions.

This might benefit us in our external and internal lives. The truth is we need to cultivate curiosity.

Curiosity will help us disregard ‘ human pollutants ‘ like opinion, agenda, power and greed. These pollutants are present at nearly every turn of capitalist transactions, sticking to us like grease from an oil spill.

We need more stories of compassion , and fewer stories of conflict. What’s extraordinary about our story is that it is never complete. It is never finished. It is being written and rewritten every moment in every corner of the world.

For example, it is up to us to confine conflict to our books and films. Because for THE GREAT STORY to succeed, we need to course-correct away from conflict toward compassion and cooperation.

We need to start shaping new stories for ourselves and future generations. And that narrative, in its most basic and simple form might be this..

Human(therefore)kind.

It seems pretty simple: We have to accept our insignificance. Which is significant.

Disinformation has always been part of the political and corporate playbook. However, algorithms, feedback loops, and political polarization have dusted off that book  and put it on the main display next to the gummy bears and ChapStick.

This is complex stuff, and only a few people in the world seem to truly comprehend the scientific underpinnings of the madness we’ve left ourselves be swallowed up in.

If the medium is the message and the medium is a giant tangled ball of fiber-optic cables, doesn’t that make the message, well, a giant tangled mess of messaging?

Now, ” why?” did I write this? Curiosity is getting the better of me. And I like it.

BEGINS

Pierce The Future Through The Present

There is no greater fear than the fear of the unknown. Strategic foresight and future thinking exist to help tame the imaginary line connecting now and then. Competence alone is not enough; character and perspective are also required in equal doses. This means that working with the future needs a lot more than hype cycle analyses and predictions about the future of this and that from self-anointed guru-ninja-hackers without any proper training in foresight. Developing strong characters is fundamental to ensuring an ethos of good ancestry. 

Practising future-back management is critical to enabling breakthrough innovation and leapfrogs when the road ahead seems rather foggy.

Nurturing a sense of perspective becomes the antidote from getting stuck in antiquated ways of working, thinking and behaving. Marketing’s new research and developments can indeed be quite distracting given their high frequency and volume. In trying to make sense of the new and generate brand buzz from it, marketers end up missing out on rather transformational opportunities – those where the future can be more evenly distributed.

This is rather disconcerting since marketers are often some of the most well-rounded and best-informed professionals in their organisations, with a sharp sense of ‘what’s next’. Still, many get caught by the glitz of the novel, instead of putting their energy in the grittiness of the foresight process.

In fact, when it comes to crystalising the definition of the 21st century marketer, Google conducted an experiment that involved interviewing 30 board members from Fortune 1000 companies, having accumulated more than 1300 minutes of audio and over 100,000 words about the role of the CMO (Think with Google 2020), which was then summarised in one long, important paragraph:

“The 21st century CMO is expected to be a marketing miracle worker, an alchemist who combines classic art of branding with the latest advances in data and measurement. All this while you serve as the connective tissue of the C-suite and stay a step ahead of the rapidly changing landscape of digital technology, cultural trends and shifting consumer expectations – things becoming ever more important to the stock price. Customers matter more than ever and, since you’re responsible for them, your role should matter more than ever too. But board members do not seem to have one cohesive definition of the role. 

So, what are you to do?

Internally, steer expectations for your role by defining growth, you have some control over. And recognise that the talent of your team is half the battle to achieving that growth. Hire the best measurement people, because marketing will be held to some metric that is currently beyond reach, and you’ll need them to invent it. There are many ways you can impact revenue – but be prepared to show the ‘I’m indispensable’ maths. And do not forget the most visible CMOs also take big risks. Only three percent of board members interviewed were marketers. Likely, they do not hear you. Listen closely and find the overlap between what the board is interested in and your responsibilities. And, instead of building slides about everything you do, build one slide that puts you in a position to start a conversation around those common interests and goals.”

What is interesting to note is that futures thinking is all over in the paragraph above and yet, nowhere on it. As haiku-esque as a statement, this is the closest to the truth. Strategic foresight and futures thinking are not explicitly mentioned, but implicitly dominate the subtext, with clear emphasis on character, competence and perspective too. Therefore, the opportunity is to nurture the Phewturecast seed, and develop the gravitas required for marketers and their peers to encourage and normalise the allocation of foresight investment. If education is key to opening more doors for foresight, appropriate use of language is the red carpet welcoming the long-awaited guests that can help reshape the future for the better.

For the ambitious marketers out there, this is just the beginning of your futures literacy. Use it and pierce the future through the present. 

BEGINS

https://www.groupisd.com/story/

https://www.brandknewmag.com/

https://www.brandknew.groupisd.com/

https://hackcellencefest.com/

https://www.weeklileaks.com/

 

 

Present Forward or Future Back: Strategy or Vision?

The future happens slowly..and then all of a sudden. In his fabulous 1926 novel The Sun Also Rises, Ernest Hemingway famously wrote that bankruptcy happens in two ways:  “gradually and then suddenly”.

Some years back Andy Grove( ex-CEO, Intel) had introduced the concept of strategic inflection points in his seminal book Only the Paranoid Survive where he explained that a strategic inflection point is ” a time in the life of a business when it’s fundamentals are about to change “.

A change in the business environment that dramatically shifts some elements of your activities, throwing certain taken-for-granted assumptions into question is an inflection point. Someone, somewhere, sees the implications, but all too often they are not heard. That someone might be you!

Whether you are a powerful CEO or someone far lower down in the pecking order, not seeing the unfolding inflection points(or blind spots ) are dangerous.

What is the case we are making here? Too many managers develop strategy while focusing on problems in the present and that is especially true in the times of a crisis(like the Covid 19 pandemic that we are presently pulverised by). Lets call it ‘ missing the wood for the trees ‘. What I am trying to argue here is that leaders instead should imagine the future and work backward so that they build their organisations and brands for the new(emerging) reality.

Even during a crisis, developing a ” future-back ” mindset can spur innovation and growth.

So, in order to build strategy, start with the future.

Let’s take a look at a few examples of brands and organisations that have used the ” future-back ” approach to stunning effect.

Back in the late 90’s and the turn of the millennium, Intel was ruling the roost. With a market share well over 70%, the brand was well and truly in the driver’s seat(apart from being inside millions of computers) with the Pentium Processor going from strength to strength. At the height of that market dominance, Andy Grove took a visionary punt and launched a brand to compete against its very own Pentium– that was the Celeron range of Processors. What he did was to see the future being dominated by cheaper, faster processors( Moore’s Law ) and he did not want Intel to lose out on the potential opportunity that lay ahead of them. That saying Andy Grove was visionary would be an understatement and how prescient the observation in his book ” When spring comes, snow melts first at the periphery, because that is where it is most exposed “, bears testimony.  Intel Inside. Meets Intelligence and Insight!

Take another example of the ” future-back ” approach that Reed Hastings, Founder/CEO of Netflix adopted to reach where it is today. At the height of their DVD rental business success, they ventured into streaming(encouraging both cannibalisation and migration of their existing subscriber base) anticipating that the medium to long term future of in home entertainment will hinge on that. Not just that, look at their understanding of the competitive landscape- it went well beyond the typical television broadcast networks and cable TV of the day. They distilled the big picture into getting their prospect’s time and attention. Broadened the eco system significantly. Rather made it a category by itself. So, in effect, the competition included time their viewer/s spent going to movie houses, eating out, entertaining friends and family, travel and holidays etc etc. By wearing a different lens and examining a hitherto unseen/untried approach, helped them immensely in becoming the brand they are today.

No conversation about a ” future-back ” model and a vision preceding strategy would be complete without talking about Steve Jobs and Apple. Back in the day, the way they disrupted music consumption and music distribution through iTunes and iPod is now part of folklore. They did not wait for either the market or the customer to tell them what is needed. They took moonshots( it’s in the culture), created highly desirable products that the customer never knew they wanted or would need and generated unprecedented gravitas, and the rest they say is history. Apple as a brand and Steve Jobs as a leader was always seeing around corners, anticipating trends and operated at the intersection of a new future and non articulated consumer need and desire.

Let me add here. ‘ Customer knows best ‘ is a whole load of balderdash. If organisations were to depend on customers to know what is needed, there would not have been any Post It Notes(3M), Fax Machines(Xerox) and many of today’s incredibly successful brands like Amazon, Tesla, Netflix, Airbnb, Uber, Zomato etc. The onus and responsibility of drawing the future and working backward from there is fully on you, your brand, your organisation. So, don’t run away from it. Take it head on.

While we debate the vision vis a vis strategy and the “ future-back ” model to a ” present-forward ” one, do be aware that a vision is like an ‘ impressionist painting ‘ and NOT a ‘ photograph ‘. A photograph captures what there is already, there is NO speculation, hedging, punting and imagining the non existent. A vision on the other hand is similar to an impressionist painting in the sense that it is visualising what could/should be, what will/can be or what may/may not be. It is taking a shot at the future and setting the road to travel back from there.

To be blunt, getting through this tricky process of envisioning the future begins with confusion, experimentation and a touch of chaos followed by a single minded determination to make progress against an overarching goal. And an approach that futurist Paul Saffo recommends as creating as many forecasts as possible, fail as quickly as possible and vitally ” to hold strong opinions weakly “.

Another valuable perspective on this chaotic period of thinking is offered by Nassim Nicholas Taleb in his book Antifragile: Things That Gain From Disorder. Anything that has more upside than downside from random events(or certain shocks) is anti fragile.

Rita McGrath, Columbia Business School professor and business consultant recommends a ‘ discovery driven approach ‘ to anticipating the future and you can dive deeper into her thinking and recommendations in BrandKnew on these links https://www.brandknewmag.com/thinking-innovation-driving-growth/ and https://www.brandknewmag.com/discovery-driven-digital-transformation/ .

It was the 4th of February, 2014. Satya Nadella was announced as the new CEO of Microsoft, the third chief executive in the company’s history, following Bill Gates and Steve Ballmer. Recognising that most of Microsoft’s woes at the time were a function of an approach that was ” present forward “, the first thing he did was to tell everyone in the organisation ” We are going to be moving away from a know it all organisation to a learn it all one “. Looking back on how well Microsoft is doing now compared to 2014, bears testimony to the potential for organisations in adopting a ” future-back ” model.

Brands that didn’t heed the  ” future-back ” model and met their fate inspite of being market leaders once upon a time include the likes of Blockbuster, Kodak, Nokia, Toys ‘R’ Us.

There are other industries very ripe for the picking to drive home further the point of vision preceding strategy. The pharmaceutical sector for instance. Based on empirical evidence, learnings from past epidemics like SARS, Ebola, Swine Flu, emerging lifestyle patterns and the accompanying chronic diseases that it helps manifest(diabetes for one), a pharma company can seize opportunities and address customer pain points that will occur in the future. An example that is worth looking at is the pharma giant Roche. Which saw huge potential in the ” future-back ” approach. That helped revive it’s struggling diabetes unit. The company ingeniously paired the mySugr app (which it had acquired in 2017) with Roche’s Accu-Chek Guide glucose meter, thereby allowing diabetics to have a different, gamified experience to managing their condition. By logging in their blood glucose levels, completing tasks and challenges, users can “tame their diabetes monster”. It’s a totally different approach(at least for the pharma sector) which forecasts that “the way forward will mean selling a total experience, not just a product.”

Rather than look at Fall of 2020 or Spring of 2021, Universities/Colleges will be best served to go further down the road and see how do we cope, prepare and anticipate learning and training needs in the near distant future and move backward from there. With the current Covid-19 crisis having caught a lot of educational institutions severely under prepared and like a deer in the headlights with no werewithal (and mindset) for virtual/online delivery, the time is now, to graduate, to look into the future.

So, ‘ where do you go from here ‘? Or, rather, I should be asking ‘ where are you coming back from ‘ ?

PS: For leaders and organisations wanting to undertake ‘A back to the future voyage ‘, the video on this link https://www.groupisd.com/phewturecast/ can be a starting point.

ENDS

https:www.groupisd.com/story

https:www.brandknewmag.com

https:www.weeklileaks.com

https:www.brandknew.groupisd.com