Fifty years ago Milton Friedman voiced an opinion that is pervasive to this day, “the purpose of a business is to serve its owners”. Is he still right? – Debatable. But what is clear, is that many companies and businesses do live by this doctrine. Sticking to the path they know will ensure the numbers will be green; not realizing that nowadays, arguably has always been, business is so much more than that. It is not only about winning or making the best deal. Or perhaps it is but this should never be our primary focus when approaching creativity and innovation during an age of infinitive possibilities.
Look around you, what do you see?
The times we are facing right now is disrupting societies, economies, and so much more. More than ever, this is the moment for decision-makers. Let us look at how all of this affects brands and their infrastructures. Let us have a look at how decision-makers tap into finding the right answers and their impact on a company’s potential chance at succeeding and winning in their respective industry.
Many brands and agencies are helplessly facing the industry-driven changes that affect their speed, adaptability, and ability to collaborate on their services and products. We all know of the traditional agency with a four-story office building in a top location in the heart of a big city. These kinds of agencies that invest incredible amounts of resources in publicly showcasing that they have been successful in the past. But it is exactly that kind of behavior that proves that many businesses are antiquated and instead of investing their resources into working toward concrete solutions and challenges, their focus is on maintaining structures from the 1980s.
We are looking at decision-makers who are too busy with themselves and their reputation to realize that the mindset of the industry is changing. The leaders we see emerging now believe in the mindset “Creative value in exchange for fair payment”. It is time for our decision-makers to quit struggling to accept the existence of the digital age and face the dire need for mindsets that invite collaboration and co-creation instead of investing all of their energy in business models that simply do not work anymore. Keeping stagnant and resistant to change did not work for formally successful publishing houses, it won’t work for you.
What can you do to keep up in the race?
I am appealing to you to not give in to the temptation of falling back into old and analog habits and behaviors once this crisis is over. Use this time of change now to take a closer look at your business models and processes. As decision-makers, it is up to you to bring your companies into the digital age. You hold the responsibility for your clients and employees to take them along this journey full of changes and challenges. Embrace this time. We do not need to be clairvoyant to know that the decisions we make today will affect us way beyond tomorrow.
How to keep up with the quick changes in consumer behavior, especially in remote innovation:
Start today by identifying new chances, may it be regarding consumers, brands, or the infrastructure. You, the brand managers of our time, are the perfect conductors to drive this transformation. Looking at jovoto and the hundreds of successful projects we have run, I’ve identified three success factors to make sure that businesses can respond quickly and efficiently to changes in consumer behavior:
– Start with identifying and analyzing consumer’s needs, always start with user-centricity.
– Be quick and agile! Cut the time to market. Be sure to have fast and flexible access to the right expertise across all stages from insight to prototype.
– There is no I in team, is there? Cooperation is key. Cooperate vertically within your existing value chain (e.g. retail) or horizontally with brands or companies that perfectly match with your benefits.
Hey, we’re jovoto. We’ve solved hundreds of innovation challenges for the world’s top brands since 2007. Our innovation platform acts as a virtual studio where highly curated creative teams – assembled from our global network – solve product design, service innovation, and marketing challenges. Our approach leads to 66% faster innovation cycles, saved costs, and ultimately better ideas. Visit us at www.jovoto.com to learn more.