You can't change if you're standing still!
How does a company that has touched so many people's lives end up filing for bankruptcy protection? Yes Kodak that's right, I know it's old news now. But what can we learn from this sad demise. They once had the initiative way back in 1975 when they invented the first digital camera. They were scared to innovate letting their lizard brain get in the way.
Big businesses don't always have to act like a big business. In fact it can be harmful for them if they do. In order to keep up with the rest of the world they will have to be able to change rapidly. Big business can learn a thing or two from the start-up world and some of the ideas that come from the lean methodology.
The lean ideas
Lean is a term that is most often associated with start-ups. At its core, lean is about testing new business models quickly and easily without burning cash on something that's not going to work. Then when you know enough to make a decision, changing and reacting or 'pivoting'. Established businesses can and should be using the principles of lean to get things in front of their customers quickly. There is no point spending months developing something. Planning to launch with a big bang only to find out (after all the hype that you have generated has died down), that people actually don't need or want what you have just spent months working on.
Seth Godin talks a lot about the lizard brain - the lizard brain or the amygdala is a physical part of your brain that has been there since prehistoric times. It's the part of your brain that stops you from taking chances.
Without testing as early as you can, to see if it's right for your customers, the chances are that you will be making things that people don't want and won't use.
So how can you use the principles of lean to build an experience that will be an asset to your business?
Desirable features
Spend your money wisely. In times of austerity why would you spend money on features that nobody will use? Features that have not been tested on people who have an interest in seeing their success? Things that you think your customers need? You need a customer focussed strategically led approach, to things that you know your customers will want. A leaner approach to building an experience that will generate revenue for your business.
Focus on shipping
What do you have right now that you could ship to some of your customers. Let them start using it, so that you can start learning about their reactions, and change it based on the data that they are generating for you.
Minimum viable product
Think about the minimum viable product. What is a least amount of work that you can do to create the maximum amount of return for your business? Do you really need all of those extra things that you think your customers will want?
Focus on your important customers
The ones who create revenue for your business. Wasting time marketing to people who don't want to buy from you is a distraction. It's very hard and time consuming. It takes effort away from the customers who you should be talking to. Focus on the people who are going to recommend you to other people, a recommendation is worth so much more, and costs you less than gaining a new customer through traditional marketing.
Focus on the things that are going wrong
Your metrics need to hurt when you look at them. Don't concentrate on the things that are going well. Keep doing what you're doing but aim to improve in the areas that are letting you down.
React to market forces
Be agile enough to change when what you are doing is not working. When Starbucks started in 1971 they sold coffee beans it wasn't until they realised that there was a market for brewed coffee that they started to rapidly expand
Just because you're a big doesn't mean you have to act big. Remove boundaries, empower the people who you employ to work autonomously. Let them take chances acknowledge the fact that things may not work right first time but if you don't try things you won't make any mistakes and you only learn by making mistakes. But most of all don't be afraid to change things, embrace things that first seem scary and you will be rewarded.