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How to gain competitive advantage through a results mindset

To build a sustainable competitive advantage, it is essential to adopt a results mindset, which allows a business to focus on long-term goals while executing short-term strategies. That means keeping purpose and desired results as the North Star instead of processes. Here’s how a business can implement this type of purpose-driven strategy to innovate more effectively.

Last year, the Microsoft CEO said the company had seen two years worth of digital transformation In two months. While much of this is undoubtedly pandemic-related, it’s no secret that technology is advancing at an exponentially faster rate. For years now. This exponential rate of change has made it simply difficult—if not impossible—for existing businesses Stick with what they do best To be successful. Instead, businesses of all sizes must constantly innovate if they want to survive.

Of course, saying this and actually making it happen are different things. Many companies are not well versed in developing business growth strategies focused on innovation, preferring not to rock the boat. Even in organizations with innovation programs, the Most of them are still in the early stagesThey are behind where they need to be to deliver a competitive advantage.

Fortunately, it is possible for any business to become an innovation-oriented company. They have to be willing to change their way of thinking.

How an outcome mindset enables innovation and provides businesses with a competitive advantage

In traditional environments, teams find themselves building products or features of questionable value, although support and maintenance are continued because a lot of time and money has already gone into their creation. Without a willingness to experiment or learn from failure, businesses can quickly stall, going nowhere fast with their products.

A results mindset, on the other hand, is a skill that allows a business to focus on long-term goals while executing short-term strategies. Teams are deployed on the ground to conduct experiments, learn from data and inform the company of the next best step.

This type of strategy is especially useful today because it ensures that the customer experience is a top priority. Companies focused on customer experience 60% more profitable than not. Outcome mindset, by its very nature, needs to take into account user experience to understand the true impact of a feature. In other words, it’s a strategy designed to make the company smarter and more customer-friendly at every level.

3 ways to implement an effective purpose-driven strategy

Even better, the resulting mindset is not an overly complicated or expensive approach to implement. This can be achieved in a few steps:

  1. “Why?” Ask that and then do it four more times.
    While a successful results-oriented mindset is closely tied to end-user experience, it doesn’t mean you should take customer feedback at face value and use it to dictate your strategy. It is common wisdom that customers will tell you what they want; Our job is to find out what they really want. To create a sustainable competitive advantage, you need to figure out the root cause (or causes) behind a particular ask or complaint (usually through direct observation of the work they’re trying to do). After all, what good is fixing the exterior of the house if the foundation is cracked?

    The The “Five Whys” technique Designed specifically for this type of root-cause analysis. When faced with a particular problem or need, the first step is, of course, “Why?” Asking: Why is this a problem? Or why customers want this particular feature? Then you must follow the answer to the “why” with another “why” and repeat this process twice. You will quickly find that your picture of the problem becomes more detailed and your countermeasures more effective.

  2. Decide how you define success.
    To follow an outcome-based approach, you must first define what your desired outcome looks like on a practical level so you can figure out how to measure actual success. In some ways, this process is similar to why five. Start by considering the broad objectives you have in mind—This list 10 Universal Objectives can be helpful – and then diving into the why of those objectives.
    For example, sustainable value is good for supporting the core value of your product, while a high profit goal supports low costs and allows you to make the most of your existing assets. Once you know which objectives are most important to you – and why – then you’ll be able to accurately measure the success or failure of each outcome.
  3. Be comfortable with experimentation.
    When it comes to transitioning to a purpose-driven strategy, one of the biggest struggles for established businesses is accepting the idea that failure is not acceptable — it means the strategy is working. Your expected outcome should essentially act as your hypothesis, while your development process should act as an experiment. Your competitive advantage is shaped by this experiment.

    Before you build a solution, ask questions about what you expect to happen. Collect a baseline to measure change and let the data inform your next steps. It may seem odd to put money and time into a bunch of projects that will fail, but that’s exactly what it is Most successful companies do. Building the right content is important, but eliminating the wrong content from taking up valuable resource time is infinitely more valuable to the business in the long run.

Bosch’s accelerator program An excellent example of the experimental mindset in action. The program does not have a concept of pitch; Instead, it has “lessons learned” presentations, the purpose of which is to evaluate the evidence and give teams a chance to either go or go. Seventy percent of teams never get past the first stage of innovation, while 70% never make it past the second stage. And this is exactly what Bosch is hoping for. Finding the right opportunity is only possible by eliminating mistakes along the way.

Technology will continue to change at a breathtaking pace in the coming years. To not only keep up but stay ahead of the pack, businesses must move away from old flexible tactics and adopt something that focuses on results rather than processes. A purpose-driven strategy gives your company what it needs to delight customers and take on whatever comes next.

Written by Kim Stearns.
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