Winning in a New World Order
April 20, 2017 at Qatar Business Leaders Summit, Doha
The best opportunities for business – to find new growth, to engage customers more deeply, to stand out from the crowd, to improve their profitability – is by seizing the opportunities of changing markets. The best way to seize these changes is by innovating – not just innovating the product, or even the business itself – but by innovating the market.
In the old world we accepted markets as a given – the status quo – and competed within it, with slightly different products and services, or most usually by competing on price. Most new products were quickly imitated, leading to declining margins and commoditisation. Most companies now receognise that this is not a route to long-term success in a rapidly changing world.
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Fast-changing markets demand fast-changing businesses.
Winning in this new world requires a bigger ambition – to change the game, not just play the game. Winners recognise that markets are malleable, geography is irrelevant and categories are outdated, that boundaries blur and new spaces emerge, and that practices and perceptions can be shaped to your advantage.
“Gamechangers” innovate their market, and then innovate their business with exponential impact – like WhatsApp creating $19bn in three years, Uber $60bn in 5 years. They start from the future back, making sense of change, seeing the new patterns and possibilities, harnessing the power of ideas and digital networks to win in new ways. This requires new leadership thinking, and for the whole business to innovate.
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