The 8 Truths About Embracing Startup Mentalities in Big Business
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The ability to recognize what your brand can and can't learn from startups is key to an authentic, successful marketing strategy. There are hard truths to working at a large, legacy brand, and those companies should fully understand the inherent limits that come along with them. Katherine Patterson of GE Healthcare will discuss why every bandwagon isn't worth jumping on, and how to determine the right amount of experimentation for your brand without losing sight of your marketing goals
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The 8 Truths About Embracing Startup Mentalities in Big Business
- 1. Start Up Mentalities in Big Business: The truth no one wants to admit Katherine Patterson, Global Marketing Communications Manager, GE Healthcare
- 2. Note: This talk is not endorsed by GE Healthcare. Any comments, statements, promise, or swear words are purely from Katherine Patterson and probably frowned upon (although likely expected) by GE Healthcare.
- 3. About me Global Marketing Communications Manager for GE Healthcare Corporate liaison Branding & Advertising for GE Healthcare Growth Initiatives I just can’t shut my big yap
- 4. A cultural lesson: France v. US
- 5. Today’s Talk The truth about marketing The truth about start up mentalities in big business What you need to remember
- 6. The truth about marketing
- 7. The eight most brilliant marketers of all time André Citroën Engineer Conrad Gessner Bontanist, physician Lily Langtry Actress Charles Ponzi Businessman John R. Brinkley Quack physician Mary Kay Ash Door-to-door sales George Wilkes Journalist Julias Caesar Statesman, author, noble http://www.businessinsider.com/the-greatest-marketing-geniuses-of-all-time-2011-
- 8. There is no BAR exam for marketing. “It will work. I am a marketing genius.” -Paris Hilton
- 10. The Latest In Shiny Object Syndrome Big Data StartUp Model Industrial Internet 360 Marketing Intrepreneurs QR Codes Gamification Social Media Strategy Infographics Personal Clouds Advertainment Permission Marketing Earned Media Mobility Ideation Contextual Marketing
- 11. Two objectives: ① Mitigate risk ② Influence or anticipate human behavior
- 12. Truths about start up mentalities & big business
- 13. The BIG truth:
- 14. 15 minutes | Teams of 4 | tallest structure with marshmallow on top wins
- 18. Truth #1: To embrace start up mentalities, you have to embrace failure.
- 19. Leveraging the startup approach Get us closer to customers Increase our speed to market Increase chance of success Make it easier to get things done
- 20. Start ups: Failure is likely. Big Business: Failure is not an option. Entrepreneurs average 3.8 failures before final success. What sets the successful ones apart is their amazing persistence.” – Lisa M. Amos
- 21. The dirty 4-letter word RISK
- 22. Measurement ≠ Effectiveness Logic Emotion Outputs Outcomes Doing things right Doing the right thing Divides Unifies Resists change Embraces learning How well did it work? How can we do better next time? Campaigns that set hard objectives are 4x more effective than those that don’t. Pre-testing for standout reduces effectiveness (awareness is worst predictor of all)
- 23. “Some may choose to call this the boldest single marketing move in the history of packaged goods. We call it the surest move ever made.” ~Roberto C. Goizueta, CEO and President of Coca-Cola
- 24. Truth #2: What corporations say and what they do in practice are two different things.
- 25. Start ups: Figure it out as you go. Big Business: Overthink but try to keep it simple.
- 26. FastWorks Framework: Continuous learning, iteration and improvement Understand the problem … from the customers’ point of view Identify leap of faith assumptions … that are critical to project success Define a series of MVP’s (Minimum viable product) … tests to validate assumptions Establish learning metrics … accessible, actionable & auditable Pivot or persevere … make changes based on learning Ideas Learn Build Data Product Measure
- 27. Customer Engagement Process: Validate before you pivot or persevere Two types of validation: 1. Customer problem statements 2. MVP solutions Design Interview Analyze POP • Assumptions • Testable Hypotheses • Customer problem statement • Share pain points • Validated pain points • Pivot or Persevere MVP Solution: • Share MVP Validated features Pivot or Persevere Repeat this process with higher fidelity MVPs
- 28. Truth #3: Most companies have a culture of me.
- 29. Start ups: Focused on product Big Business: Focused on career
- 30. HIPO factor.
- 31. Truth #4: Need based vs. Revenue based.
- 32. What you need to know
- 33. Truth #4: Authentic is the new black.
- 37. Fundamental differences Start Ups Big Business Failure is key Failure is not an option Passion for product Passion for me Focus on growth Focus on career Need-based Revenue based Address basic human emotional needs Address needs of company for growth
Editor's Notes
- Ask the questions no one will, but they’re all thinking. It’ll shock you to realize that they’re not always thinking it.
- Only one was in marketing or business. ONE. Citroen – inventor of electric billboard; rented the Eiffel tower to promote his automobilesGessner – inventor of viral marketing. :Some scholars believe it began way back in 1559, when the Swiss naturalist Conrad Gessner waxed lyrical about the beauties of the tulip -- a flower then not well known in Europe. His remarks eventually spawned (in 1634... thing move a bit slower without the Web) what's now known as "Tulipmania." During the craze, some bulbs sold for the contemporary equivalent of several million dollars.One tulip fancier actually murdered his manservant for eating a particularly prized bulb, believing it to be an onion.Now, that's brand loyalty with a vengeance!Langtry – the madonna of her time, publicized her sexual escapades (including one with the future king of England) and then creating an image of glamor that was ripe to be exploited.And exploit it she did, adding her famous name to a line of cosmetics. The fee she charged the cosmetic firm: her body weight in gold... pound per pound.Brinkley – inventor of broadcast advertising, when radio was like the library at the time. He advertised his “cure” for male impotence – surgical implantation of goat testicles. Brinkley combined entertainment (booking some of the great country music acts of his day), bible readings, and a strong sense for the memorable turn of phrase. His most memorable catch phrase: "You'll be a ram-what-am... with every lamb.”Ash – founder of networking marketing. Started Mary Kay when the guy she trained got promoted and earned twice her salary. Started incentivizing with the famous pink cadillac – an ad and ego tip to allWilkes – founder of girly magazines in 1845. Put sexy pics next to boring ads – which increased their apeal. First to use sex to sell unrelated products.Caesar - When Julius Caesar was away in Gaul (now France), his enemies in Rome were busy trashing his reputation. So he invented the advertorial.He started sending Rome reports on his progress, ostensibly to keep people informed, but really to make sure that everyone knew about his victories.When Caesar finally crossing the Rubicon, he had a reputation to "die" for.
- Many think they can do it – but few actually succeed.
- Shiny object syndrome can happen anytime someone can’t let something work – or is so interested in the tactic that they forget what they are trying to do.Can apply to campaigns, ideas, etc.Symptoms:A soft spot for buzzwordsDisposition to regurgitate the latest buzzwords you just overheardInsatiable desire to sell the “latest thing” to clientsTendency to believe the hype, without investigating for yourselfTendency to dismiss without investigating for yourselfExcess use of the word “viral” viral…viral…viral…viral…Lack of interest in research or first-hand experienceTotal disregard for customer, brand, or business needs
- Here’s the thing – each one of these has merit. The problem is when people look to the latest as the next silver bullet that is going to provide them unparalleled success. Each has merit – and each is problematic. Today, I’ll try to keep it to one of the latest fads: start up mentalities. Or FASTWORKS.
- There’s no such thing as a sure thing, silver bullet, or any equation that guarantees success. Marketing is a combination of instincts, intelligence, luck and guts. Anyone who is telling you otherwise is selling you something.
- 15 minutesTeams of 4Tallest structure with the marshmallow on top
- This seems to happen because kindergarteners are much better at the iterative design process. While business students wait until the end to place the marshmallow, 5 year-olds make many successive prototypes, always keeping the marshmallow on top, and test them throughout the 18 minutes, ultimately ending up with more interesting and more successful designs. In many ways, the marshmallow challenge represents the hidden assumptions in a project. Every project has its own marshmallow, and you don’t want to encounter it at the very end of your 18 minutes.
- Increase success?This is why GE hires attorneys from the IRS, FDA, etc. To do everything possible to make sure that we have the best chance to avoid failure. This is aginst our culture.
- But what about the HIPPO factor? Startups don’t have that.Ultimately - It’s about money.
- Failure is vitally important part of the eco system of start ups. It’s where you learn.75% of all start ups fail50% fail within the first four yearsThe FastWorks process focuses on speed to market and sure thing deals: avoiding failure
- Everything we do in big business is about risk mitagation. This model implies that you are OK with taking a risk. A concept that most say they’re OK with, but few put it into practice.
- And in general, marketing people (most of which were engineers) are least comfortable with emotioanl marketingIt is possible for a culture shift – it’s just going to be freaking hard.
- 1985, marketers were stunned that consumers preferred Pepsi to Coke in blind taste tests. Four million dollars and two years later, they rolled out New Coke based on blind taste tests to make it sweeter, like Pepsi.
- So the very principle is different. Oxy-moron: simplifying GE. Ha. 12 months later, and after the most complicated processes available, we are still “simplifying.”
- Failure is vitally important part of the eco system of start ups. It’s where you learn.75% of all start ups fail50% fail within the first four yearsThe FastWorks process focuses on speed to market and sure thing deals: avoiding failure
- This is how they simplify.
- The black death to start ups. When it’s about you – not the cause.
- Make a splash, make a name, and get on with your life.
- You have to be authentic – and understand the people are people. With emotions, feelings, not an equation.
- GE: Ellie vs. cancer survivorsBack when it was founded in 2002, Pay By Touch allowed users to pay for items with a swipe of their finger on a biometric sensor. However, during the company's most successful years, CEO John P. Rogers was accused of domestic abuse, drug possession, and taking company money for his own use. One investor said he was "worse than a drunken sailor." By 2007, Pay By Touch was shut down.
- Tony RobbinsCertainty: assurance you can avoid pain and gain pleasure (control)Uncertainty / variety: need for unknown, change, new stimuliSignificance: feeling unique, imporant, special or needed (competing)Connection / Love: strong feeling of closeness or union with someone or somethingGrowth: expansion or capacity, capability or understandingContribution: a sense of service and focus on helping, giving, to and supporting others
- ForbesWhen you have 300,000 employees, I don’t care how great your company is, you’re a number. And no one is irreplacable.