Eureka moments

Nick Woodman was surfing in Bali. With two failed businesses under his belt, he wanted to take some time out. The selfie craze was in its infancy, however Nick was determined to capture some great actions shots as he rode the Pacific waves. He tied a 35mm camera to his hand with a rubber band, but struggled to hold it close, keep it steady, or dry. It inspired him to innovate a new waterproof camera with a wrist harness. Selling Balinese shell necklaces back in California to fund his investment, he had soon perfected his design, calling it GoPro. 10 years later he now has a business worth 6.9 billion.

 

“Eureka moments” are when we see the future, solving problems in new ways, recognising new opportunities to innovate and grow. Whilst the problem might have previously seemed difficult, even incomprehensible, it is suddenly clear and inspiring. Every entrepreneur can probably tell you the story of their eureka moment:

The life-changing moments are just as profound for existing companies, who start out with one idea but learn from their experiences, a deeper insight to customers and technology, and set about changing direction. They call it the “pivot point”, when still relatively small they seek to accelerate by shifting direction, be it to reach new audiences, with new solutions or new business models. Wrigley’s for example, used to sell soap door to door. Its salesmen used free gum as a sales incentive, soon realizing that folks like the gum more than the soap.

 

Here are some more examples:

In ever-changing markets big companies need to adapt and innovate too. Of course, they find it harder, partly because of size, but more often because they have lost entrepreneurial vision, and grown complacent with existing success. Yet their shareholders have just the same expectations on them for growth and innovation. IBM took the brave decision 10 years ago to “shift the core”, to stop making computers where it faced many young challengers, and to focus on the lucrative support and advice business. Here are some more examples:

These businesses, from start-ups to global corporates, have found new success in many ways. What is common, particularly as companies get larger is that they innovate through the lens of their brand. Not the brand, just in its limited sense of name and logo, or in terms of the products it currently sells, but in the brands higher purpose, and audience it engages.

The question, of course, is where to focus. That starts by having a clear, focused and distinctive brand purpose. It is then about making sense of changing markets. Whilst everyone can see the same world, the trends shaping markets and customer expectations, it is those who think the best, and act the smartest who will be winners.

 

This is why we have launched the Brand Innovation Lab. Over three inspiring days, we help you explore the future of your business, inspired by some of today’s most interesting and successful brands. Working together with other leaders from different sectors, we will explore how you can accelerate growth through brand innovation. The workshop combines deep insights into leading brands, giving you the inspiration and discipline to create your own roadmap for the future of your brand.

 

“Dare to Dream” is the calling of day one, when inspired by the likes of Brian Cheskey and Elon Musk, we explore your brand’s disruptive vision, combining insight and focus to find an iconic meaning for your brand. Day two enters the design studio, ready to “Innovate and Inspire”, learning from different places, connecting ideas across industries like Umpqua Bank and Threadless, to apply the best proven concepts to your own world. “Engage and Enable” is about making it real on day three. Redefining experiences, with real-time marketing and collaborative content, and translating it all into fast growth, like sportwear brand Rapha.

 

And maybe, you will find your “eureka moment” too.

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Peter Fisk is a global thought leader in strategy, innovation and marketing. Starting his career as a nuclear physicist, he went on to work for and with many of the world’s leading brands – from Concorde to Coca Cola, Red Bull and Santander, Virgin and Vodafone. He is founder and CEO of GeniusWorks, the London-based strategy and innovation consulting firm, and visiting professor at IE Business School in Madrid. He has authored 7 books including “Marketing Genius” which has been translated into 35 languages, and and is included in the Thinkers 50 Guru Radar of the best business thinkers. He is an inspiring keynote speaker, highly experienced facilitator and practical coach. Find out more at www.theGeniusWorks.com

His new book “Gamechangers: Creating Innovative Strategies for Business and Brands” explores the world’s 100 most disruptive innovators, and then interprets 10 paradigms for success in today’s business world. From enlightended vision to finding new markets, bolder brands and innovative business models, new customer agendas and enabling experiences, realtime marketing and social movements, inspiring leadership to deliver more profitable growth. It includes 16 practical one page canvases, workshops and executive programs. Explore more about the book at www.Gamechangers.pro

 

Read more from Peter here.

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