• by Glen Hartman , August 21, 2018

A major challenge for marketers today is that most “new” initiatives at large organizations — whether a product or service, re-organization or a new divisional reporting structure — are outdated almost as soon as they launch. And while many marketers recognize that change is the only constant in business and relevance is essential to thrive, many still don’t understand how to make change part of their core identity.  

In fact, major organizations are already feeling the inevitable effects of irrelevancy — to the tune of $1 trillion in lost revenue in the U.S. alone, according to a recent studyby Accenture. The simple truth is that long-established companies are losing out to more agile competitors that engage with customers in more relevant and meaningful ways. 

So what’s the key to maintaining relevance? Becoming a “Living Business” that places culture at the forefront of innovation. By creating a culture that thrives on change, businesses can remain agile and ahead of the market.

Transforming into a Living Business means becoming one that has the intelligence and agility to regularly refresh itself with minimum hassle. Here are five core actions needed for companies undergoing reinvention:

1. Target core and disruptive growth initiatives. Companies that have a deep understanding of customers’ changing digital needs and preferences are better able to identify areas ripe for disruption and growth. 

2. Design products and services as hyper-relevant platforms. Organizations that create products and services that generate real-time customer data are well positioned to use that insight to develop compelling new experiences that adapt to the ever-changing context and customer needs.

3. Build a range of engagement channels through agile technologies and prototyping. This ensures that companies can bring designs to market in a variety of ways, enhancing customers’ experiences and enabling continual feedback.

4. Scale a broad set of ecosystem partners. Collaborating with a diverse array of partners enables companies to quickly create a new type of customer experience and value. Each player brings something new and unique to the table – such as customers, industry experience or technology – enabling all parties to benefit from the experience.

5. Rewire the workforce through new technology and culture of hyper-relevance. Companies that cultivate a mindset putting customers front and center do so by drawing on the latest technologies to mobilize the right people at the right time. They foster a culture that breaks down silos and continually seeks to better customer relevance.

Ultimately, the most innovative companies are those that put their people at the center of their thinking; the result is a business where change is rewarding for everyone.