A DISCOVERY FOUNDATION GROWTH ESSENTIAL PROGRAM
Every industry is built around long-standing, often implicit, beliefs about how to make money. In retail, for example, it’s believed that purchasing power and format determine the bottom line. In telecommunications, customer retention and average revenue per user are seen as fundamental. Success in pharmaceuticals is believed to depend on the time needed to obtain approval from the US Food and Drug Administration. Assets and regulations define returns in oil and gas. In the media industry, hits drive profitability. And so on.
These governing beliefs reflect widely shared notions about customer preferences, the role of technology, regulation, cost drivers, and the basis of competition and differentiation. They are often considered inviolable—until someone comes along to violate them. Almost always, it’s a disruptor from outside the industry. But while new entrants capture the headlines, industry insiders, who often have a clear sense of what drives profitability, are well positioned to play this game, too.
How can incumbents do so? It’s clear that the methods we have been using to tackle challenges are no longer sufficient. Sacred cows, conventional wisdom and consensus seeking very often stand in the way of disruptive innovation, and must be challenged in order to chart a new path into novel solution spaces.
- learn THNK’s 4-step Reframing process to examine your entrenched perceptions and limiting beliefs – be it about your industry or a particular product, processes, or project
- turn the most significant underlying notions on their head—reframing them— towards a whole new perspective and solution space for new value creation
Reframing will take you out of your mental comfort zone, enabling you to discover new perspectives and creative solutions.