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Innovation & Institutions, Will it Blend?
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Even the stodgiest retailer can win over millennials - Not your father's RadioShack

Even the stodgiest retailer can win over millennials - Not your father's RadioShack | Innovation & Institutions, Will it Blend? | Scoop.it

One store no longer fits all. 
     
Today’s millennials—nearly 80 million individuals in the United States alone—represent a staggering force in today’s marketplace, spending roughly $600 billion each year. And their impact is only expected to grow through 2020, with estimates their total spending in the US will top out at nearly $1.4 trillion annually. 
     
Despite this, most retailers today are millennial-challenged...


Highlights:


  • Unlike previous generations that struggled to price and comparison shop, millennials have it down to a science, using sites like Hukkster.com to find unique products and discounted rates at the click of a button.
    
  • Showrooming:  ...Millennials, looking at products on the retail floor and then turning to the internet to make their actual purchase at the lowest price is a way of life. But retailers can’t afford to simply turn their stores into showrooms.   ....To survive, they must change their in-store experience—and fast. 
    
  • The sale doesn’t end at the register
    
  • Understanding how [your] brand and products fit into the broader fabric of their lives.


Read more here.
   

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Deb Nystrom, REVELN's insight:

I, for one, loved the Superbowl ad and all the in-your-face 80's iconic flashback  For two:  this article covers the complexity of bricks and mortar, showrooming, price shopping and the ongoing relationship with mobile- and tech-savvy millennials and anyone who uses tech as their right hand for shopping research.  ~  Deb

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How Leaders Lose Their Luck, the Paradox of the Journey to the Top

How Leaders Lose Their Luck, the Paradox of the Journey to the Top | Innovation & Institutions, Will it Blend? | Scoop.it

While researching his forthcoming book — Heart, Smarts, Guts, and Luck — co-author Anthony Tjan made a fascinating discovery: a surprising number of company founders and business-builders attribute much of their success to luck.

...


There are ways we create our own luck, as listed on the innovation leadership companion post on this curation stream.  Becoming disconnected, as Anthony describes, on the way to the top, is one way for leaders to lose their luck.


Excerpted:


Almost 25% of those we surveyed came out as "luck-dominant" on the Entrepreneurial Aptitude Test we devised; many more gave luck at least partial credit.


...Here's the paradox:  Once they have made it to the top — after they've reached high levels of entrepreneurial or corporate success — leaders often become disconnected from the crucial lucky qualities and relationships that helped get them there in the first place. By definition, the top is less of a journey and more of an arrival point. A newfound reputation is difficult to risk.


We've identified seven attributes, and they are among the most difficult ones for leaders to master and maintain. They are: humility, intellectual curiosity, optimism, vulnerability, authenticity, generosity, and openness.


The post defines these and begs the question:


How do leaders reconnect to the reality, attitude, and relationships that can sustain and take their company's excellence to a new place?


Author:  Anthony Tjan is CEO, Managing Partner and Founder of the venture capital firm Cue Ball and vice chairman of the advisory firm Parthenon.

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