Two weeks ago I attend the one-day conference “Best Practices and Emerging Technologies” put on by the UW E-Business Consortium. I have attended this annual event for several years and enjoy the fact that it cuts across technology, customer service, marketing and supply chain disciplines.
It was a treat to hear two inspiring keynote sessions, one from a London-based futurist and the other from lead engineer for the Mars Rover Curiosity.
A key takeaway from the conference was the continuing and varied influence of millennials on business. Here are a few points that stayed with me:
- McDonald’s corp opened offices in downtown Chicago, Silicon Valley and India for the sole purpose of attracting the young talent they needed to move information technology, marketing and related functions into the digital world. At that point, they changed from a very traditional dress policy to no dress policy.
- As discussed in an earlier post, your smartphone home screen is your new inbox. I am increasingly finding others contacting me via multiple channels (LinkedIn messages, text messages, Skype, Yammer, Slack, Spark, etc.) and with invitations to connect on social media (Twitter and others).
- Presentation styles have evolved to a TedEx-like standard (tell me a short and concise story). One outcome is that sometimes the younger speakers are often better than those more steeped in the traditional style of yesterday.
- Both speaker and attendee attire at business meetings has shifted away from the old norm of business wear or business casual. The new norm is to wear to a conference whatever style you wear to work, whether that is company logo wear (think Harley Davidson), fancy jeans/shirts/stylish jackets, golf club wear or traditional business attire. Anything goes…regardless of age or rank.
Another interesting topic was the role of emotion and empathy as part of the product experience. Companies that can understand, appreciate and create an emotional connection with their target audience will win in the marketplace. Making an emotional connection to your user applies whether you are clicking on your phone, at an event, or at a business meeting. Additional resources:
- Harvard Business Review, For Any Product to be Successful, Empathy Is Key
- Wall Street Journal (subscriber access only), The Importance of Empathy in Our Services-Centric, People-Oriented Economy
- Irving Wladawsky-Berger, The Importance of Empathy in Our Services-Centric, People-Oriented Economy
I’m already looking forward to next year.
Passion, follow your passion, what are you passionate about? This all sounds good in theory, but does it really fit in the business world?
Don’t get me wrong—I think passion matters, and is a very important ingredient in the recipe for your career path and job satisfaction. However, I personally don’t think it’s sufficient on its own.
Here are several different takes on business passion:
- Passion is Not Enough
- IT leadership lessons from Sun Tzu: Passion matters
- Is Business Your Passion? 4 Reasons Why It Matters
- Should Millennials Follow Their Passion?
- It’s What You Can Contribute
Last month two friends shared links to articles about the potential of a massive earthquake in the Pacific Northwest. This was news to me, as I had never even heard of the Cascadia subduction zone. Having a daughter attending college in the Northwest made the story relevant.
A well-written and engaging story in the New Yorker called The Really Big One by Kathryn Schulz instigated a flurry of reporting. What really set people off was this paragraph:
“…we now know that the odds of the big Cascadia earthquake happening in the next fifty years are roughly one in three. The odds of the very big one are roughly one in ten.”
The article went on to describe the massive amount of destruction and cited FEMA’s estimate of thirteen thousand deaths. The buzz in the common press was pretty significant, generating headlines like, “How to prepare for the big one” and “New massive earthquake projection is absolutely horrifying.” The response was so strong that the author wrote a follow-up article entitled How to Stay Safe When the Big One Comes, further fueling the buzz.
Residents of the Northwest are well aware that they live in an earthquake-prone area. Still, discussions have ramped up in the aftermath of the publicity. About a month ago, an event was staged at Oregon State University to inform the public and facilitate dialogue. All 560 seats in the large auditorium were full.
Coincidently, after seeing my friends’ posts, I was on a flight to the Pacific Northwest, and read The Signal and the Noise: Why So Many Predictions Fail–but Some Don’t by noted statistician Nate Silver. One chapter is all about the science behind earthquake predictions and forecasts. What stuck with me was his simple and illustrative explanation: a PREDICTION is definitive and specific, with a clear when and where. A FORECAST is probabilistic statement over a longer time period.
There was something about the statistics and description in Schultz’s article that rubbed me the wrong way, but I couldn’t put my finger on it. Silver’s definitions generated an “aha” moment: “prediction” and “forecast “are not synonyms, at least not in the field of seismology. The New Yorker pieces talk about the potential effects of this supposedly looming disaster as if it is a prediction. I believe the statistics weren’t clearly reflected, and, instead, it should have been treated as a forecast. Clearly, couching it as a predication makes for a more sensational story.
Let’s circle back to the data for a moment. The idea that the odds are one in three of a big quake occurring in the next fifty years is based on research led by professor Chris Goldfinger of the College of Earth, Ocean, and Atmospheric Sciences at Oregon State University. Download a summary or the full report for further details. His explanation is that there have been 41 events in the past 10,000 years, or, on average, every 244 years. The last major event was in 1700, and therefore we’re “overdue.” This meets the sniff test for a reasonable forecast.
By the way, just to make sure this is clear, the one in three odds that is referred to does not mean that there is a 1/3 or 33% change in each of the next fifty years. It is a 33% chance for it to occur at any point within the 50-year span. This means that each year there is only a 1/150 or 0.66% chance.
The official position of the United States Geological Service is that earthquakes can’t be predicted. It’s easy to Google the topic and finds failures in both directions: predictions that say a quake is going to occur and it doesn’t, and large quakes that were not predicted even when signs were present. While the search is still on for a foolproof predictive model, perhaps speculators should stick to forecasts.
What I take from this is the realization that words matter. What may be considered good reporting isn’t always conceptually well grounded, even in respected publications. In today’s 24 x 7 media and social environment, stories expand and travel rapidly, regardless if their foundation is solid or not. As a consumer of media, it’s on me to verify and question what I’m ingesting.
My early 20s consumer behavior was mall-based at large national retailers, such as Gap, American Eagle, Barnes & Noble, Best Buy and others. Our generation didn’t have large quantities of belongings, mostly just basics like bookcases, stereo systems, hand-me-down furniture, desks and the like. Moving to school or changing apartments was accomplished in an afternoon with group of friends and their trucks, fortified with beer and pizza. Simple times.
Now, we have easy access to a ridiculous array of items 24/7/365. We’re all aware how Amazon has evolved from a bookselling to basically a cyber über-mall, but have you heard of or used the delivery services PostMates or InstaCart? What about transportation options like Zipcar or Lyft?
On a recent trip to Portland, Oregon, I went shopping for a few hours with my college-aged daughter. This experience confirmed an observation I’ve had over the past few months: we now have a very powerful generation of consumers who are ramping up their aggregate purchasing power. Their shopping choices are influenced by online research and access to current styles and trends in addition to real-time friends’ opinions via social media (no trip to a dressing room is complete without feedback from a friend via Snapchat).
Beyond these influences, I picked up on a theme that I am calling, “What Really Matters to me?” The answer can fit one of three categories:
- Edited. What are the essential items that I use and enjoy? This may include a water bottle, coffee travel mug, essential electronic device and headphones or perhaps a special find from travel (scarf/shawl, sweater or photo).
- Curated. Given all of the options, what high quality items do I feel passionate about to the point I am willing to pay more for them than for other products in the same category? What do these express about who I am? Think Longchamp bags, Tiffany jewelry, Ray-Ban sunglasses, Beats headphones and other premium items.
- Signature. What items speak to who I am and the image I want to portray? It could be flannel shirts, hats or self-designed t-shirts. Multiple bracelets. A disposition towards specific footwear (Toms, Chuck Taylors or boots). Perhaps these items make a statement about your politics or sense of humor or favorite sport, band or hobby.
Everyone owns products from Target, Old Navy, and other mass retailers. What I’m getting at here is there is room (and growth) in the marketplace for stores and their products that are typically high design and high functionality—and these tend to fall in the Edited, Curated or Signature bucket.
Feeling like you need to add some Edited, Curated or Signature items to your collection? Check out these tempting sources:
- Madewell—casual and cool clothes (a J. Crew brand)
- Timbuk2—messenger bags from a San Fran start-up founded by a bike messenger
- Canoe—beauty meets function in everyday items
- Snow Peak—outdoor lifestyle goods
- Bridge & Burn— functional, west-coast clothing, home goods and accessories
- Urbanears—affordable, high performance headphones
The ultimate example is Sid Mashburn—I think he was born with style. Going well beyond clothes and shopping, it’s an experience.
Learn more about Millennial consumers:
- Marketers Are Sizing Up the Millennials
- Here Is Everything You Need to Know About the Millennial Consumer
Lean Innovation Management – Making Corporate Innovation Work provides a nice overview of language and frameworks to look at innovation across different levels of organizational maturity. This infographic depicts the key takeaway.
The title 12 Hidden Gifts of Not Pursuing Happiness confused me for a minute—I thought “not” must have been inserted by mistake. Instead, I found a very powerful and useful list of ideas that resulted from turning conventional wisdom on its head.
Cartoonists take on Hillary and the email scandal in Reply scrawl: 5 cartoons about Hillary Clinton’s private e-mails worth sharing
Two Phrases That Can Change Your Life just begged for a sketch of these secrets to improving business and personal relationships.