Top 5 Reasons you Won’t Want to Miss the 2015 MIMA Summit!
September 18, 2015The Other Side of Cecil
September 25, 2015We can’t give you a taste of the delicious donuts that were served at this month’s event, but we can give you a taste of the content that was presented and fill you in on the juicy details. So if you missed this month’s event, “We Are All Digital Startups Now,” or if you just want to revisit the topic, look no further. Here are the main key points from the presentation.
But first, why digital startups? Why do we pay so much attention to them, and why is it relevant? Answer: We pay so much attention to digital startups because they’re taking advantage of opportunities, growing faster than others, and, ultimately, we want to be them. Any organization, regardless of the size, can benefit from the thinking behind a digital startup.
Here’s what that means for you.
- A startup is a human institution to deliver a product or service under extreme uncertainty. They’re disrupting industries and going after solving problems when large organizations are too slow or scared. It’s in this uncertainty that you can find growth.
- We entered the mobile era in 2013. Now, it’s no longer a choice to focus on mobile. And in the mobile world, you don’t win the consumer on technology. You win on better experiences. By creating a fundamentally better digital experience, you can radically change your value proposition.
- To win, your approach needs to evolve. Focus on products, not projects. Products are what allow us to drive growth. You manage projects to end; you manage products to endure.
- Your digital experience is now a product. And the best products remove friction and anxiety, meet expectations of core functionality and performance, surprise and delight, and anticipate the next wave of pressure.
- To set up a team around a product (vs a project), you need to determine a clear purpose, create the right structure, establish goals and accountability, and follow an agreed upon operating system.
- Your purpose needs to be the reason your product exists. It’s what drives your product and is the way the digital experience brings that purpose to life.
- Startups are looking for growth, first and foremost. The big company model is to “bet the farm” and then wait and see if it’ll work after the product is already completely developed and in the marketplace. The startup way is to get insight from real people right away. They start with small tests and either continue to build on success or pivot on failures.
- The way to slowly change your model is to set 10% of your marketing budget toward experimentation. Experimentation will help you find new proven drivers that will ultimately allow your 90% to work harder.
- Change your thinking. Instead of focusing on only efficiency, find the balance between growth and efficiency. After all, there is no need for efficiency if there is no growth. Start experimenting and searching for new growth.
Get a full run down of the event by watching the event recording, or flip through the presentation slides.
Full Video
2015 MIMA Event: September – We Are All Digital Startups Now from MIMA on Vimeo.
