The Growth Mindset – a roundtable discussion held by Emma Dale in Hong Kong.
Last Tuesday, on a chilly morning in Hong Kong, friends and clients of Prospect’s grouped together over breakfast to hear Andrew Brent, author of ‘The Growth Director’s Secret’, share his insight and radical new ideas about how businesses can position themselves for profitable growth.
Interestingly Andrew’s presentation revealed important new insights from the world of neuroscience about how consumers go about making purchasing decisions and choosing between brands, and that these insights are challenging traditional business thinking.
Andrew covered the following at the roundtable discussion:
- The Growth Paradox The strange fact that, despite its crucial importance to medium/long-term success, only around 10% of companies grow profitably for any sustained period.
- The Focus Failure How companies often fail to differentiate between low-potential and high-potential customer groups, the common segmentation mistakes that lead to this huge inefficiency, and how to get customer targeting right.
- The Big Growth Mistake The common failure of understanding about how consumers make purchase decisions and choose between brands that cause many companies to sub-optimise their growth potential, and how new insights emerging from the world of neuroscience are revolutionising the way companies position themselves to grow profitably.
“Why do so many businesses miss ‘The Big Growth Secret’ – the fact that, most of the time, we shop on ‘autopilot’ from a small group of favourite brands? We choose these brands subconsciously, bond with them emotionally and screen out messages from competitors. Learning how to become the default ‘autopilot’ choice for target customers is the key to sustained, profitable growth’ says Andrew Brent. “The secret to securing long-term brand preference is developing a proposition that ‘wins’ at the ‘Moments of Maximum Emotional Engagement’ when performance of a product/service matters most. Too few brands understand when these moments are and so struggle to sustain profitable growth.”
“When is the business world going to understand that conventional research tools cannot connect with the sub-conscious decision-making processes that drive almost all of our brand preference choices? Unless they learn how to use the ‘Implicit’ tools that can make this connection they will struggle to position their brands to grow profitably.” Said Andy during the discussion.
“It was great to kick-start the day with an informative and interactive discussion on why so many organisations fail to grow profitably,” said James Hacking, SVP, BlueCurrent Group Hong Kong. “The messages were clear. Not only do companies and brands often make the same mistakes but they regularly misunderstand their customers. For all of us in the Marketing and Communications industry the key point to remember, and something that I’ve written about before, is that whatever it is you are trying to promote, you need to understand how we, as humans as opposed to customers, both think and act.”
“Companies say they want to grow, but then don’t put in place specific initiatives to do so. They don’t treat their efforts to grow with the same professionalism and seriousness with which they handle finance, marketing and other priorities. That was a good insight from Andy Brent, and appointing a Chief Growth Officer is one way to make sure growth gets focus and authority.” Says David Ketchum, CEO Current Asia.
Huge thanks to Andrew for his insight and we look forward to running more roundtables and seminars on this subject. Please email firstname.lastname@example.org if you wish to participate in future events.