BUSINESS STRATEGIES
What can Nick Saban , Play-Doh , and Sears teach us ?
“ We had to change as the game changed .”
Nick Saban on why he changed from defense first to high-powered offense .
Patrick M . Bowen , CLU is co-founder of InsurAware Inc . and has more than 25 years of experience in distribution leadership . He can be reached at patrick . bowen @ insuraware . com or ( 404 ) 790-3333 .
During the February 10th episode of NAILBA Engage , Keynote Speaker , Duncan Wardle opened by stating , “ we are not going back to business as usual ; we ’ re going back to business as unusual ”. His Think Different session was a phenomenal primer for innovative thinking and one of my favorite sessions from NAILBA Engage . All of us are eager for the day when the pandemic no longer dominates the headlines , but the data suggests that the interruption that occurred in March 2020 will more than likely result in a permanent change to some of the ways we conduct business . So how will we survive and thrive in the new “ business as unusual ” environment ?
Challenge your existing philosophy
As much as it pains me as a University of Georgia graduate to admit this , Nick Saban has cemented his legacy as the greatest college football coach of the modern era . Over the course of many decades , he perfectly executed the football philosophy that “ defense wins championships .” In January , Alabama won its 6 th national championship during the Saban era . This time though , they did it with a prolific offense and relatively average defense . What exactly happened that caused Saban to transform his proven “ defense first ” philosophy into one that now hinges on executing a high-powered offense ? When asked recently about this seismic shift , his answer was strikingly simple — “ we had to change as the game changed .” His acute sense of situational awareness allowed him to change while Alabama was still winning . The “ game ” in our industry has changed , but are philosophies sufficiently changing to reflect the shifting landscape ? The proven philosophies that brought decades of success in the brokerage space may not be the same ones that bring victory in the new “ business as unusual ” world . Thinking Different can help us ensure we are not solely relying on the tactics that worked for yesterday ’ s game .
Consider looking for a pivot point
In the 1950s , the owners of what we now know as Play-Doh were on the verge of insolvency . The advent of oil and gas-powered home heating systems had eroded the need for their product known for removing coal stains from wallpaper . Scrambling for any direction that would keep the doors open , they learned that a local art teacher was using the putty in her class for children to make ornaments . The owners quickly made the necessary pivot to redesign and repurpose their product , and since then over 2 billion cans of Play-Doh have been sold . This past year , the entire globe had to pivot to a virtual business world out of sheer necessity . Is there the same sense of urgency in identifying the pivot opportunities that exist in front of us ? While parts of our natural market may continue to be challenged by disruptive forces , Thinking Different can pinpoint where a timely pivot could open innovative new uses for our products and services . A willingness to abandon certain lines of business may be needed to ensure a promising new opportunity is not missed .
22 Perspectives Q2 2021