The Idea: At the most recent Elevation Summit event, Ryan Olohan of Google shared companies that grow at a “10X” rate (not 10 percent), are uncomfortable being comfortable. These organizations do two things very well. They ask their team “how do we grow exponentially” – and then create plans to achieve that expectation. They also ask one other important question, “is anybody else doing this?” This question allows them to create new businesses in an empty field. What else can we learn form 10X companies?
There’s a marked difference between companies that thrive during change and those that don’t.
“The ones that survive react to changes”, said Olohan. “The ones that succeed anticipate, embrace, and respond to changes in technology, and changes in consumer behavior.”
Companies that think 10X live where their customers live. They create community with their tribe and are a part of their ecosystem. They become neighbors. It’s a matter of appreciating how the consumer needs are shifting, rather than how the product should change.
Take, for instance, the integration of marketing into social media platforms. One of every five minutes spent on mobile devices is on Facebook and/or Instagram, including fourteen Facebook visits per day. Digital is the new consumer’s new home. Yet, 10X companies realize that their relationship must be bigger than commerce to connect with her on her phone. Marketing on social (specifically mobile) competes with everything the consumer has ever loved – family, friends and favorite videos. You must be both emotionally sensitive and relevant to connect.
The entrepreneur and inventor Tesla once stated “When wireless is fully applied, the Earth will be converted into a huge brain.” Today we have 5 billion connected devices creating the Global Brain. According to McKinsey Consulting “The potential is actually bigger than the hype worth $4-11 trillion.” We are now in a world where value is derived from information, not just products.
Most 10X companies are early adopters to technology, and they don’t stop there. They are in front of the curve and pride themselves on setting the curve.
Organizations growing at 10X don’t waste their time trying to squeeze the last dollar out of their budget. They are busy birthing the next generation of ideas