I was recently debating with a colleague, the differences between some US-owned and European or Asian companies.
While there may appear to be many things wrong with US right now, it provides an unparalleled environment for business – with world leading levels of innovation, dynamism and pace, coupled with a high tolerance (even celebration) of failure.
Making generalizations is fraught with danger of course. But to me, the leading US entrepreneurs and their organizations don’t just talk a good game about ‘growth mindset’ – they actually live it.
A growth mindset is the belief that abilities, intelligence, and talents can be developed through effort, learning, and perseverance.
Coined by psychologist Carol Dweck, this mindset contrasts with a fixed mindset, where people believe their abilities are static and unchangeable.
Folk with a growth mindset embrace challenges, learn from criticism, and see failure as an opportunity to grow rather than a reflection of their limitations.
They are more likely to persist in the face of setbacks, continuously seek improvement, and be resilient in pursuing their goals.
Applied to a school setting, instead of saying “I can’t do algebra” students should reframe as “I haven’t mastered algebra yet”.
Money doesn’t get destroyed (on the contrary in the last few years several countries have printed about 40% more of the stuff). Currency simply changes hands, with some people collecting rather more than others.
If your financial worth hasn’t increased by 40% over the last few years, it doesn’t mean there’s less money. It means someone else is growing their share faster than you.
Similarly, the number of opportunities isn’t reducing – in fact with advances in tech, health and connectivity, etc, the number of opportunities is multiplying – and this will accelerate.
A ‘growth mindset’ is what helps marketers and their brands to spot and exploit such opportunities.
A positive disposition is infinitely better than being fatalistic. Marketers must not resign themselves to lack-luster performance and operate within constraints that are often of their own creation.
There is an powerful school of thought (explored by leading psychologist Richard Carlson among others), that our thoughts determine our emotions (not other way round).
As the thinker of those thoughts, we are in control. We ourselves can determine which thoughts we entertain, and which ones we dismiss from our mind.
It follows that if we believe there are opportunities, we will be more sensitized and more likely to discover them.
The converse is also true. If we think that the negative forces which we face will prevail, then ex ratione, we will be emotionally defeated, and opportunities will remain out of sight.
Here are some practical situations where a growth mindset can help –
- My brand is fighting for share in a declining category.
If your brand has some equity (and let’s assume it does), think about how the category can be redefined; ask how the brand can stretch into more attractive market spaces; ask how the brand benefits can be reframed to be more valuable in the consumer’s or buyer’s mind. - Should I look outside my current company for a new role?
Absolutely yes. Ironically by looking externally, you may see opportunities (such as a career-enhancing lateral move) within your existing company as a result of opening up your mind. - My brand cannot compete with aggressively priced alternatives.
People pay for value. Losing share to a low-price competitor means you aren’t adding as much value as you assume. Look outside for examples of brands that have built a pricing “moat” – what can you learn & apply to your situation?
At a foundational level, strategy is a logical process to help make choices. The framework is common-sense theory (although often harder to apply in practice).
But beyond process, I reckon it’s the mindset that you and your team deploy that is the “secret sauce” that determines how well you shape your brand’s future.
Get in touch to explore how I can help you with both the framework and mindset required for more impactful marketing strategy & planning.
