As time passes the world
significantly changes, especially in terms of technological advances and social
issues. If businesses want to survive they need to incorporate some of these
changes into their strategy. Using these technological advancements, businesses
are able to maintain their foothold within a competitive marketplace. As I read
about the ways businesses can do this, I wondered who has done this well and
what additional information we can glean from their example.
According to Fast Company magazine, Nike was the #1 Most
Innovative Company in 2013. Mark Parker, Nike’s CEO, incorporated cutting edge
technology into his products. Some of these products included the 2012
“FuelBand”, a comfortable bracelet that monitored a person’s movement throughout
the day. In a time where obesity is actually a social epidemic and the health industry is significantly
growing, Nike reacted by implementing technology in a new way. Mr. Parker also
did this in 2013 with Nike trainers;
specialized shoes containing sensors which collect data about movement. Since
the sensors are wirelessly connected with the user’s iPhone, he/she can monitor
their exercise using their own statistics.
After analysis, it seems like the following four rules are
what govern Nike and lead them to such success:
Rule #1:
TO DISRUPT, YOU MUST GO ALL-IN.
(Interpretation: Set the bar high, claim ownership. In Nike’s case, they
didn’t just make new products; they invented new styles of technology, and are
incorporating a new style of advertising by involving consumers in an online
community.)
Rule #2:
ANTICIPATE A PRODUCT'S EVOLUTION
(Interpretation: Plan for how the product needs to change. Parker said
he is obsessed with his products; he is constantly thinking about them, and
anticipating how to make them better.)
Rule #3:
DIRECT YOUR PARTNERS
(Interpretation: Coach your partners to the end-goal. When developing
new products, Nike goes outside its bubble and includes dozens of partners to
help them collaborate ideas and information. During this process, Nike is clear
about expectations and direction.)
Rule #4:
FEED COMPANY CULTURE
(Interpretation: Make people proud to work there. Send this image to the
public.)
These
four rules simplify a large part of Nike’s business strategy in how they
anticipate new changes and needs in the world. They actively incorporate new
technology into their products, and introduce them to the public in services
that can genuinely help these needs. There is a lot we can learn from Nike, and
its example.
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