In this episode of The Buyer’s World LinkedIn Live, host Hannah Ajikawo is joined by Scott Newton, a seasoned management consultant and mentor at TechStars, to discuss the intersection of strategy and go-to-market approaches. The conversation covers the essence of strategy, the importance of bold growth, and practical steps for companies to unlock sustainable growth.

Scott Newton's Background

Scott Newton is a management consultant with decades of experience working with global organizations on growth and strategy. He is also involved in executive education and mentoring early-stage companies at TechStars. Scott’s focus is on helping companies achieve bold growth through strategic clarity and effective execution.

Bold Growth:

• Definition: Bold growth is about aiming for significant, transformative growth rather than incremental improvements. It involves delighting customers so much that they become advocates for your brand.

• Example: Revolut's focus on international travelers created a strong word-of-mouth effect among its target audience, driving rapid growth.

Strategy and Go-to-Market:

• Unified Concept: Scott argues that strategy and go-to-market are the same. Strategy encompasses understanding your customers, defining what you will serve them with, and developing the necessary capabilities.

• Demystifying Strategy: Strategy should not be a black box. It involves simple, clear decisions about who to serve, what to serve, and how to serve them effectively.

Strategic Assumptions:

• Importance: Identifying and testing strategic assumptions is crucial for avoiding costly mistakes.

• Approach: Write down key assumptions about supply, demand, technology, and the legal environment. Test these assumptions to ensure they are valid.

Operational vs. Strategic Focus:

• Time Allocation: Leaders often spend more time on operations than strategy. Keeping a diary of where time is spent can reveal imbalances and help refocus efforts on strategic activities.

• Meeting Dynamics: Strategy discussions should not be left for the end of meetings. They require dedicated time and attention.

Experimentation and Execution:

• Encouraging Innovation: Companies should foster a culture of experimentation, allowing for failure and learning from it.

• Execution Excellence: World-class execution is as important as ideation. Focus resources on high-priority areas to ensure successful delivery.

Customer-Centric Approach:

• Understanding Customers: Continuously engage with customers to understand their needs and problems.

• Customer Feedback: Utilize review sites, direct conversations, and other feedback mechanisms to gather insights.

Technology and Sustainability:

• Purpose-Driven Innovation: Scott highlights the importance of using technology for solving significant global issues, such as sustainability in mining.

• Technology for Good: Examples like Sirus and Be My Eyes show how technology can drive meaningful change and improve lives.

Key Takeaways

1. Focus on Bold Growth: Aim for transformative growth by deeply understanding and delighting your customers.

2. Integrate Strategy and Go-to-Market: Treat strategy and go-to-market planning as a unified process, ensuring alignment across the organization.

3. Test Strategic Assumptions: Identify and test key assumptions to avoid costly missteps.

4. Prioritize Strategic Activities: Allocate sufficient time and resources to strategic planning and execution.

5. Foster a Culture of Experimentation: Encourage innovation and be willing to learn from failures.

6. Engage with Customers: Regularly interact with customers to gather insights and improve offerings.

7. Leverage Technology for Good: Use technology to address significant problems and drive positive change.