Growth Strategy: Perils and Considerations for Shiny New Object Syndrome
The allure of innovation and the pursuit of the next big thing can be intoxicating. Business leaders often find themselves captivated by the promise of novel technologies, trends, and strategies that promise instant success. That certainly seems to be the case with the current rage – AI. Not long ago the next big thing was business management applications such as CRM, email, office applications like Google Workspace, productivity applications like Slack, customer self-service like Zendesk, and integration software like Zapier. With a longer lifespan than fads, each of these reflects trends, not fads, and are therefore worthy of pursuit. Trends, including AI, are worthy of pursuit and deserve a plan.
The caution around chasing "shiny new objects" is that it can lead to a phenomenon known as Shiny New Object Syndrome (SNOS), where businesses constantly chase the latest trends, sacrificing consistency in their growth strategies. Before you embark on the chase, beware of potential pitfalls that come with succumbing to the new and flashy and the implications on your growth strategy.
The 3 Major Perils of Shiny New Object Syndrome
Without question, agility, and adaptability are key capabilities for long-term success. When not part of a change management plan, chasing shiny new objects can negatively impact focus, resource allocation, and customer experience. All three of these ultimately impact productivity and costs.
4 Considerations When Adding Trends to Your Growth Strategies
Intuitively, most business leaders know that when an organization maintains a consistent growth strategy everyone remains focused and aligned. A consistent growth strategy allows for the efficient allocation of resources, ensuring that investments are made strategically and with a clear understanding of the long-term benefits. It also fosters a stable and reliable customer experience, building a strong foundation for lasting relationships. Yet, there are times when it will be critical to pursue and integrate a new trend into your growth strategies. In this instance, take the following four considerations into account.
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The Bottom Line on Shiny New Objects Syndrome
Shiny New Object Syndrome can have detrimental effects on focus, resources, and customer experience. Before you chase a shiny new toy, assess whether it is a fad or a trend. Trends are worthy of pursuit. Pursue them deliberately and thoughtfully with a plan on how you will decide whether to adopt the trend and its implications for your customers’ experience, employee engagement, and resources. If you decide the trend merits adoption, determine how you will integrate it into your growth strategies and its impact on your brand reputation, vision, employees, and operations. Remember to leverage risk and change management best practices. The ability to balance innovation with a steadfast commitment to a well-defined growth strategy is the key to sustainable success.
P.S. AI is a rapidly evolving trend worthy of pursuit and a plan. As with any new and transformative technology, it’s good to know where and when not to use it. To better guide CXOs and BODS in developing and implementing their growth strategy plans, I completed the Northwestern/Kellogg for the AI Applications for Growth program. Ready to get started? For information on how to create your growth strategy and plan to optimize the upside and minimize the risks, please email me at laurap@visionedgemarketing.com with the subject line "AI Plan"
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