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Startup Mentalities and Big Business: The Truth No One Wants to Admit

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The ability to recognize what your brand can and can't learn from startups is key to an authentic, successful marketing strategy. There are hard truths to working at a large, legacy brand, and those companies should fully understand the inherent limits that come along with them. Katherine Patterson of GE Healthcare will discuss why every bandwagon isn't worth jumping on, and how to determine the right amount of experimentation for your brand without losing sight of your marketing goals

Published in: Business, Health & Medicine
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Startup Mentalities and Big Business: The Truth No One Wants to Admit

  1. 1. Start Up Mentalities in Big Business: The truth no one wants to admit Katherine Patterson, Global Marketing Communications Manager, GE Healthcare
  2. 2. Note: This talk is not endorsed by GE Healthcare. Any comments, statements, promise, or swear words are purely from Katherine Patterson and probably frowned upon (although likely expected) by GE Healthcare.
  3. 3. About me Global Marketing Communications Manager for GE Healthcare Corporate liaison Branding & Advertising for GE Healthcare Growth Initiatives I just can’t shut my big yap
  4. 4. A cultural lesson: France v. US
  5. 5. Today’s Talk The truth about marketing The truth about start up mentalities in big business What you need to remember
  6. 6. The truth about marketing
  7. 7. The eight most brilliant marketers of all time André Citroën Engineer Conrad Gessner Bontanist, physician Lily Langtry Actress Charles Ponzi Businessman John R. Brinkley Quack physician Mary Kay Ash Door-to-door sales George Wilkes Journalist Julias Caesar Statesman, author, noble http://www.businessinsider.com/the-greatest-marketing-geniuses-of-all-time-2011-
  8. 8. There is no BAR exam for marketing. “It will work. I am a marketing genius.” -Paris Hilton
  9. 9. The Latest In Shiny Object Syndrome Big Data StartUp Model Industrial Internet 360 Marketing Intrepreneurs QR Codes Gamification Social Media Strategy Infographics Personal Clouds Advertainment Permission Marketing Earned Media Mobility Ideation Contextual Marketing
  10. 10. Two objectives: ① Mitigate risk ② Influence or anticipate human behavior
  11. 11. Truths about start up mentalities & big business
  12. 12. The BIG truth:
  13. 13. 15 minutes | Teams of 4 | tallest structure with marshmallow on top wins
  14. 14. Truth #1: To embrace start up mentalities, you have to embrace failure.
  15. 15. Leveraging the startup approach  Get us closer to customers  Increase our speed to market  Increase chance of success  Make it easier to get things done
  16. 16. Start ups: Failure is likely. Big Business: Failure is not an option. Entrepreneurs average 3.8 failures before final success. What sets the successful ones apart is their amazing persistence.” – Lisa M. Amos
  17. 17. The dirty 4-letter word RISK
  18. 18. Measurement ≠ Effectiveness Logic Emotion Outputs Outcomes Doing things right Doing the right thing Divides Unifies Resists change Embraces learning How well did it work? How can we do better next time? Campaigns that set hard objectives are 4x more effective than those that don’t. Pre-testing for standout reduces effectiveness (awareness is worst predictor of all)
  19. 19. “Some may choose to call this the boldest single marketing move in the history of packaged goods. We call it the surest move ever made.” ~Roberto C. Goizueta, CEO and President of Coca-Cola
  20. 20. Truth #2: What corporations say and what they do in practice are two different things.
  21. 21. Start ups: Figure it out as you go. Big Business: Overthink but try to keep it simple.
  22. 22. FastWorks Framework: Continuous learning, iteration and improvement Understand the problem … from the customers’ point of view Identify leap of faith assumptions … that are critical to project success Define a series of MVP’s (Minimum viable product) … tests to validate assumptions Establish learning metrics … accessible, actionable & auditable Pivot or persevere … make changes based on learning Ideas Learn Build Data Product Measure
  23. 23. Customer Engagement Process: Validate before you pivot or persevere Two types of validation: 1. Customer problem statements 2. MVP solutions Design Interview Analyze POP • Assumptions • Testable Hypotheses • Customer problem statement • Share pain points • Validated pain points • Pivot or Persevere MVP Solution: • Share MVP Validated features Pivot or Persevere Repeat this process with higher fidelity MVPs
  24. 24. Truth #3: Most companies have a culture of me.
  25. 25. Start ups: Focused on product Big Business: Focused on career
  26. 26. HIPO factor.
  27. 27. Truth #4: Need based vs. Revenue based.
  28. 28. What you need to know
  29. 29. Truth #4: Authentic is the new black.
  30. 30. Differences in summary
  31. 31. Fundamental differences Start Ups Big Business Failure is key Failure is not an option Passion for product Passion for me Focus on growth Focus on career Need-based Revenue based Address basic human emotional needs Address needs of company for growth
  32. 32. Katherine Patterson Katherine.patterson@ge.com Katherinempatterson.com

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