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Financial Advisors: Think Inside-the-Box and Grow Ingeniously

By ClientWise | October 17, 2013

 

In the early 1970’s, BIC Corporation was looking for new markets for growth. The French-owned company had already captured the disposable ballpoint pen market, punching out 500 million pens annually, or 60 percent of the U.S. market.

 

Casting about for new ideas, they were looking for growth ideas that went beyond new pen colors and sizes.

 

Some bright gal/guy suggested lighters. Crazy, right?

 

Creating a disposable lighter that could provide 3,000 lights; BIC went head-to-head against Gillette, the other big player in the market. With an aggressive and provocative TV advertising campaign (Remember “Flick my BIC!”), and a brutal price war, BIC surpassed Gillette in 5 years. Within 12 years, Gillette was run completely out of the lighter business.

 

Instead of seeing their business in the PEN “box”, BIC figured out that there was growth to be had in the DISPOSABLE “box”.

 

In a brash new book, “Thinking in New Boxes: Five essential steps to spark the next big idea”, authors Iny and de Brabandere show how true ingenuity happens. Inside-the-box thinking actually serves a very useful purpose that conforms to how our brains are wired. Thinking inside-the-box requires structure, hard analysis, and bold brainstorming. Moreover, to make sense of the world, our brains rely upon assumptions, i.e. “boxes” to provide a framework for our understanding. However, these “boxes” can also be traps. If we are unaware of our underlying assumptions they can also blind us to risk and opportunities.

 

This innovative book challenges everything you thought you knew about business creativity by breaking creativity down into five steps:

 

  1. Doubt everything: Challenge your current perspectives.
  2. Probe the possible: Explore options around you.
  3. Diverge: Generate many new and exciting ideas, even if they seem absurd.
  4. Converge: Evaluate and select the ideas that will drive breakthrough results.
  5. Reevaluate: Relentlessly. No idea is a good idea forever. And did we mention Reevaluate? Relentlessly.

 

For financial advisors seeking to grow, this structure might be valuable. For example, many financial advisory practices have built their brand and grown by primarily using the INVESTMENT “box”. Yet, many questions spring to mind:

 

  • How does this INVESTMENT “box” allow for future growth?
  • Might there be other “boxes” that utilize your skillsets better?
  • What other “boxes” capture what your clients really need and want, e.g. wealth management, organizing complicated financial lives, etc.?
  • Referring to point #3 above, could you build a crazy BIC-lighter like “box” that truly serves your clients and differentiates your business, as well?

 

Food for thought.

 

We trust this helps.

 

 

Ditch your goals for the priorities that matter most!

Topics: Operations

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