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In todays whiplash business environment of change and uncertainty, there are a few simple, timeless strategies that consistently rank among the best for accelerating growth. No reinventing the wheel required. One such strategy is test-to-scaleclose cousin of the venerable test-and-learn approach thats long been a startup staple. Both can play a key role, depending on the stage of your company, industry, size, growth curve, andimportantlyinternal culture. Basically, test-and-learn uses small scale, iterative experiments to see what works best. Testing different messaging in a marketing campaign, for example, or perhaps different product features. The idea is to gather data, analyze the results, and learn quickly what worksor doesnt. Test-to-scale ups the ante by taking things to another level. These tests aim to discover whether a product, system, or process can withstand the stress test of large-scale rollout or production. This might include manufacturing capacity, supply chains, distribution channels, sales transactions, user adoption, and data collection. The benefits of making test-to-scale part of your go-to strategic arsenal will accrue from multiple directions, including: Faster time to market: By testing concepts early, you can identify solutions and innovations most likely to succeed, and launch them quickly and confidently. Data trove: Experimentation generates valuable real-time customer data that is super helpful for making quick scaling decisions. Innovation and agility: Testing fosters an entrepreneurial mindset that enables continuous improvement, better informed decisions, and rapid adjustments. Risk reduction: Experiments also lower risk by identifying possible pitfalls and pointing to alternative solutions early. Entrepreneurial DNA In a hypergrowth environmentlike the one Liquid I.V. has been navigating for yearsthings must happen quickly. The entrepreneurial spirit baked into our rapidly growing companys DNA is a major factor in helping us achieve the kind of growth and expansion we could scarcely have imagined 5 years ago. For us, one way this entrepreneurial spirit plays out is how we choose to invest and what we prioritize. This is where test-to-scale enters the picture. We follow the 80/20 rule. While about 80% of our investments are proven and measurable, the other 20% goes to experimentation. You never know where that experimental fifth will take you. In our case, the answer has been A long, long way! Our experimentation with TikTok Shop, for example, resulted in a wealth of e-commerce knowledge and data that helped our team open a new, high-potential channel. Experimentation with gaming yielded Twitch as a high ROI media channel for us. Those are just two among many mainstream Liquid I.V. products, processes, sales channels, and marketing tactics that began as tests, but are now integral to our success. Learn from test-to-scale Below are three key learnings, ingredients, and benefits of test-to-scale that can help any company use this simple strategy to supercharge growth: 1. Commitment to learning: The means and ability to test are, of course, a requirement. But more importantly, you must also be willing and able to learn from the results. This is more difficult than it sounds. Theres a natural tendency to bury failure rather than learn from it. The learning side of the equation is valuable payoff. Remember, finding out that something doesnt work is just as important as learning that something does. 2. Relentlessly prioritize: At Liquid I.V., we invest considerable time and effort into prioritizing our chosen experiments and potential lessons. Theres an endless list of things we could test, but only a few we truly should. Areas we prioritize include go-to-market capabilities and capacity, customer relationship management (CRM) engagement and personalization, R&D and innovation in new product development, omni-channel demand generation, and different combinations of in-house/outsourced resourcing that prioritize speed and expertise. The areas you choose may be totally different. The important thing is to make the hard choices. 3. JTBD: The jobs-to-be-done way of approaching experimentation is based on research showing that people buy products and services mainly to get some type of job done. Jobs-to-be-done might include staying properly hydrated, booking travel, building a deck, or thousands of other tasks that consumers need to regularly accomplish. Centering your test-to-scale approach around JTBD helps make innovation more predictable and marketing more effective. At Liquid I.V., its been one of the key drivers helping our brand awareness and household penetration numbers skyrocket. Theres no such thing as failure in a culture that values experimentation. There is only feedback. Your odds of success will directly corollate with your ability to embrace that feedback. Mike Keech is CEO of Liquid I.V. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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E-Commerce
Its the dynamic pulse that surges through our electrical lines, the unseen force that illuminates the dark, and the silent but commanding engine propelling the future of artificial intelligence. Though intangible, its influence is omnipresent in our daily lives. This invisible force is power. As the world shifts from fossil fuels to embrace renewable energy, power is emerging as an ultimate finite resource. The ever-growing demands on our electrical grid, driven by the explosion of data centers, electric vehicles, and the proliferation of AI are creating a race against time where needs outpace supply. Consequently, our insistence on tech innovation may be hindering efforts to combat climate change, as it forces us to continue relying on fossil fuels to meet the rising energy requirements. Power system innovation Solving this energy crisis is essential for next-generation economies to successfully adopt AI and electrification. Innovation in power systems is essential to achieving this, enabling smarter, more sustainable energy solutions. Integrating AI data centers with advanced power systems can drastically reduce energy consumption and costs while meeting growing energy demands. As AI continues to expand, power system innovation will play a crucial role in reducing its environmental impact to foster a more sustainable future. Supporting a sustainable future by adopting energy-efficient technologies and practices has become crucial over the last decade. Customers are increasingly demanding that enterprises and their supply chains meet stringent sustainability benchmarks, underscoring the importance of these technologies and practices. From a marketing perspective, companies that work to innovate and prioritize sustainable solutions not only contribute to a greener planet but also gain a competitive edge by aligning their brand values to the values of environmentally conscious consumers and partners. In fact, Deloitte research indicates that a major shift is happening in consumption patterns, where sustainability is considered a baseline requirement for purchase rather than a nice-to-have. Technological progress advances AIs surge began nearly 4 years ago, with headlines predicting its potential impact. AI has continued to evolve and its capabilities have become increasingly fine-tuned. It is now seen as a transformative force, anticipated to revolutionize global economies and industries, specifically in sectors like healthcare and manufacturing. For example, regions such as the United Kingdom are planning to leverage AIs capabilities across its public and private sectors to cut costs and spur economic growth. However, harnessing this advanced technologys power brings considerable challenges, specifically in energy consumption and its environmental impact. AI’s computational requirements are increasingly energy-intensive, especially as data centerswhich power all AI functionsrequire more power to manage the boundless amounts of data flowing in. This surge in energy demand strains the electrical grid, creating a tipping point for power that risks progress made over the last decade in reducing our carbon footprint. As we look toward the future, energy efficiency is the key to ensuring that this technological progress doesnt advance at the expense of our environment. Power system innovation, for example, can significantly reduce energy consumption and operational costs while still meeting the growing AI demands. Additionally, integrating renewable energy sources and improving energy management systems can help mitigate AIs overall environmental impact. The sustainable path forward We stand at a pivotal moment where innovation and collaboration are essential to improving efficiency through new technologies, all while maintaining a strong focus on the common sustainability theme. To overcome today’s challenges and achieve a sustainable future, we must explore and cooperate across various industries. It’s crucial that we support AIs continued growth without compromising the significant progress individuals and enterprises have made in reducing carbon emissions for more sustainable supply chains and a more sustainable world. Felicity Carson is SVP and chief marketing officer at onsemi. The Fast Company Impact Council is a private membership community of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. Members pay annual membership dues for access to peer learning and thought leadership opportunities, events and more.
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E-Commerce
President Donald Trump said in his inauguration address that he planned to utilize the Alien Enemies Act of 1798 as part of his sweeping crackdown on immigration. Now, the Trump administration could go ahead with its plan to use the little-known wartime law to detain and deport undocumented immigrants, possibly as early as Friday, according to multiple sources including CBS News. Critics worry it would give the president expanded authority to target and remove undocumented workers. The 227-year-old law could give Trump the power to arrest, detain, and deport non-U.S. citizens over the age of 14 who were staging an “invasion or predatory incursion,” which this administration would have to prove, despite that most immigrants come to the U.S. for better economic opportunities, to escape violence, and to provide a better future for their children. Legal experts predict the courts would ultimately strike down the measure if the country isn’t being attacked by a foreign government. Nevertheless, a number of federal agencies are looking at ways to implement the law, according to CNN’s sources, who said one target are Venezuelans in Aurora, Colorado, who the Trump administration have accused of being members of the Tren de Aragua gang, although those claims have been fact-checked and disputed. Most Americans (64%) polled by the Pew Research Center said undocumented immigrants should have a way to stay in the country legally if they meet certain requirements. However, Americans have mixed feelings about the issue, with three-quarters saying they are at least somewhat concerned about the number of immigrants entering the country illegally, and a majority supporting the enforcement of mass deportations. The U.S. immigrant population, both legal and illegal, has grown over the decades, from 9.6 million in 1970 to almost 48 million as of 2023.
Category:
E-Commerce
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