065 - Travel Outside Your Industry

People tend to look to their peers for ideas. Especially their industry peers, as they assume that the best of them have become successful by having developed best practices.  In reality, there is an infinite potential for new ideas, however, advanced the industry.  And the easiest place to find good ideas that work is t look at other industries.  By travelling outside your industry, you can pick up well-tested ideas that no one is using in your market.  You have the chance to become an industry innovator and leader just by copying these ideas.

In today's Succession Secrets show, I explore this concept popularized by famed marketing guru, Jay Abraham.  Examples include cloud software companies that have copied utilities, multi-family apartment rental businesses that have adopted pricing practices from the airline industry and FEDEX, which emulated the hub-and-spoke system of the Federal Reserves to invent overnight shipping.

Listen to today’s episode to find out about the marketing techniques I imported into investment banking and how a CEO peer group is the most fertile ground for cross-industry “idea-pollenization”.  Listen to how an “old-economy”, dirty and unattractive business was repositioned by my Vistage group into a green, higher purpose business, ripe to attract millennial talent.

Listen to the show, or read the transcripts at http://entrepcoaches.com/podcast.  

Your succession is success!