I served as a panelist on November 18th at an Economist Intelligence Corporate Network event on growth strategies, moderated by Dr. Rodrigo Gonzales, North Asia Director at The Economist. My co-panelists were Joanne Lin, Head of APAC at Deckers Japan, and Ryan Imaizumi, Chief Evangelist at Unerry.
Below are my key takeaways from the event:
- There is no secret to rapid business growth. The same principles that drive growth in other markets apply equally in Japan.
- A shrinking Japanese market does not mean your business must shrink. Many companies are growing—even at double-digit rates.
- You must create room for growth. The first strategic question is: “Which profitable business line should we cut?”
- In a declining market, growth comes from taking market share—and taking market share requires innovation.
- Disruptive, market-changing strategy is essential for achieving rapid growth.
- Innovation is also the best hedge against currency volatility and inflation. Innovation resets both value and price.
- To attract and retain top talent, you must remove mediocre performers. Excellent people seek out other excellent people. They prioritize learning and growth and avoid environments where mediocrity is tolerated.
- You cannot motivate people externally. People must motivate themselves. The best way to enable motivation is through empowerment—giving individuals the autonomy to drive business outcomes through their own work.
- Excellent people use empowerment. Mediocre people ignore it.
- In consumer retail, the fastest-growing categories sit at the extremes: premium and mass. Mid-market products are often overlooked
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