This chapter is from the book
This chapter is from the book
This chapter is from the book
Getting Unstuck
“But this is the way we’ve always done it!” is a trap many organizations fall into. It is easy to be blinded by past success. It is in the very nature of human beings to avoid what has brought us punishment and seek what has gotten us rewards. However, when working on a complex problem, doing what worked in the past is no guarantee of future success.
PedalDrop offers connected exercise machines with HD touchscreens, allowing people to exercise at home with interactive bicycles, treadmills, trampolines, and rowers. The company also provides digital home fitness program subscriptions led by trainers worldwide. PedalDrop’s tagline is “Personal training, at home, at your leisure.”
PedalDrop achieved record sales during the 2020 pandemic. Masses of people wanted a PedalDrop machine, even though they were expensive. It was a way to stay fit and entertained while staying indoors while gyms remained closed. PedalDrop machines were so in demand that the company could not keep up with equipment production.
As stay-at-home pandemic restrictions relaxed, PedalDrop watched consumer demand steadily drop for its products. Gyms were opening back up, and competition that had not existed before emerged. Also, PedalDrop was viewed to be quite pricey. They no longer had a hold on the satisfaction gap.
In response, executives in the company were convinced that they should diversify with more connected products. They believed the answer was to manufacture new types of machines like ellipticals and strength equipment and to create different sizes of their existing equipment. They often reminded staff, “PedalDrop is proud of its legacy in modern exercise equipment.”
So the company diversified. It started to sell PedalDrop ellipticals and a smaller PedalDrop bike to simulate a mountain bike ride. Revenue continued to drop, and costs were out of control. Yet the company kept doing what had once worked. PedalDrop was stuck.
Is your company stuck right now? Similar to PedalDrop, many companies have something they are holding on to that they should let go of. Here are some ways you can start moving your organization forward and get unstuck from past ideas, techniques, and biases:
Define clear goals and objectives: Organizations should have clear and specific goals and objectives they want to achieve. Goals are essential from an EBM perspective. The strategic goal, intermediate goals, and immediate tactical goals help decide which metrics and measures are most relevant and keep everyone aligned and focused on the most critical and essential pieces of data and information.
Choose appropriate metrics: Organizations need to carefully select the metrics that are most relevant to their goals and the questions they need to answer to learn more. These questions and metrics will change over time.
Analyze data effectively: Organizations should be able to analyze data effectively. Avoid only looking at data that fits a particular narrative. Creating a holistic dashboard of metrics helps avoid confirmation bias. Celebrating learning breaks groupthink.
Foster a culture of continuous improvement: Organizations should encourage a culture of continuous improvement, constantly analyzing data, adapting goals as needed, and sharing what they have learned with stakeholders. This can ensure that they are constantly separating the signals from the noise and focusing on the metrics that are most relevant to achieving their goals.
It is easy to get stuck. Leveraging EBM and using some of these pieces of advice will help you become unstuck quickly.