Day 5
THE GMU LECTURE SERIES
Skip To The Key Takeaways & Action Items
George Mason University hosted a special lecture on Monday night (Brown & Brown Insurance Distinguished Speaker Series) that I did not want to miss. Sheryl Connelly from Ford Motor Company presented “Confessions Of A Business Futurist”, a look into the future of the world, local and hyperlocal markets. As an alum of the GMU MBA program, I was invited to attend.
Before the presentation, I wasn’t exactly sure what a “business futurist” was. I don’t remember hearing about that in career day when I was growing up. It turns out it is a pretty important position for a big company like Ford, one of the only auto companies that did not require a government bailout. Basically, Sheryl “predicts'“ many versions of the future, anticipating upcoming trends that may change the market and how consumers act.
Sheryl and Ford published this really great report about trends, you should definitely peruse.
The lecture talked about one of the big pitfalls that companies face. They follow the status quo, and they make assumptions and then stick with them. They think the future is set, but in reality it is changing faster every day.
Sheryl explained a few trends that are happening right now in the world that sound like science fiction. I’ve heard of 3D printers, but this was the first time I heard of 3D printed organs and 3D printed…food…what!? Not knowing about things like this opened my eyes and I started to wonder what technology and trends am I missing to in my own field?
Another thing that is changing is the next generation of consumers. The fact that working 30 years for a company used to be something to be proud of and is now considered like you never made it, is just one of the things that signals changing times. The younger generation doesn’t have to own things for status, they are looking for satisfaction at work instead of just money, and they are living at home longer. The challenge becomes, how do you prepare to adapt to the future consumer?
One thing you’ve probably noticed is that a majority people are portraying a lifestyle through social media. The new consumer is looking for products that will craft their narrative. Secondarily, they also want things that will save them time & stress, and they are willing to pay a premium for it. One of the big things in terms of that: subscription everything (which you probably see happening with some of your friends).
I could write this post forever with all the great nuggets that were revealed. Instead here are a few other random things I found interesting:
Artificial Intelligence is not designed to take jobs, but to improve our performance
If everyone agreed to be a vegetarian, we could sustain the world’s food supply
If automated cars stop getting in accidents, there will be less organ donors
Many at the top of their game are also into the arts (seen by Nobel Prize winners)
Consumers are often irrational (we always learn this in marketing but often forget)
Too many choices can make people overwhelmed and they pick 0 of them
And here are the 2 key takeaways an new action items to add to my list:
Key Takeaway #1: Multitasking is a Myth
It is kind of funny. Multitasking is one of the things all the job interview sites tell you is one of the key attributes employers are looking for, yet all it does is slow people down. Personally, every time I switch tasks, or start thinking about one while working on the other, I get stuck in limbo. According to Sheryl, after you interrupt yourself by switching tasks, it takes an average of 25 minutes to get started rolling again.
I’ve known about this myth for a long time. I’ve read it in several books. I believed it. But the 25 minute statistic that Sheryl mentioned really made me take action. After the lecture I worked on my blog and my calendar and my emails, and focused on one at a time…and wouldn’t you know it, I accomplished them.
Action Items:
Download ToDoist project checklist and set up each project to make it easier to focus on one at a time.
Takeaway #2: Examine Current Trends To Stay Ahead Of The Competition / To Innovate
This was pretty much the idea of the entire lecture. As I explained in the article, my eyes were opened hearing about consumer and market trends that are happening now that I didn’t even know about. And I realized, I need to follow the trends in my own field and market.
Action Items:
Examine NVAR statistics each month (Real Estate Clients)
Add Popular Photography to daily reading list (Photography)
Add Marketing Week to daily reading list (Marketing)
This event was fantastic and perfect for the 100 Days of Business. It was a wake up call, and a great spark to start thinking outside the box. Thank you George Mason University and thank you Sheryl Connelly!