THE SECRET TO SUCCESS IS MORE OBVIOUS THAN YOU’D THINK

05.15.24 | Jennifer Millspaugh, PhD

It’s not about the money.

The key for brands to navigate this new era of social commerce and seismic technological transformations is to get back to basics: developing real relationships with real people.

It's not about the money.

My prior academic research set out to understand what made emerging brands—particularly in the fashion industry—‘successful’. When I shared this area of inquiry with others, I was often met with a flippant response along the lines of, “the number one thing brands need to succeed is money.”

However, money—whether in the form of funding, investment, or other financial backing—was not the core variable for any of the brands that were successful at the time (and continue to be). I've seen brands start with $500 become profitable and grow, and brands with millions in startup capital go bust within a year. It's not about the money.

The magic variable was their network: the extraordinary community of relationships with and between their constituents, including friends, consumers, employees, editors, distributors, service providers, retailers, agencies, consultants, advisors, supporters, and enthusiasts. The people who were able to get stuff done.

Real people. Real relationships.

Humans are hardwired to be connected. We’re built on it. We depend on it. And organizations—connected collectives of people organized around a shared purpose and idea—are one of the greatest inventions of humankind.

Consider that brands are technically just abstract ideas.

There is nothing organic, physical, or real about brands —you can’t see, touch, taste, hear, or smell them. They are what we believe them to be.

They are collectively held beliefs around a shared purpose or idea.

For many of the entrepreneurs, executives, and leaders I have studied and worked with over the years, that shared purpose begins with a creative concept they’re compelled to share with a wider community. They discover an opportunity to make something better—a ‘gap in the market’—often something that emerges from their own personal lived experience.

Side note: Somewhere along the lifecycle of an organization, they often lose sight of this, and it becomes about growth for the sake of growth. They’re inevitably (and rightfully) toppled by technology, innovation, and changing consumer preferences.

In a world where market and technological shifts have the power to topple entire industries (and we’re in the midst of several now), only brands built on community will survive.

Real people. Real relationships.

This will require companies to drastically change their operations, culture, and ways of being:

1. Deeper, more impactful relationships:

Companies will need to build stronger networks by developing genuine, meaningful connections with all their constituents. This involves engaging with consumers, employees, partners, and the broader community in ways that foster trust and loyalty. Transparency, authenticity, and consistent communication are key to maintaining these relationships, making the brand a creative part of the networked community it serves rather than just a business entity.

2. Continual flow and diversity of creative and innovative ideas:

To stay relevant, brands must continuously seek out and incorporate diverse perspectives and ideas. This means creating environments that encourage innovation, where team members are empowered to share their insights and where outside voices—such as customers, thought leaders, and industry experts—are welcomed and included in an ongoing dialogue. Brands should regularly update their offerings and approaches to reflect the evolving culture and needs of their community, staying ahead of trends rather than merely reacting to them.

3. Ability to continually change resources and capabilities:

Companies must develop adaptive infrastructures that allow for rapid reconfiguration in response to market shifts. This involves implementing integrated learning mechanisms that enable continuous feedback and improvement. By fostering a culture of agility and flexibility, brands can swiftly pivot their strategies, resources, and capabilities to better serve their community's needs, ensuring long-term sustainability and growth.

Fractional work — and THE BOARD — provides an avenue of navigation for these societal, market, technological, and generational shifts as we reorganize around novel and emerging shared ideas.

1. Amplifying network effects:

THE BOARD helps brands connect with a wider, vetted community of talent, enhancing the exponential network effects crucial for sustained industry support. By accessing a broad spectrum of professionals and experts, brands can develop the robust relationships necessary for long-term success.

2. Diverse experience and creative ideas:

THE BOARD’s community of talent offers brands a wealth of diverse experiences and innovative ideas, essential for navigating both short- and long-term changes and opportunities. This diversity enables brands to stay adaptable and forward-thinking, continuously evolving in alignment with market demands and cultural shifts.

3. Plug-and-play fractional framework:

THE BOARD’s flexible framework allows brands to experiment and adjust their resources and capabilities with ease. This adaptability is vital in the face of extraordinary market shifts, providing brands with the tools to remain agile and responsive to changing conditions.

The true determinant of success for brands lies in the strength and depth of their network of relationships. Brands thrive on real relationships and authentic connections with their diverse constituencies, from consumers to employees, and from service providers to supporters. This human-centric approach is crucial, particularly in an era where technological and market shifts can easily disrupt entire industries. To remain resilient, brands must evolve to foster deeper connections, embrace a continuous influx of creative ideas, and maintain flexible, learning-oriented structures.

THE BOARD's innovative model of fractional work exemplifies this adaptive strategy. It offers brands a way to harness a broader community of talent, navigate changes, and continuously refine their capabilities. Through THE BOARD, brands can build stronger networks, benefit from diverse experiences and creative insights, and experiment with new resources and capabilities in response to market shifts.

As we move forward, only those brands that prioritize community and real relationships will sustain their success and influence. By embracing these principles, brands can navigate the complexities of our rapidly changing world.

Jennifer Millspaugh, PhD provides research-backed leadership advisory for entrepreneurs and executives in the impact and innovation economy building thought leadership, community and sales programs.

#communityovercompetition #futureofwork #futureofbusiness #communityandrelationships #wearetheboard