Exciting day -- the launch of The Pennymores, a novel created with my daughters. This began during the pandemic as a collaborative bedtime story and turned into a full novel. It was like trying to bottle childlike imagination -- the hardest & most fulfilling book I've done.
It’s super hard to be an amateur writer. Professionals talk about “Writing every day” but that’s a real luxury. I am struggling with it every week with my own important writing. I admire anyone who does their day job and then carved out time to write after. #WritingCommunity
One of the most interesting things I learned from visiting Capital One's headquarters in Northern Virginia had nothing to do with banking.
It was who they considered their competition.
Capital One had started thinking differently about a question most companies answer almost automatically:
Who are we actually competing against?
For a bank, the obvious answers were JPMorgan Chase, Bank of America, Wells Fargo, and the other financial institutions fighting for the same customers.
But Capital One started looking outside banking.
At Starbucks.
At first, that sounds a little ridiculous.
What does a coffee company have to do with a bank?
But think about the experience.
Most people don't exactly look forward to spending time inside a bank branch.
Starbucks had figured out how to create a physical space where people actually wanted to stay.
So Capital One borrowed from a completely different category.
Instead of simply building another version of the traditional bank branch, they created Capital One Cafés... places where people could grab coffee, work, meet someone, and also get help with their finances.
I love this example because innovation often gets framed as:
How do we do what our competitors are doing... but better?
Sometimes that's the wrong question.
Your most interesting competitor might not sell anything remotely similar to what you sell.
They might simply be better at solving the experience you're struggling to create.
A bank can learn from a coffee shop.
A university can learn from Netflix.
A healthcare company can learn from hospitality.
Once you stop defining your competition by industry, you start seeing a much bigger set of possibilities.
So instead of only asking:
“What are our competitors doing?”
Try asking:
“Who has already solved the problem we're trying to solve?”
The answer might have nothing to do with your industry.
#Innovation #Leadership #CustomerExperience #Strategy
Your most useful competitor might not be in your industry.
A bank can learn from a coffee shop.
Innovation gets interesting when you stop asking, “Who looks like us?” and start asking, “Who has already solved this problem?”