| Amber Bradley – Editor-in-Chief – TalkLPnews I recently found myself on a red-eye back to Atlanta from LA (even though I swore those off in my early 30’s) and I typically can’t fall asleep for the life of me. Knowing this, I often pick up some light reading for the plane, hoping I’ll drift off only to come to when the pilot jars me awake with, “we’re beginning our initial descent into Atlanta.” Now, don’t get me wrong – I’m not a “Swiftie” per se, but I absolutely respect Taylor Swift as a powerhouse of musical innovation and prowess. Another layer of her business acumen came to light on this flight in an article from Harvard Business Review (HBR), “The Strategic Genius of Taylor Swift: Her Success is about much more than her music—and innovators can learn from it” by Kevin Evers, Senior Editor. At first, I was shocked this article made it into the prestigious HBR – until I read it. Evers describes the four behaviors Swift’s success can be attributed to through the years. I definitely saw a relatable connection between these behaviors and a successful Loss Prevention (LP) or Risk Management professional: Targeting Untapped Markets: Evers describes Swift’s innovation in finding a “blue ocean” (a concept describing untapped markets) through recognizing all the current songs on the radio were about marriage and kids – things Swift couldn’t relate to. Swift went with her gut to provide teenagers with music they could relate to even though her advisors kept telling her different. For LP and risk management pros the lesson is to search for that untapped market within your organization – whether that’s a department that doesn’t think they have anything to do with loss or risk or if it’s those folks that have had a negative view of LP since you arrived. Identify their own “hot” buttons (or boyfriend woes as Swift did) and understand how you can be of service to them. Is it helping them communicate specific operational lessons through your awareness program? Is it helping them solve a particular challenge with non-traditional LP solutions (i.e. using your cameras to check if merchandising is executed correctly, or identifying a procedural issue through point-of-sale audit / exception reporting?) How can you tap into an “untapped market” within your own organization for more LP or risk success? |
| Finding Opportunities to Create Stickiness: Swift created stickiness within her own fan base and beyond by sharing highly personal accounts of her own experiences in her lyrics and “Easter eggs” she strategically placed within her album covers, outfits, and music videos. Swift was embracing her fans’ obsession with her personal life and controlling a typically uncontrollable narrative – thus creating her own message stickiness. For the LP and risk pros out there, the lesson of creating this stickiness is about creating your own conversation with your front-line employees. Your organization has its own living, breathing culture and you can capitalize on that if you’re paying attention. The best way to move the needle on shrink, safety, and theft is by communicating directly with the people that are causing the shrink, the unsafe environments and the theft. Do this by creating and implementing effective communication campaigns (awareness and training) that captivate and mobilize your end-users (your store employees). If you already have a communication campaign, take it up a notch by using reality video, a popular meme, or brand-appropriate humor to get attention. Guess what? Your employees are fascinated by the work you do – capitalize on that by letting them in on it! Productive Paranoia: Evers describes Swift’s statistical success reaching unfathomable records within the music industry and then underscores that she has never become complacent. She has often expressed a constant fear that her success will eventually come to an end. Leadership experts agree that such “worried watchfulness” is essential to successful leaders. “In a study of leaders who navigated uncertainties and upheavals, from oil crises to technological shifts, they found that one of the things that set successful leaders apart was being highly alert to potential negative developments—a trait they call ‘productive paranoia.’” How this concept relates to being an LP or risk pro is to never stop analyzing your surroundings. Are there competing agendas between executives? How highly is the LP department valued among other departments? (If not so highly valued, how can you help correct this? What value can you provide?) Being aware of your organizational surroundings is imperative to your own career and your entire department’s career health. Now, of course, this can transition into simple paranoia which would be counterproductive – so make sure your instincts are in check by bouncing them off a trusted colleague or mentor now and again. Adapting to Radical Shifts in Platforms: Swift’s stance on streaming platforms and owning her own music is widely known and Evers describes how she adeptly honed her own music creation and distribution during COVID knowing it had to change to continue her upward trajectory. The correlation between this lesson and the life of an LP/Risk pro is probably pretty obvious. Whether it is a change in leadership at the highest level or an implementation of a brand-new system (new POS anyone?), professionals in our industry are constantly adapting to radical changes. Particularly in today’s environment, it is massively important to be adaptable – which for me, means to always LEARN, grow my skills both organizationally (partner with other departments, spread your internal reputation, demonstrate value) and externally. What is the last NEW thing you learned? This answer should be fairly recent. It was 20 minutes until landing in Atlanta and I was refreshed after my 20-minute nap and deep dive into a billionaire’s career choices. Just as Evers describes Swift as, “an artist that refuses to be confined,” I challenge us to continue to think beyond the simple lyrics of an industry we love. I mean, let’s face it, it’s not always a love story so shake it off because we’re never ever ever getting back together if we don’t find lessons in the success of others. |