Fans look at a large video screen promoting the shows for US singer Taylor Swift outside the Tokyo … [+]
In a post-pandemic world, it’s critical for leaders and businesses to adapt and innovate in response to changing market conditions and consumer demands. No one knows this better than global superstar Taylor Swift, whose upcoming memoir is a case study in breaking free from the status quo.
Her decision to self-publish her Era’s Tour memoir challenges existing norms of the publishing industry, who have been gatekeepers to the opportunities authors receive and how stories are told. Though self-publishing isn’t a new concept, Swift’s influence on pop culture sets the precedent for other public figures to bypass these gatekeepers and control their stories.
Data also supports how prioritizing innovation and breaking free from outdated norms leads to significant results. According to a study from Korn Ferry, companies with above-average diversity generate 19% higher innovation revenue. This study reinforces the crucial role that diversity of thought, culture, and lived experiences has on an organization’s financial outcomes. Additionally, this 2023 study reported that organizations that are diverse and inclusive are 70% more likely to capture new markets.
It’s clear from these findings that ingenuity not only drives increased revenue, but also acts as an impetus for reaching new markets and audiences that would have been out of reach.
However, even with the compelling data affirming the necessity of innovation in the workplace, many companies are reluctant to give their leaders the freedom to be creative. A 2019 Gallup study supports this notion, discovering that only 18% of employees agreed they could take risks at work that would result in new services, products and solutions.
Swift’s strategic decision to not only bet on herself, but to reject the boxes that her stakeholders attempted to place her in, serves as a reminder of how leaders should approach rewriting the rules in their fields. This article will address three lessons from Taylor Swift on how leaders can innovate and break barriers in their industries.
1. Recognize The Outdated Rules In Your Industry
Every industry has its set of expectations and standard practices that many follow without question. Identifying these unspoken rules, and applying your unique insights for improvement can pave a new path.
For example, instead of signing to a major publishing house, Taylor Swift chose to rely on her business acumen to go independent. This power move showcases how leveraging your natural talent for building an engaged audience can transform outdated rules into innovative solutions.
2. Identify Unhelpful Rules Keeping You Stuck
Henry Ford famously said, “Whether you think you can, or think you can’t – you’re right.” This quote illustrates how our belief systems directly influence the likelihood of our success or failure. The changes we desire to see in our industry are often a reflection of areas where we could lead change.
However, the unhelpful beliefs that you hold about what’s possible in your industry can become barriers that keep you stuck in the status quo.
Take Taylor Swift, for example. She rejected the belief that achieving success meant losing artistic authority and ownership of her music. Instead, she challenged this narrative by re-recording her albums, which allowed her to regain legal control over her body of work.
3. Innovate Incrementally To Manage Risk
Many companies struggle to innovate because of risk aversion. Risk aversion occurs when a business minimizes negative outcomes by choosing options that are conservative and safer. Conversely, incremental innovation allows businesses to test new ideas on the market, while managing risk.
This approach was exemplified by Taylor Swifts’ decision to pivot from country to pop music. While the shift might have appeared sudden, Swift had gradually incorporated melodies from new genres into her previous albums. This type of calculated shift allows businesses to maintain trust and connection with their audiences, while collecting data on the markets’ response.
What many people don’t realize about innovation, is that it starts with making space for creativity. Innovation doesn’t have to mirror Taylor Swift’s sensational business moves in order to be significant. In fact, some of the most impactful transformations happen behind the scenes, with quantifiable results over time.
The next time you feel behind or frustrated by outdated norms in your work environment, take a step back and reflect on the lessons we’ve examined here. These strategies can act as a blueprint for how to break barriers in your own industry, just like Taylor Swift did.
