Story at the Center

This blog delves into the intricacies of aligning the C-suite around compelling narratives to achieve unprecedented success.

JUly 29, 2024
Subscribe

How CEOs Develop Vision as Strategy

Marcello Grande

Chief Strategy Officer/Executive Creative Director

Vision is not just an abstract concept; it’s a vital strategic tool. My last blog talked about all of the reasons that CEOs must define a bold vision—with a clear, actionable strategy that everyone in the organization can rally behind.

This blog is the sequel, giving executives some tough food for thought and practical steps to develop that vision as strategy that will guide your organization’s growth.

‍Vision Beyond the Product
‍
‍A compelling vision isn’t just about products; it’s about their ultimate impact and the change you enable. It’s the reason your company exists and where your entire organization should be oriented to work towards solving something significant. In the end, it’s about the legacy you will leave.

‍Ask yourself… What would the world look like if our company never existed? Would it matter? If we painted the world red with our impact, what positive changes would be visible? What part of our vision solves a problem that creates significant positive change or enables humanity to thrive in ways that would be otherwise impossible?

Today, that legacy and the very reason for your company’s existence are more important than ever, and this importance is unlikely to diminish. According to the 2024 Edelman Trust Barometer Special Report on Brands and Politics, today’s culture, purpose, and societal impact are crucial to a brand’s relevance. The process begins with a vision that extends beyond your products and services to create a greater impact on society as a whole.

When you think deeply about the innovation you are bringing to market, don’t fool yourself into believing that your audience only cares about features and the bottom line. The report highlights that:
   • 88% of global consumers rank trust as the number one factor in decision-making.
   • 68% of consumers believe it’s more important to trust the brands they buy or use today than in the past.
   • 86% of consumers expect brands to act beyond their products and business by giving to good causes, addressing societal challenges, telling hard truths, supporting local communities, creating positive societal change, displaying representative images, addressing political issues, supporting culture and arts, making our culture more accepting, and not supporting misinformation.

Brands that act on good values have more value. Even if two products are almost identical, there are brands worth paying more for because of their values. 63% of consumers are likely to buy even when it is more expensive.

Practical Steps to Develop and Believe in Your Vision

Reflect on Your Purpose
Start by asking, “What would the world look like if our company never existed?” Consider the unique value you bring to the market and the positive changes you enable. This reflection helps clarify the fundamental purpose of your organization.
Identify Core Values
Define the core values that drive your business. These values should align with your vision and serve as guiding principles for decision-making and behavior across the organization.
Engage Stakeholders
Involve key stakeholders—employees, customers, partners—in the vision development process. Their insights and feedback can provide valuable perspectives and foster a sense of ownership and commitment to the vision.
Articulate a Clear Vision Statement
Craft a clear and compelling vision statement that encapsulates the long-term goals and aspirations of your company. Ensure it is easy to understand and communicate, serving as a North Star for all strategic initiatives.
Embed the Vision in Your Culture
Make your vision a central part of your organizational culture. Reinforce it through regular communication, leadership behavior, and company rituals. This helps ensure that every team member is aligned and motivated by the same overarching goals.
Align Strategies with Vision
Ensure that your business strategies and initiatives are aligned with your vision. This alignment helps maintain focus and coherence in your efforts, driving progress toward your long-term objectives.
Measure and Celebrate Progress
Regularly measure progress toward your vision and celebrate milestones along the way. Recognizing achievements reinforces belief in the vision and maintains momentum.

Learn from Visionary Leaders
‍
‍Look back at the past 50 years and you’ll see how visionary leaders transformed their companies and the world. Their success wasn’t just about reacting to market trends; it was about creating a compelling vision that inspired their teams and led to sustained growth and innovation.

‍Steve Jobs (Apple, 1997-2011): Revolutionized personal computing, music, and mobile phones, proving that design and user experience are paramount.

‍Indra Nooyi (PepsiCo, 2006-2018): Transformed PepsiCo with a focus on healthier products and sustainability, highlighting the importance of aligning vision with global trends.

‍Jeff Bezos (Amazon, 1994-2021): Built an e-commerce empire and redefined consumer expectations with a relentless focus on customer service and innovation.

‍Oprah Winfrey (OWN, 2011-present): Leveraged her media influence to champion issues of education, poverty, and self-empowerment, illustrating the power of personal vision and impact.

‍Reed Hastings (Netflix, 1997-present): Transformed entertainment consumption with the introduction of streaming media.

‍Howard Schultz (Starbucks, 1986-2018): Turned a small coffee chain into a global phenomenon, emphasizing the importance of brand experience and employee welfare.

‍Satya Nadella (Microsoft, 2014-present): Revitalized Microsoft by focusing on cloud computing and AI, steering the company towards innovation and growth.

‍Anne Wojcicki (23andMe, 2006-present): Co-founded the personal genomics company, revolutionizing personalized health and DNA testing.

These leaders didn’t just steer companies; they reimagined industries and inspired the world.

Now it’s your turn. Define your vision, articulate it clearly, and lead with conviction.

<< Why Leaders Must Define a Bold Vision Clones, Replicants, and the Death of Originality >>