The
ceremonial Golden Spike, driven by Leland Stanford in 1869, created the
First Transcontinental Railroad by connecting the Central Pacific and Union
Pacific. This resulted in ease and speed
of travel and communications. Settlement
around new western trade hubs drove market expansion for eastern goods and
western raw materials were shipped east.
Competition sparked innovation such as upgrading from iron to steel,
refrigeration cars, and safer, more efficient braking and suspension systems.
Here’s
my analogy that presents a Golden Spike
BizD strategy as an impactful way to create a sustainably
prosperous company.
Golden
Spike
hunting helps companies
expand into new markets, develop new products or services and further penetrate
existing markets through large sales of slightly modified existing products and
services. The ability to find, nurture
and manage Golden Spikes
requires patience, diligence, peripheral vision,
business acumen and insight, and exceptional time management. Golden Spike
rain makers have a constant ear to the
ground. They network with connectors and
mavens and follow a solid research process.
They are intuitive and comfortable with a long-term horizon while
completing regular business tasks. They
are well connected with account managers who can introduce them to Golden Spike
sources
within their customer base and with external partners who can introduce them to
new Golden Spike
sources before their buying cycle begins. They search inside the buying
organization for a coach who wants them
to win along with the person whose input is always sought by senior management. They facilitate peer-to-peer problem solving along
with business, technical and political team selling.
Is There a Role for Golden
Spike Hunting in Your Company?
- What sort of golden spike interests you – existing product/market, new market or new product?
- How long does it take to find a golden spike opportunity?
- How long does it take to nurture and close one?
- How many need to be found in order to close one?
- How many do you want to win?
- How much time and resource are you willing to devote to golden spike hunting?
Happy Golden Spike Hunting!
