Golden Spike Strategy Fosters Sustainable Growth

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!