Great article from Business Week.
Start by studying how your best customers interact with your brand and its competitors, then brainstorm ways to address any shortcomings.
Staying with the Times
Maintaining relevance is essential in every industry, not just financial services. As long as competition thrives and technology continues its relentless march forward, companies that don't evolve are destined for extinction. The good news is that innovation doesn't always have to be radical. In fact, a steady stream of minor enhancements to a product, service, or experience can help a company maintain relevance quite nicely. Innovation is like investing
Fantastic article Steve I was just reading up about Monster.com's take on the best way to survive as a recruitment firm in the downturn. 1 point which really irritated people was they commented that you should totaly reinvent in the down turn. I also disagreed with this if you were doing well before the down turn dont reinvent your model just take the time to reinvigorate it or another take on it as the article points out "Evolve" Stavros
Agreed, evolve is such a key word. All business should be doing this as a matter of course, and regardless of the economic situation. You may have a winning formula, but you will only maintain it by improving it, listen to your customer base, and dont be complacent!
At last I have seen a post with relevance and an unblinkered approach to improvement! I hear all the time that you cannot re-invent the wheel, I wonder just how many stone wheel manufacturers are still in business? The wheel has been re-invented more often than any other product (except maybe the razor) it is this fluidity in business that keeps you one step ahead of the crowds. And complacency is a huge killer, Steve recently posted some of the billion dollar companies that are now bankrupt or filing for it, let your foot off the gas for just one moment, and your business, career or ventures, could be over in a flash, I think a lot of complacent companies tend to forget aout their customer service aswell, then try back pdeling when its far too late. |
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