Standing the test of time
Nowadays we are used to hearing about business models and innovations that spring up and take the world by storm. And the fact is that for every brilliant idea that someone has, if they don't act quickly, the opportunity is likely lost, because there are probably several other peoople working on something similar.
And we know, that with the speed of change around information and technology, that a good product isn't enough. We have to constantly be attuned to our customers' expectations, and to new innovations to keep pace, to remain relevant.
And yet, when it comes to our business, we are often slow to recognize that all these change elements have similar dynamics for us.
Our customers are experiencing new innovative service models every day. Our customers who buy our product are the same customers who shop at Amazon, who e-bank, who share their experiences on social media. They don't have a different standard of service expectation with your business than they do with any other part of their lives. And as the products they use become more user-friendly and more ubiquitous, if your product doesnt keep pace, the expectation-gap will grow until your product has just become to difficult.
And meanwhile, one of your competitors is working hard to continually refine the product, to refine the customer experience. There is no doubt about that.
My father told me when I first started out, that many top brands rest on their laurels. They believe that because they are dominant, that they can stay the course and succeed. That has never been true. But in today's world, things change quickly and the wave of customer sentiment can build momentum in a heartbeat. My father's advice to me at the time was that it is exactly when you are leading that you have to remember to look in the rearview mirror because your competition is right behind you. Good advice.
Your product and your company will only stand the test of time, if you create a manic culture of customer sensitivity; of listening to your customers and changing along with their expectations; of embracing changing technologies and practices and behaviors that you see all around you and applying those to your business.
And we know, that with the speed of change around information and technology, that a good product isn't enough. We have to constantly be attuned to our customers' expectations, and to new innovations to keep pace, to remain relevant.
And yet, when it comes to our business, we are often slow to recognize that all these change elements have similar dynamics for us.
Our customers are experiencing new innovative service models every day. Our customers who buy our product are the same customers who shop at Amazon, who e-bank, who share their experiences on social media. They don't have a different standard of service expectation with your business than they do with any other part of their lives. And as the products they use become more user-friendly and more ubiquitous, if your product doesnt keep pace, the expectation-gap will grow until your product has just become to difficult.
And meanwhile, one of your competitors is working hard to continually refine the product, to refine the customer experience. There is no doubt about that.
My father told me when I first started out, that many top brands rest on their laurels. They believe that because they are dominant, that they can stay the course and succeed. That has never been true. But in today's world, things change quickly and the wave of customer sentiment can build momentum in a heartbeat. My father's advice to me at the time was that it is exactly when you are leading that you have to remember to look in the rearview mirror because your competition is right behind you. Good advice.
Your product and your company will only stand the test of time, if you create a manic culture of customer sensitivity; of listening to your customers and changing along with their expectations; of embracing changing technologies and practices and behaviors that you see all around you and applying those to your business.
Comments
Post a Comment