Henry Ford said: “A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.”
[img src=”https://corp.yonyx.com/wp-content/uploads/2014/06/Innovation_Example1.png” width=”300″ height=”” align=”right”] We all want to be in this ‘embarrassing’ position, don’t we? And with the onset of new and improved technology, a new smoother path has been paved to interact with the ever increasing customer numbers. This in turn has opened avenues of how best to innovatively draw these customers towards our services and products. The challenges that most companies face are that customers are wiser, better informed and are expecting higher levels of service to draw them to or make them remain with a company’s services. So what should a service / product provider do? Innovate – by offering great deals and pricing, value-added services and most importantly superlative customer support. Innovating thus, leads not just to an increased customer base but also customer loyalty thereby spelling an increase in revenue and profits. A subtle yet important benefit is a drop in employee attrition too – company does well, employees stay. Simple!
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The information on the internet and access to the vast expanse of content has also made it possible to innovate and find newer ways to ‘meet’ and interact with people. The paradox however lies in that selling the concept of one’s brand or services, is far simpler and yet an uphill task! How so, you may ask? Companies offering similar services or products are vying for the attention of the same customers that your company is targeting. The customer has a plethora of choices and unless you tower over competition, it may be a Herculean task to attract and retain the customer base. Taking a cue from this scramble to top spot, people are demanding more freedom and control over what they can choose from, being able to compare the choices and then make an informed decision. This new found freedom and confidence in service / product seekers, is changing the traditional ways of deciding and choosing.
When the traditional methods of choosing have changed, how can creating brand perception survive using traditional marketing methods? Since it is impossible for you to predict what the customer really wants or needs, Innovation is the name of the game now – new brands, eye-ball grabbing branding, customized selling techniques – all go a long way in altering customer perception and in your favor. Innovation needs to permeate all levels of customer service – starting from the basic fact that this ‘highway’ cannot be the playground for just one department or a set of people within the organization. It must be a shared initiative and driving force behind every team, function, business unit and all levels in the company’s hierarchy. Companies, that have a culture of an all-pervading common idea, are the ones most likely to succeed and the idea of innovating is no different. High-performing companies with the ‘embarrassingly large profits” dig deep and delve in to all aspects – technology, employee passion, customer feedback, marketing techniques, branding, customer support – drawing insights and rigorously following trends to uproot any limiting factors thereby plugging all holes that would drain away their customer base. Innovate. Innovate. Innovate.
Once you follow religiously the “pattern of innovation” you will realize that each step does not need to be giant stride rather regular small steps that gradually increase with time. This approach ensures that innovation becomes a habit rather than a one-time knee jerk reaction when things spin out of control. As you begin to eat, breathe and sleep innovation, you become more intrepid and are encouraged to take bigger leaps towards making your company the place that customers come to and stick with. It’s always best to win a battle than going to war!
This all sounds very interesting and worth considering, but what do you actually go about doing? How about we give you some tips or pointers to give you a head-start?
This line-up of seeming trials, seem like a daunting task, however you look at them. However, finding the balance between the company’s objectives and customer needs is the key to innovating for successful business and exponential growth. Companies need to shift the focus from internal to the extraneous conditions of new business inclinations, improved technology, deeper customer understanding of available products and services and align these to improve working style and raising the level of customer service to a new high. Happy customers are also willing customers, who will spare no occasion to endorse you and recommend you to others. Innovation in all realms of the company will be the paradigm shift needed to secure a successful place for your company in the near future.