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Member You - Customer Intimacy and Empathy are Keys to Innovation
In parts 1 and 2, We convinced you you’ve got to have a website, and we’ve shared some things to consider before having one designed, so now it’s time to think about how you can generate revenue 24 / 7.You’ve worked hard to build a business but let’s face it, you’re limited in how much you can make because your business can only be open a certain number of hours a day. If you provide a service to consumers or B2B clients, you’re even more limited in your earning potential because there’s only so much of you to go around. It’s time to embrace the old clich? “work smarter, not harder” or, as our Creative Director, Guy Rich
The perfect loan processor would be…The key to finding and retaining great talent in loan processing can be as hard as finding that perfect friend or partner. In today’s mortgage lending industry that runs characteristically lean, many mortgage processors are faced with doing many things that were frankly not in the job description years ago. Many also have not been properly trained in actual processing skills, much less organizational efficiencies and were expected to learn on the job.The problem faced by many owners, brokers, and managers is the need to do more with less. The industry is contracting since the bo
Just because a company is spending money on research (such as markets, customers, or new technologies) and development doesn't mean they will get innovation. Innovation, as with advertising, training, or many other organization investments, depends on the quality of the investment as much as the quantity of resources put in it. A high proportion of innovative new products, services, and companies flop. That's often because managers build better mousetraps without first making sure there are any mice out there. Or that people still want to catch them.
Many innovations come from a deeper level of customer and market understanding. They go beyond what current customers say they need. They solve problems that customers either don't realize they have or didn't know could be solved. These innovations create needs and performance gaps only once customers start using them and get turned on to the possibilities.
Every product and service we now take for granted was once silly, interesting, or just an odd curiosity. What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent? How about CD players when there were no CDs to buy? What about a bankcard to withdraw cash from an ATM? How about a personal computer? In the fifties, how highly would we have rated the need for jet pla
Make sure you have solid foundations.Have you ever seen a skyscraper being built?The first thing they do to build it is to dig down.It’s a little strange to see, but it makes sense if you think about it.By digging down and making sure all the foundations are in place, and making sure they are rock solid… the building can then reach up towards the sky.Without the rock solid foundations the building could topple and crash to the ground.Unfortunately that’s what happens to some businesses.Some owners neglect, ignore or are ignorant of some of the ‘foundations’ that MUST be in place
Just because a company is spending money on research (such as markets, customers, or new technologies) and development doesn't mean they will get innovation. Innovation, as with advertising, training, or many other organization investments, depends on the quality of the investment as much as the quantity of resources put in it. A high proportion of innovative new products, services, and companies flop. That's often because managers build better mousetraps without first making sure there are any mice out there. Or that people still want to catch them.
Many innovations come from a deeper level of customer and market understanding. They go beyond what current customers say they need. They solve problems that customers either don't realize they have or didn't know could be solved. These innovations create needs and performance gaps only once customers start using them and get turned on to the possibilities.
Every product and service we now take for granted was once silly, interesting, or just an odd curiosity. What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent? How about CD players when there were no CDs to buy? What about a bankcard to withdraw cash from an ATM? How about a personal computer? In the fifties, how highly would we have rated the need for jet pl
The world of business is a very competitive one with each executive competing with the other to get the best of sales, profits and customers for their business. This means that all businesses interested in becoming successful have to concentrate in developing their corporate image and identity to improve in their business. Corporate identity is actually the image or identity by which the business wants to be perceived by their customers or the physical manifestation of the brand.Corporate identity is very much achieved by the brand building and marketing strategies of the company. So how actually is a brand built? It is
Many innovations come from a deeper level of customer and market understanding. They go beyond what current customers say they need. They solve problems that customers either don't realize they have or didn't know could be solved. These innovations create needs and performance gaps only once customers start using them and get turned on to the possibilities.
Every product and service we now take for granted was once silly, interesting, or just an odd curiosity. What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent? How about CD players when there were no CDs to buy? What about a bankcard to withdraw cash from an ATM? How about a personal computer? In the fifties, how highly would we have rated the need for jet pl
Who runs your business -- you or your inner brat? Everyone has an inner brat. It's the part of us that's still a 2-year-old. It gets furious at the slightest inconvenience. It feels entitled to get what it wants when it wants, and it whines and complains when things don't go its way.Chances are this describes at least one of your clients or employees. It's always easier to spot someone else's inner brat than your own. But take a moment now to reflect on yourself and answer the following questions:* Do you frequently complain that something isn't fair?* Do you get angry at least once a day?* Do you ha
Every product and service we now take for granted was once silly, interesting, or just an odd curiosity. What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent? How about CD players when there were no CDs to buy? What about a bankcard to withdraw cash from an ATM? How about a personal computer? In the fifties, how highly would we have rated the need for jet pl
“Payroll Taxes are Due, with Penalties and Interest”At least that is what the letter from the IRS says. First thing, don’t panic. Quoting Daniel J. Pilla’s study for the Cato Institute “About 40 percent of the revenues the IRS collects through penalty assessments are abated when citizens challenge the penalties.”So we now know the odds are good that the IRS is wrong or will blink first. What do we do?The normal problems with payroll taxes are.Failure to File.Taxes under reported.Taxes under deposited.Taxes deposited late.Any of these can create a situat
These are a few examples of the thousands of innovations that customer or market research and competitive benchmarking would never have identified a need for. The companies who pioneered these sorts of innovative breakthroughs had years of spectacular revenue growth and market leadership.
Walking in Our Customer's Shoes
"The need for innovation on an unprecedented scale is a given. The question is how. It seems that giving the market free rein, inside and outside the firm, is the best — perhaps the only — satisfactory answer." — Tom Peters, Liberation Management: Necessary Disorganization for the Nanosecond Nineties
Innovation is a hands-on issue. It calls for an intimate understanding of our current customers and markets, potential new customers or markets, team and organization competencies and improvement opportunities, vision, values, and mission. We can't develop that intimacy from a distance. Studies, reports, surveys, graphs, and measurements wouldn't do it.
Effective innovation depends on disciplined management systems and processes. But it starts with people. People searching for creative ways to do things better, different, or more effectively. People trying to understand how other people use, or could use, the products or services their organization
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