Successful companies recognize they have to break through commodity perceptions and find ways to change the game. Here are some great ideas we want to pass along from a recent Fast Company blog.
Massive disruption is coming, and the only question is whether your firm is going to cause it or fall victim to it. Disruption is not easy – either to create or to confront. We have no illusions about that.
But in the spirit of helping established firms best serve their customers, we offer several ways your firm could disrupt its own industry, raising the standards of customer experience and creating new opportunities for growth:
Totally eliminate your industry’s persistent customer pain points … What practices exist in your industry that drive customers crazy? How do all companies in your industry behave stupidly? Identify these types of practices, and wipe them out.
Dramatically reduce complexity … The more complex the processes and practices in your industry, the greater your opportunity to gain competitive advantage by simplifying them.
Cut prices 90 percent (or more) … Incremental change doesn’t disrupt an industry; radical change does. Radical price reductions require radical new processes and business models. You don’t cut prices by 90 percent through marginal improvements in existing products. You do it by asking, “What problem are we trying to solve for the customer, and how do these disruptive forces create opportunities for us to solve it in a far more efficient manner?”
Make stupid objects smart … Take every product you sell, and make it smart…or accept the fact that you must forever more compete on price and accept low margins.
Be utterly transparent … The concepts of social influence and pervasive memory will make it increasingly difficult for companies to hide from dissatisfied customers, negative reviews, and faulty products. What if your company radically embraced the truth? How might it impact your culture to decide that your firm would be the most powerful force in your industry making certain that every speck of the truth was obvious to every customer, analyst, and reviewer?