The business of tomorrow
One of the things I have learned over my years building businesses is that if you are not growing you are dying in business. Businesses must continue progressing and learning or they risk falling behind and becoming irrelevant in the market. As the digital revolution grows businesses must learn how to reach customers in new ways and change how they do business to keep up with these new trends.
Recently I was reading an article from Brian Solis about a study done from the Harvard Business School Forum on Innovation on what the difference is between successful companies from the others. It came down to two things:
– Better before cheaper: companies that compete on differentiators other than price win.
– Revenue before cost: companies that prioritize increasing revenue over reducing costs prosper more highly than others.
For many years the easiest way to compete was to undercut everyone else or cut back on things in business. Now the way to stay ahead is to work on providing a better experience for your customers. Using social media and digital marketing is a great way to reach out and work with more customers in less time.
The next time you set goals for your business consider asking ” how can we be the best in our field rather than the cheapest?” And “how can we spend our money better to grow revenue more?”
It may just change your business for the better.