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All posts in Innovation

Most people would agree that innovation is important. But not every company takes it seriously. Innovation is what keeps your business relevant as the needs of your customer change, and as your competition evolves.

It’s tempting to believe that in a cost-driven, mature market, efficiency is the key – that close management of costs and efficient and predictable processes are what makes the difference. But this is a mistake.

Of course, efficiency and cost management are part of every company’s operational plan, and in the environment where there’s not a lot of overall market growth, cost overruns can badly hurt a public company through missed operating margin targets. But the real challenge in a mature market is to change the game. Read more

There are many ways to innovate, but one of the most reliable is in the customer relationship. It’s reliable because you can quickly measure the impact of changes in the way you manage the relationship with your customers. You don’t even have to have a brilliant idea—your customers will often provide it for you (if you ask!).

Nordstrom’s is a great example of a retailer that has achieved differentiation through a unique approach to their customer relationship. Not only do they establish a customer-centric approach to doing business, but they specifically empower their salespeople to go out of their way to give customers a unique level of support and service. Read more