The information age we live in has one very
significant impact on the business environment – consumer tastes and needs are continually evolving.
The sophistication of products and services we consume is a result of not only the innovation, but also availability of technology at consumer level. Think of all the advances in online content, Internet access, consumer devices, home gadgets, transportation - the list goes on.
The common theme is that at each stage of innovation, new value is being created by meeting new customer needs as the perceived value of the previous feature was reduced.
The sophistication of products and services we consume is a result of not only the innovation, but also availability of technology at consumer level. Think of all the advances in online content, Internet access, consumer devices, home gadgets, transportation - the list goes on.
The common theme is that at each stage of innovation, new value is being created by meeting new customer needs as the perceived value of the previous feature was reduced.
How do organizations stay competitive in such evolving landscape?
Firstly, organizations will need to manage fatigue of their product/service and stay relevant in customers' minds. Here I am talking about maintaining certain freshness about your product. Be it via, new features, pricing, branding, value-added services, customer support or even operations.
Firstly, organizations will need to manage fatigue of their product/service and stay relevant in customers' minds. Here I am talking about maintaining certain freshness about your product. Be it via, new features, pricing, branding, value-added services, customer support or even operations.
Secondly, organizations need to create a culture
where adapting to market/industry changes becomes a measures of success.
Appropriate data management, reporting, operational flexibility and outward
focus will be needed to ensure such changes are being taken into account at
every decision-making stage.
Strategic planners should hence be guiding their organizations by; factoring in the evolving consumer need, quantifying the “loss” in current products/services and managing the transition to the next feature set that will drive the portfolio growth. Organizations most aligned with evolving consumer needs will have the luxury of staying viable, charging a premium for their innovation, moving into new customer segments and retaining the current ones.
Strategic planners should hence be guiding their organizations by; factoring in the evolving consumer need, quantifying the “loss” in current products/services and managing the transition to the next feature set that will drive the portfolio growth. Organizations most aligned with evolving consumer needs will have the luxury of staying viable, charging a premium for their innovation, moving into new customer segments and retaining the current ones.
