In today’s economy, organizations can’t grow revenue by flogging the same old stuff to the same old customers through the same old channels in the same old way. That’s what everyone else in your industry is doing. As I’ve said many times – being like everyone means you’re average which means you’re boring and who wants to work with boring. To win, you need to hook your customers on your latest innovation.
If you want to grow revenue, you have to conceive, develop and deliver jaw dropping innovations in the form of new products and services. That’s not easy to do if your energies are focused on protecting your current position in a desperate attempt at survival.
I can hear it now – “But there is no guarantee that the new idea will work. It’s too risky.” In reality, staying the current course and speed is a riskier decision. The one prediction I can make is that the future is different from today and therefore you need to do things differently.
Why am I convinced that “new” works? Customers will always make room for something new, useful and value packed. What is surprising to most people is that customers make their decisions on what they value in their head, not with logic or analysis. No … Really — It’s based on their own internal value scale that when tipped in the right direction, will make getting whatever that new thing a priority.
Customers will always make room for something new, useful and value packed.
So how do you make sure your new thing is the right thing? By making sure that its delivers on at least two of the following benefits:
Time is the most valuable resource we have and most anyone will trade resources to get time in return. For example, I pay someone to do my yard work so that I can spend that time with my family.
Whether we like it or not, money is what allows us to pay for the things that our families need and want. Any new thing that makes us more productive in our ability to make money is a high priority.
Having fun and laughing releases endorphins (also known as “endogenous morphine”) into our bodies. They resemble opiates in their abilities to produce a feeling of well-being. New things that deliver fun and enjoyment is like taking a drug. Once their hooked on your latest innovation, it’s hard to give up.
The way to grow in today’s highly competitive market is to bring something unexpected and exciting to your customers. You never know, they may get addicted to your latest innovation.
Phil McKinney Newsletter
Join the newsletter to receive the latest updates in your inbox.