Somewhere on the other side of the world, or perhaps even in your own city, a business like yours is pushing through toward business innovation. In the past, this business favored rigid ideas. This business has relied on processes and practices that had a predictable outcome. However, now in the present-day, something is quite different about this company’s strategies. What makes this business stand out in a sea of others that offer similar products and services to their customers? It was a revelation that hit the business’ leaders like a ton of bricks. Status quo thinking was killing innovation in their business. Another revelation—their strategies and tactics are no longer effective for a fast-moving market in which buyers have significant influence.
How do buyers demonstrate their control and influence? Buyers praise publicly online when customer service is exceptional. Conversely, they post grievances about delays, poor customer service, out-of-nowhere price hikes, and product defects. Buyers openly express themselves on social media. For example, visit the Twitter feed of any large restaurant chain or major airline. What you’ll see are complaints by frustrated customers. Some dissatisfied customers even state they will happily patronize a business’ fiercest competitor.
Today’s fast-moving market requires nimble-minded leaders who are sensitive to marketplace changes and are prone to thoughtful decision-making. Successful leaders understand their business’ core competencies, but are looking for the next best ways to reduce costs and reach buyers.
How can you avoid status quo thinking from killing your business?
Realize that you’re not immune to risk. Hazards are a part of decision-making. Whether you choose to make decisions or if you become paralyzed with indecision, the world, your market, your industry, and your customers will continue to move forward. At some point, you will have to trust yourself with hopes of forward movement. Every decision doesn’t have to be of grand scale. In fact, you can start with small changes then work your way up, or engage in regular activities to make you and your company actively participate in a fast-moving market.
Here are some ideas to minimize inertia and remove roadblocks to status quo thinking:
Other processes you can automate:
– Send notifications to your sales professionals when leads show an interest in content like e-books and whitepapers.
– Subscribe to a media monitoring service to monitor competition.
3. Review the template you use as a pitch deck to investors.
4. Seek out ways to form strategic partnerships to gain a competitive advantage in the marketplace.
5. See if buyers in your industry are seeking new product features or services you don’t offer.
Some questions you can ask:
- Will recent technological breakthroughs in my industry change how I find new customers and keep them?
- Are there creative ways my company can make important touch-points with new customers?
- Am I more aware of customer purchasing behavior with the tools I have now?
There are other questions you can ask that get to the root of status quo thinking. Don’t ignore warning signals in the marketplace and let inertia become the normal mindset for your organization. Challenge yourself and rigid ideas that might hold your business back from innovation.
Want to discuss ways you can embrace innovation?
