Every day, more and more companies are faced with a classic dilemma, how do you thrive in a declining market?
According to authorities on the subject, you have one of two choices:
- Innovate; or
- Careful cost management.
But what if you could do both simultaneously?
Take watches for example. Creativity expert Sir Ken Robinson illustrates a fundamental industry shift in his thought-provoking Ted Talk:
We were brought up in a pre-digital culture (those of us who are over 25); if you wanted to know the time you had to wear something to tell it. Kids now live in a world which is digitised, and the time for them is everywhere.
When advancements in technology or a change in competitive landscape renders your product obsolete/unprofitable, how do you create value?
Consider the contrarian viewpoints from two experts below.
Customer centric marketing strategist, Danielle MacInnis:
The biggest point of difference going forward for all businesses is the customer experience and being able to show your value, show that you know your audience and deliver some special insights that delight them.
Magician and endurance artist, David Blaine:
One of the wonderful things about the art of magic is that it doesn’t really matter where the trap door is. This is not the secret. The secret is that magicians influence what you think by using your own preconceived ideas of the world around you to amaze you.
Perhaps both do the trick. Do you believe in magic? In my mind, it’s all Creative problem solving.
If you like this post, please share it with your friends, family or professional networks. Don’t be afraid to make a comment – I’d really love to hear your thoughts. Thanks again for stopping by. Warmest regards. Anthony Saffer
Image credit: Shutterstock.com
This article was originally published on LinkedIn.
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Anthony is a former Investment Banker & Chartered Accountant with 10+ years’ success driving “best-practice” methodology in professional services firms and large corporates. He is currently “moonlighting” as an Entrepreneur, a Writer, an Innovator and a Creative Problem Solver. Follow Anthony on LinkedIn and Twitter.