Friday, April 18, 2008

Leading Change

Totally unpredictable, a rapid technological change produces intense competition. Especially in information technology, it has been a major contributor to the global increase on markets. Businesses are facing to an uphill battle for the heart and minds of consumers as aware of where in the spectrum of consumer modes while going through our daily lives. The dispiriting result is a marketplace flooded with affordable but homogeneous goods and services with very few qualities actually distinguishing one company's offerring from another.

Let's see now, below, the market penetration experiences due to technology and competition. Acceleration in the speed of market penetration develops somewhat more rapidly after technologies cited.

--Pace of innovation accelerating

Executives of every stripe such as manufacturers, service providers, merchants have to struggle to convince jaded consumers that what they offer is special, desirable, distinct from, perhaps even worth more than competitive priced products.

Hence, the companies should raise the curtain on competitive pricing strategies, and reveal that businesses are missing their best opportunity for providing consumers with what they truly want: an experience

It's the value that the experience holds for the individual that determines the worth of the offering and the work of the business.

Managers have to look beyond traditional pricing factors like time and cost, and consider charging value of the transformation that an experience offers. In this new economic era poised to spring from the internet -one with the potential to upend the fundamental relationship that links businesses with their customers, we see that how the information revolution will forever change the relationship between businesses and their customers.
Because consumers are looking for companies who walk loyalty, not talk it.

Briefly, the rewards will be great for companies that embrace and capitalize early on the role of the infomediary.

* If you charge for the time customers spend with you, then and only then are you in the experience business.

Customers want -and pay more for- experiences. Which business should you be in?


  1. Hi Nihal. Loved to see the Marinas and the Chestnuts.
    Sorry for this short visit, but wanted to say thanks for your comments on my blog. This weekend, I’m going to take a musical break, and next week I’ll make a very short trip, crossing South Atlantic. I’ll try to catch up with your posts as soon as possible. Meanwhile, leave you with some chocolate champagne truffles at Blogtrotter.
    Have a lovely weekend and an excellent week!

  2. Interesting topic. I agree that products are too homogenous and one really has to work to find decently priced small shops or businesses with any individuallity.

    People pay for services now that they would have done themselves years ago, i.e. going to a carwash, dog walkers, prepared foods and take out, spa treatments and so forth.

    Times change.