As companies expand their product and service offerings to fill holes in the market, created by retreating competitors, or even retreating suppliers, what should companies consider now to update their expanded strategies?
A company should focus its resource allocation, future strategies and internal accountabilities on what the customer thinks is most important. A commercial real estate client of ours has 200 buildings in which they lease office space. Research showed tenants seeking office space overwhelmingly wanted “security” above all else. My real estate client was floored… This means, maybe they take a few bucks from, say landscaping, and add it to the security systems budget. Research often catches companies off-balance when their previously held belief is turned upside down. This real estate client was certain that the number one attribute valued by their clients was “location, location, location”….it was important, but not, first, second or third. It came in fourth. Times they are a-changing.
The conversation continues the rest of this week. You can find Jaynie’s book Creating Competitive Advantage at Amazon.com.