Because Knowing is Half the Battle
One of my favorite sentences is in the Introduction to Mark Twain’s Adventures of Huckleberry Finn:
Since its launch, the beacon technology has garnered considerable market interest. Curious minds across many industry segments have been asking themselves...
Frustrated with your current retail customer experience? Don’t worry. It’s changing rapidly, and as consumers, we have a lot to look forward to.
The problem with innovation, of course, is that there are rarely rules to guide it. Having a toolbox of tricks to help with the process is critical. Over the next few posts, let’s look at some favorite concepts for thwarting innovation blockers.
Business As Usual Has Been Disrupted
Time and again, customers embrace brands that go beyond selling products and services to providing meaningful utility in their lives. Consider the disruptive offerings by companies like Uber, who transformed a functional task into an effortlessly enjoyable one, changing consumer behavior seemingly overnight. Every day, we read about more companies like Uber, who are upending traditionally well-ensconced business models—not by inventing the new, but by re-imagining the customer experience for a particular market segment, applying the many possibilities of emerging technology to significantly improve the value that the experience provides.
It’s 1900. Hawaii becomes an official U.S. Territory, L. Frank Baum publishes The Wonderful Wizard of Oz, and the American automobile industry consists of 500 luxury automakers producing handmade vehicles that start at $1,500 (roughly $41K today). By 1906, the automobile industry is so unattractive that it divides a nation.
“We do not currently support Apple Pay!!” According to numerous industry articles over this past weekend from the likes of Verge, Mashable, GigaOm, a number of retailers—Walmart, Gap, Best Buy, Old Navy, 7-Eleven, Kohl’s, Lowe’s, Dunkin’ Donuts, Sam’s Club, Sears, Kmart, Bed, Bath & Beyond, Banana Republic, Stop & Shop, Wendy’s, and most major U.S. gas station chains—have dug their heels in. Collectively, these retailers have formed a joint venture (MCX), to build their own mobile payment app, called CurrentC, which is planned to launch in 2015. MCX has been working on a mobile payment solution since 2011, to avoid paying the 2-3% credit card transaction fees charged by the likes of Visa Inc.