Top 4 questions to avoid The Trap of Commoditization
Existing in a price driven environment is a position that no technology company wants to find itself in. Your ability to position your company as innovative and hence command premium pricing will be vital to achieving profitable growth.
Spurring innovation and creating an environment of forward thinking is not easy. It requires anticipating and acting on the emerging needs and wants of current and future customers.
Don’t let your executive management team fall into the trap of reacting to current production challenges and current customers’ wants. Ask yourself and your team:
How well do we understand the major trends in our industry?
Do we understand the toughest challenges and choke points of our customers?
Do we analyze market, industry and customer data as regularly as we analyze our financial results?
Have we properly identified a core set of leading KPIs to drive the right focus and execution?
The first step to stopping the slide into the commoditization space is recognizing you have a problem. The next is to formulate a strategy to move back into the innovation zone and hopefully make it to the breakthrough zone.
BHAGTM B- Big H- Hairy A- Audacious G- Goal The term 'Big Hairy Audacious Goal'…
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