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SPEED IS POWER

Motion Blur from a Tokyo Monorail

Last week I spoke to 4 different groups of CEOs and Executives for TEC, it was what I would call a world wind tour of sorts. One of the key messages that I was sharing was that in today’s fast paced world, speed is absolute power when it comes to bringing new products or services to the marketplace. The faster you can deliver a new product that improves upon what your existing or potential customers may be using, the faster you will grab market share and profitability!

It goes deeper then this however. We’re not just talking about speed to market here, but instead the ability to quickly attain, define, dissect and act upon ideas that are presented by your customers, employees or even suppliers in the marketplace.

Let me put it a different way, if you agree that new, bold and fresh ideas are as good as gold (better yet money!), then by applying speed you increase your ability to capitalize on the ideas and make more money. Speed is Power!

Here are a few ideas I shared with the CEOs on how to increase their speed and make more money.

  • Don’t wait for ideas to meander in the door, solicit the marketplace for them. Just look at Proctor and Gambles “Connect + Develop” platform. Whether you are an inventor or a multinational company, P&G wants your ideas and provides the tools and method to do so.
  • Stop reacting to customer complaints and instead solicit customer feedback. Where is their business going in the next 3 years and what can you do to help them get there?
  • Stop forcing your customers to escalate their concerns or issues. Empower your employees to quickly act on customer requests or ideas and provide a means to collect information on these requests to allow consideration for introduction of a new product or service.

There are literally dozens of ways to improve the speed by which you can introduce and capitalize on feedback and input from customers, employees and the marketplace. So stop assessing what the results of your latest survey monkey suggest your customers or employees want and create the means to hold dialogue with these parties to understand.

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