In my last blog post, I wrote about recognizing and embracing change. However, this is easier said than done because our brains are wired to follow similar thought processes that often leave us stuck in our thinking. In today’s world of rapid change, a new way of thinking is required to survive and be successful.
I recently read a book called The New Factory Thinker by Bill Bishop. Bishop says that change is occurring in the marketplace on a fundamental level and that we need to “re-wire our minds for success in a disrupted marketplace”.
Some key points from Bishop:
1. Change is occurring more quickly than ever, without much advance warning.
2. Competition is global which drives down prices and profit margins for traditional products and services.
3. Customers are empowered with the ease of finding products and services and information on the internet.
What to do about it:
According to Bishop, business owners must open their minds to a new way of thinking if they wish to thrive. The key is to create value for your customers. Unless you are offering something of value, your product or service is just a commodity to be purchased at the lowest price.
Two ways to create value for your customers:
Value can be provided by focusing on the customer’s needs and by understanding:
1. What services or products you provide that solve your customer’s problem
2. How you will help your customer succeed
Remember: Making money is the result of providing a valuable product or service to the marketplace, not the reason you are in business.
So let’s change your thinking. Give us a call to help your business thrive.