Imagine you are the biggest in your industry — you can be a bank, a car rental firm, a supermarket, a bookstore, a drug store, a pawnshop or any retail store format for that matter. Then, a newcomer entered the market and disrupted what you have been dominating for a long time. Your brick and mortar retail branch network, which is your biggest strength, has become irrelevant as the newcomer’s business model make use of online store.
Through forming a new league, these players have completely redefined the game by creating new benefits that would ease transaction and increase productivity. They no longer have to comply with retail store operating hours, hence there is no need to reach destination and endure horrendous traffic in the metro, find a spot and spend on parking. Those adhering to a new business model are not anymore required to exert energy only to find an item inside the store, queue in long line for the cashier or teller, unload items for cashier’s encoding. The newcomer in business is spared from certain inefficiencies that could transpire like validating products without code and even having to carry bulky items to the vehicle. Today, customers simply order and pay online at any time convenient to them and just wait for delivery to arrive. Read more
Innovation is about having a new way of doing things with commercial success. It targets to satisfy, in a novel way, pain points of customers or non-customers. Many companies like to have more innovation, but are dissatisfied with their efforts. Among others, firms wanting improvement might want to look at their innovation culture. Culture is what people say or do when bosses are away. This is the real norm in a company.
There are 10 building blocks to innovation: 5 in offering model and another 5 in the operating model of a company. This article will focus on how firms can enhance their innovative culture in order for their people to introduce real innovations not presently available in the marketplace.
1. Hiring – Recruit people who are non-conformist with uncommon sense, instead of acquiring those with common sense.
2. Training – Create innovation competency by providing tools, frameworks and methods that are duplicable, ending with an annual innovation tournament, instead of passive suggestion box where random ideas are given. This is especially valuable if innovation has been indicated as a core value of a firm. Read more
Mansmith and Fielders Inc. is the leading training and consultancy company in the Philippines offering the widest range of marketing and sales, strategy and innovation courses in Asia. Since 1990, Mansmith and Fielders, Inc. has remained an advocacy–based company where substantial amounts of its annual profits go to various advocacies focused on education and youth empowerment led by Marketing authors and business educators, Josiah Go and Chiqui Escareal-Go. It is also the initiator of several awards and major conferences which include the annual Mansmith Young Market Masters Awards (YMMA), launched in 2004, it is the first and only recognition for young marketers and entrepreneurs 35 years old and younger, with Philippine Retailers Association and Philippine Franchise Association as official organization endorsers, Philippine Daily Inquirer as official publication, Abenson and Waters Philippines as sponsors. Read more