People who mourn for the loss of a loved one are typically not price-sensitive. They would spend more for a departed loved one than the budget they would have allocated for themselves. This is both good and bad. This is good in the sense that they pay final respects to the deceased. As author Dan Ariely pointed, the motivations that drive this behavior are “the way we want to think about the dead, their role in our lives, our role in their lives and the prospect of our own mortality” and purchase motivations that include “caring for others, helping, making amends, and finding meaning”. However, it can also be bad when the social benefit and meanings that go with it can be a huge financial burden to those who do not have the means.
While people design their lives by wanting to have a sense of control, they may also want to design death to give themselves and their families a sense of meaning, and the contentment that comes with it, even in unpleasant situations.
Four case studies of service innovation related to death are shared below. Read more
There are so many little things that corporate leaders ignore. Just take a look at the following industries and you can see many blind spots. Some examples of old truths that are still unchallenged to date are:
· In the retail banking industry, the idea still holds there can be no fun and enjoyable experience while inside a retail bank.
· In the supermarket industry, shoppers have no choice except to use carts.
· For the bicycle industry, the saddle is still a one piece thing, as it is modeled after a horse saddle.
· For men’s clothing, pants’ back pockets intended to hold wallets continue to be the norm even when they cause discomfort when sitting.
· In the mobile phone industry, many value-added services (VAS) continue to be incorporated when over 90% of existing VAS are not being used.
· For the HR practitioner, putting an age limit of 35 years old for salesmen when the more productive salespeople have greater connections and networks after age 35.
· In Philippine airports, queuing is still needed after check-in just to pay for terminal fees.
· In Congress, more and more proposed laws are churned out.
We can go on and on but the point is opportunities for innovation are everywhere. Blind spots happen due to lack of insight or new truths. This can be corrected when we increase our awareness, network with people with different backgrounds, and ask questions regularly that challenge conventional wisdom. Read more