There is a famous quote I always loved from Jack Welch, famous CEO from General Electric. He said, “If the rate of change on the outside exceeds the rate of change on the inside, then the end is near.”
Today the rate of change is eclipsing most organizations and they can’t keep up. Competition is coming in from everywhere around the world and there aren’t any solid plans on how to deal with it. Competition is coming from places we never expected…primarily because someone else sees the inefficiencies in this particular industry. Product/Service competition is accelerating faster than we have ever seen in history. Commoditization is moving full speed ahead.
Step back from thinking about your product or service for a moment…despite all these competitive pressures. Step back and think about your Customers. Are your customers changing? Absolutely. Are the experiences they expect changing? Absolutely. Are you changing the experience you give to your customers? Most are not.
The one area you have complete and absolute control over is the experience you deliver to your customer. Complete control. You can choose what the experience should look like, feel like, smell like, and be to your customer…every day. And if your customers love your experience, the majority will forgo the latest and greatest advancements in product/service just to enjoy the experience they have with your company. This is the antithesis to commoditization…it is what customers want.
I turned Jack Welch’s quote in a slightly different direction focused on the customer, “If your customers are expecting a better customer experience than you are delivering, then the end is near.”
You have no control over the rate of change on the outside…it is just going to happen and accelerate. You do have control over what you change on the inside. I have always believed in the phrase, “Change what you have control to change and let others focus on what they can’t change.” Your customers aren’t a bad place to start. They are also probably worth the investment of time and innovation to create a totally awesome experience. The end doesn’t have to be near…it’s in your control.