Newborn companies are often struggling to achieve the same growth rate as the main front runners in their industries. This is practically a standard they are trying to achieve. Managers have the impression that they need to play just like their competition – minimizing potential risks, gaining as much as possible from their resources and obtaining positive results. There is, however, a different alternative that can become even more useful in the long run – rethinking all the profitable sectors from scratch in the attempt to build a better business model and a fundamental growth.
Turning a basic product or service into an exceptional one
According to business coaches Ian C. MacMillan and Rita Gunther McGrath, it seems that changing your company every once in a while is the key to success. You need a radical approach that is different from your competition’s, only to develop better ways to make profit. From this point of view, it is crucial to be creative and flexible in the attempt to understand your customers’ necessities.
Before becoming a world renowned cement manufacturer, Cemex was nothing but a small local company in Monterey. A radical evaluation has changed everything though. It has managed to overcome its main competitors Lafarge and Holcim in all fields – action costs, exploitation margins and profits.
Cemex has evolved from a small cement merchant into a main supplier of prime material. The actual delivery was the crucial element. Practically, the cement was delivered on time. The workers never had to wait, while the cement was fresh and not altered. Overtime, Cemex has evolved a lot. It has also implemented the systems used by ambulances in order to track its trucks and ensure that everyone knows exactly what to do. Today, it relies on the GPS technology to deliver prepared cement within not more than 20 minutes.
How to boost your quality standards
For Cemex, success means a drastic change in the company culture. In my opinion, this update implies a proactive approach and the development of new solutions to keep customers happy. So how can you do it too?
- Transform your customers’ experience with you and find new ways to meet their necessities.
- Transform your product and service into the most common things your customers love about it. Most customers tend to compare services in order to make a smart selection. There are three major classification criteria – basic, different and exceptional. Try to find out how to come up with new benefits and how to fortify your current ones, only to make your product exceptional.
- Change your working metrics to monitor and improve your offer.
- Redefine your company, even if it comes to changing the fees or payment methods. For instance, many lawyers are now working on a contingency fee, which means that they are not paid if they do not win their cases.
- Take advantage of all the changes in your business sector. Amazon.Com has redefined retail sales, while HSBC has identified the emigrants’ needs to own a bank account in order to send money back home.