Analogous thinking and keeping up with the Jones'
We often discuss with people why we choose to work across a wide spectrum of market places and sectors. While it is good to keep things fresh and interesting. The main reason is that we love comparing and bringing ideas from one space to another. We find this awareness is also becoming ever more important within business. There is now the ability through technology and cheaper setup costs for small companies to compete with larger more established institutions. Coupled with the understanding of service and that they can provide a service that is equal to if not better than the big guys are key ingredients to competing and winning.
A few examples of how things have recently changed in the market place and understanding that if you look at other marketplaces then you too can get inspiration. If I asked you maybe 15 years ago how long it would take for a parcel to get delivered to my door after ordering it through a catalogue or over the phone then you might say 2-3 weeks? If I asked you that question today? maybe 5 days top? And that is probably solely because of Amazon.
Equally on the other side ebay has revolutionised the second hand market. If I asked you ten years ago what you do with your second hand clothes you might say "give them to charity". But now the answer is probably "sell them on ebay" so if you are not aware of what is going on in other seemingly unrelated sectors then you are never going to be ready for the changes that will seep into your business. You are no longer compared in terms of service within markets. I often find myself thinking that Apple would probably make a better stab at my online booking experience when booking a flight. Or thinking how can Ocado deliver my groceries within a time slot when I have to wait in all day for a delivery for it not to turn up.
Through investigating other market places and understanding the services and products they are providing then you are better placed to understand how you compare not to just your market but also the wider market as a whole.