The world keeps changing, and viable business strategies that worked well in the past, including being the premium brand or low price producer, simply don’t get the customer loyalty they once did.
Today, customers are looking for real relationships, a memorable shopping experience, and satisfaction of a higher purpose. They follow leaders who live and promote these strategies.
For example, Tesla and Elon Musk have capitalized on the environmental benefits of electric vehicles, coupled with a more memorable shopping experience by eliminating dealers. Other companies, including Ritz-Carlton, now incent their employees to build real relationships with guests, by authorizing them to spend up to $2,000 per guest to solve an individual concern.
Of course, these new customer-facing strategies shouldn’t preclude you from focusing behind the scenes on reducing costs and broadening your product line to supersede competitors.
Amazon and Jeff Bezos have managed to do this well, with customers only