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By "From The Minds Of Wharton"
Published: February 6, 2010
Updated: February 8, 2010
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When asked how today’s turbulent business world is affecting his life, a corporate CEO replied, “I sleep like a baby. Every three hours I get up and cry.” Sweeping changes are drastically changing the playing field and the rules for success in business. What’s causing it? In a word, technology. Speed gives you the initial edge in the market. Technology is shrinking time and space, giving customers more choices and businesses more competition with less time to respond. If you acknowledge the results of technology, you have taken the first step to a successful future. Yet if you ignore it, you’re courting economic disaster.
We’re going to share with you how to get better, faster results in a business world where swift, unpredictable change has become the status quo. What you need to know and practice can be summed up in one word – SPEED.
1) Speed reduces risk. The faster you can meet a customers wants the less likely they are go to your competition.
2) Speed increases revenue. Customers willingly pay PREMIUM prices for faster service.
3) Speed increases market share. Promising and delivering fast service can capture BIG market share.
4) Speed and quality go hand in hand. The fastest way to fulfill an order is to do it right the first time.
5) Speed increases efficiency.
6) Speed shrinks expensive inventory costs and the need to rely on market forecasts.
7) Speed improves morale.
8) Speed creates an innovative edge.
9) Speed pays even when things go wrong. 70% of customers who complain will do business with you again if you resolve their complaint to their satisfaction. Yet if you resolve it on the spot, 95% will do business with you again.
In short, success in today’s rapidly changing business world requires moving quickly and reaching customers in new, innovative & more effective ways. It means a whole new focus & approach to marketing, selling, working, etc. to speed up your business & increase your profits.
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Published: February 6, 2010
Updated: February 8, 2010
Print
EmailWhen asked how today’s turbulent business world is affecting his life, a corporate CEO replied, “I sleep like a baby. Every three hours I get up and cry.” Sweeping changes are drastically changing the playing field and the rules for success in business. What’s causing it? In a word, technology. Speed gives you the initial edge in the market. Technology is shrinking time and space, giving customers more choices and businesses more competition with less time to respond. If you acknowledge the results of technology, you have taken the first step to a successful future. Yet if you ignore it, you’re courting economic disaster.We’re going to share with you how to get better, faster results in a business world where swift, unpredictable change has become the status quo. What you need to know and practice can be summed up in one word – SPEED.
1) Speed reduces risk. The faster you can meet a customers wants the less likely they are go to your competition.
2) Speed increases revenue. Customers willingly pay PREMIUM prices for faster service.
3) Speed increases market share. Promising and delivering fast service can capture BIG market share.
4) Speed and quality go hand in hand. The fastest way to fulfill an order is to do it right the first time.
5) Speed increases efficiency.
6) Speed shrinks expensive inventory costs and the need to rely on market forecasts.
7) Speed improves morale.
8) Speed creates an innovative edge.
9) Speed pays even when things go wrong. 70% of customers who complain will do business with you again if you resolve their complaint to their satisfaction. Yet if you resolve it on the spot, 95% will do business with you again.
In short, success in today’s rapidly changing business world requires moving quickly and reaching customers in new, innovative & more effective ways. It means a whole new focus & approach to marketing, selling, working, etc. to speed up your business & increase your profits.
« Back
