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No business can afford to take its fingers off the pulse of its clients or consumers. Invest in staying close to your clients/ customers/consumers and your business will never wander too far astray. |
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Data is often confused with, or substituted for insights. It is possible to have too much data. It is not possible to have too many insights. Too much irrelevant data can lead to paralysis. Real insights will always move the business forward.
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Every business can differentiate no matter how generic its product or services may seem. We once had an investment bank say to us, "It's not possible to differentiate in our business. We sell the same process as everyone else. The process is generic." We talked to their clients and proved them wrong. The strategy that emerged helped to build their business.
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Many companies pay a high price for not pruning unprofitable or non-strategic lines of business or SKUs. Focusing on those activities that are core, profitable or offer long-term potential is a critical success factor for any business. |
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Conventional wisdom may be conventional, but isn't necessarily wise. It should be challenged regularly to ensure that strategy is not based on narrow, outdated or erroneous assumptions.
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In terms of our own business, if we focus on our clients, tell the truth and do the right things for the right reasons, everything else will fall into place. |
