Newport Board Group Chairman Doug Tatum was recently interviewed on UNC TV, the PBS affiliate in Chapel Hill, North Carolina.
Going global can provide exponential growth for your business, but it is not for the faint hearted.
In my last article, I explained how the issue of “channel conflict” has evolved into the goal of “channel integration” as retailers scramble to serve customers consistently across stores, online sites and mobile devices. I said that retailers must embrace fundamental changes in consumer behavior or risk obsolescence. I would like to conclude this series of articles by outlining a framework for “pure play” ecommerce companies to create defensible strategies for growth.
In my last article, I discussed how many iconic companies have experienced and worked through strategy and product failure on their way to achieving market dominance. Failure is a process that emerging growth companies--like the ones that our company, Newport Board Group, serves--need to master.
“The purpose of business is about creating (and retaining) customers.” - Peter Drucker
What makes innovative new products succeed? From my perspective as a long-time technology company executive and entrepreneur, the formula is ultimately simple: recognize an unfulfilled user need; create a vision of how the product will fulfill that need; build strong relationships with early customers.
Once a product is launched, the key to profitable growth (and the essence of strategic management) is to seek new sources of competitive advantage relentlessly. In our rapidly changing world, competitive advantage is at best temporary and must be constantly pursued and renewed.
Small and medium-sized businesses across the United States are increasingly relying on new technology solutions to strengthen their product development, marketing, and customer engagement activities. Technology adoption is often the best way to drive relative advantage over competitors, even among small businesses. This is especially true with regard to computer and Internet technologies. Your business might be basically “technology enabled” but you may be missing out on new, fast-evolving technologies that could supercharge your business, regardless of its size.
Every once in a while I am reminded of the old African proverb: “Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed. Every morning a lion wakes up, it knows that it must outrun the slowest gazelle or it will starve to death. It doesn’t matter whether you are the lion or the gazelle, when the sun comes up you had better be running.”
In my last article, I discussed several emerging online business models that are disrupting the traditional supply chain. These models point to a world in which the consumer is in charge and the entire supply chain must adapt to this new reality. In this article, I’ll tackle the topic of channel integration and the critical importance of providing a consistent customer experience across all touch points.
You enjoy the independence and life style of a business owner, at least most of the time.
In my last article in this series about ecommerce, I discussed some of the key online trends that you should take into consideration as you invest in ecommerce systems. I said that you not only need to understand changing consumer behavior, but you must align your technology with marketplace demands. I will now explore a few of the emerging business models that are disrupting traditional supply chains.
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