Making good decisions is vital to capturing market opportunity. Market opportunity presents itself to those aware and willing to take the risk to do something innovative. Not taking the risk and not doing anything innovative insures “static growth” and an exodus of customers.
The marketplace is changing rapidly. Economic uncertainty, rapid technological changes and consumers (buyers) empowered with social technology all threaten the foundation of past experiences that typical drove decisions. Adopting innovation is not easy for those comfortable with what they’ve always done. When markets change everything changes and speed to market with innovation is the key to success.
Speed Is Now Relevant!
In the past organizations would take months, quarters and even years to decide on executing innovation. In the face of traditional thinking, budget concerns, cultural constraints, market changes, smarter competitors etc etc today’s market makers are those who can move swiftly and effectively. Swiftly implies speed. Effectively implies knowing that your decision is the right decision because you’ve learned the value of what innovation can do for your organization, your market and ultimately the end customer.
To not move fast in a marketplace that changes with the click of a mouse or because of one conversation that sparks the masses to pay attention, follow and engage means that you could loose your market position fast, as in faster than you can imagine!
The marketplace is and always has been fueled by communications. Buyers hear what your competition is communicating. Buyers hear what other buyers are saying about your company, your offering and today the noise isn’t coming from institutional media rather from conversations people are having with people.
Competitors are paying attention to these conversations, to the release of new technology that enables reach, relevance, context and content that sparks attention from buyers, your customers. Things are moving very fast and unless your moving fast you get up one day to find out your entire market is shifting and they are moving away from you to someone else. Speed to market, speed of decisions has never before been more relevant, relative and critical to success.
What Holds Up Decisions & Actions?
There are only a few excuses why organization don’t decide and act swiftly. These include:
- Too busy, or they say so, in doing not urgent and not important stuff
- We don’t know how to do these new things. But they then fail to acquire the knowledge or resources and sit on go forever
- Stuck in bureaucratic decision making processes designed to control people and processes. Control no longer works, giving control to those that know does.
- We don’t have the budget. Wonder why you don’t? It’s because your not generating enough revenue. Get new revenue and the budget restraints are removed. Get it?
- We are not certain this will work. Certainty only applies to two things, death and change. Choose which one you want to try and manage. The first you can’t, the second you can if you are the one leading the change otherwise you’ll have to follow the change. Get it!
Not deciding to move on go means you decided to sit still for a while. Here is a hint. Sitting still doing the wrong things and thinking from past experiences does not enable you to create innovation. Unless you listen, learn and innovate NOW your customer will leave then you’ll really be stuck trying to decide how to “catch them”. Now do you get it? Decide and move or get run over.
What say you?