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Article CX Strategy

Two Key Reasons to Look Beyond Your Industry for New Ideas

Regardless of whether you're looking for inspiration or to understand your competition, here are two key reasons to look outside your industry:

#1 Out of the Box, Literally

Innovation only comes from stepping ‘out of the box’ — not from standing in your current position and looking at your immediate business surroundings.

I can speak from personal experience as a member of Young Entrepreneurs Organization — we used to have peer support groups for businesss owners called forums which brought together around 8 business owners from industries as diverse as jewelry making to lumber retailing to packaging fruit snacks. I can’t tell you how many core business challenges I was able to unstick by discussing them with people outside my industry.

#2 The Experience Economy Creates New Competition

Your products or services might be different but increasingly the online and mobile channels are creating ‘experience competitors’ out of companies that are not competing on product.

Take for example an airline which is struggling with its mobile customer support strategy — it often is battling expectations for mobile experience set by banks, retailers and car sharing services. Things like response time, usability and breadth of support can be benchmarked across industries

Maybe it’s because we focus on customer centric competitive strategies, but I’m increasingly finding that the changing customer interaction landscape is altering the definition of a ‘competitor’.

Feb 11, 2015  
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It's impossible for companies to focus on the 'easy' market segments (ie. non millenials) and get comfortable with a less than competitive product or service offering. 

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