In today’s fast paced world, we are often under constant pressure to innovate and improve.
But, sometimes, you might need to adopt the approach: “if it ain’t broke, don’t fix it”. How do you know when you are truly innovating, or when you are changing your products just for the sake of it? That inspired this week’s Enterprise post.
The old saying is that “familiarity breeds contempt”. While that might be true of an old lover that’s starting to annoy you, in business the opposite can be true. People are creatures of habit and when they’ve discovered a product or service they like, that sense of familiarity breeds loyalty – and ongoing revenue for your business.
That’s why McDonald’s works. Customers know exactly what they’re getting, every time, and at every outlet. But it doesn’t just apply to big chains. My friend Alistair goes to the same restaurant every Friday night. He walks up the road, orders the same dishes and drinks. He knows what to expect from the owners: Tony will be flirting with the girls; and George will be holding court with his mates. Sometimes, Alistair will try one of the specials, sometimes he’ll bring friends and family. But it’s a routine he knows – and a ritual he loves. And that’s what keeps him going back.
However, in a business world that’s constantly emphasising the importance of innovation, you can sometimes feel pressured to change it up a bit. You feel like to need to add new products, incorporate bells and whistles and move with the times.
You can read the full Enterprise article here.