A Quote by Clayton M. Christensen
Relative to the taxi industry, Uber is a sustaining innovation; that is, it makes customers' lives better. Uber targeted mainstream markets with a better service for existing customers, and it succeeded in serving them better than the incumbents.
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A sustaining innovation makes better products that you can sell for better profits to your best customers.
Uber is a better company with better math, better predictive supply, better brand, lower pickup times, higher quality of service. They'll absolutely win.
I know only a few ways to take market share and drive new revenue. I can engineer better products and services, I can build better relationships with my customers and deliver a higher level of service, or I can give my customers a lower price.
Our tenants now are companies like Uber, the taxi service, Meituan.com, China's version of Groupon - and a large number of startups. These companies operate in a modern way, just like their customers: They go on the Internet, look for an offer and take it.
Americans have so much natural entrepreneurial drive. The caveat is that it is technology that should be a tool making lives better in the real world, and in line with the American spirit of getting better and better at something, whether it's curing cancer or creating a better taxi service.
It's always great when you get a lot of people pushing themselves to do better, be better, invent better, better serve, better lead customers in new directions.
The number one thing small business needs is to get more customers. Spend more time serving existing customers and getting new ones. The challenge for small business is knowing where customers are and reaching them effectively.
When a positive exchange between a brand and customers becomes quantifiable metrics, it encourages brand to provide better service, customer service to do a better job, and consumers to actively show their gratitude.
With tough interpretation of taxi and zoning regulations, neither Uber nor Airbnb would have gotten started. By the time many cities recognized their existence, both were fairly large and had the political support of their customers.
I think a much better use of time and resources is to really focus on your existing users or customers and figure out what changes can you make in the Web site, the service, the product, whatever, to get them to come back more often to generate that repeat business and once you kind of figure out that formula, then when you get new customers the whole thing just kind of grows exponentially.
They will come to learn in the end, at their own expense, that it is better to endure competition for rich customers than to be invested with monopoly over impoverished customers.
A pretty girl is better than a plain one. A leg is better than an arm. A bedroom is better than a living room. An arrival is better that a departure. A birth is better than a death. A chase is better than a chat. A dog is better than a landscape. A kitten is better than a dog. A baby is better than a kitten. A kiss is better than a baby. A pratfall is better than anything.
The Virgin brand is not a product like Coca-Cola or Famous Grouse whisky. it's an attitude and a way of life to many. That attitude is about giving customers a better time and better value in a fun way that embraces life and seeks to give the customers something new.
Service standards keep rising. As competitors render better and better service, customers become more demanding. Their expectations grow. When every company's service is shoddy, doing a few things well can earn you a reputation as the customer's savior. But when a competitor emerges from the pack as a service leader, you have to do a lot of things right. Suddenly achieving service leadership costs more and takes longer. It may even be impossible if the competition has too much of a head start. The longer you wait, the harder it is to produce outstanding service.
Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you're marketing your firm to new customers, you better be able to provide them service when they do business with you.
Early investors in Uber and Airbnb, though they remain private companies, have valued them at stratospheric multiples based largely on the notion that Uber will transform and dominate local transportation and Airbnb will revolutionize the hotel industry.
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