Because its purpose is to create a customer, the business enterprise has two - and only these two — basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are 'costs'.
Making changes to better appeal to customer is INNOVATION.
Unknown customer, unstated need - that is bleeding edge of innovation!
Innovation is the creation and delivery of new customer value in the marketplace.
I think innovation as a discipline needs to go back and get rethought and revived. There are so many models to talk about innovation, there are so many typologies of innovation, and you have to find a good innovation metric that truly captures the innovation performance of a company.
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
Business is all about the customer: what the customer wants and what they get. Generally, every customer wants a product or service that solves their problem, worth their money, and is delivered with amazing customer service.
When you can show concern about what matters to your customer, that's Business to Customer Loyalty, and you can bet on it, you've just acquired a customer for life.
No vision issue today is bigger than the question of efficiency versus some combination of innovation and customer service.
Providing more desirable products, services, and customer experiences is vital to the continued existence of any business. And that is INNOVATION.
The successful producer of an article sells it for more than it cost him to make, and that's his profit. But the customer buys it only because it is worth more to him than he pays for it, and that's his profit. No one can long make a profit producing anything unless the customer makes a profit using it.
There's so much innovation going on, and there are lots of people funding that innovation, but there's very little innovation on that infrastructure for innovation itself, so we like to do that ourselves to help companies create more tech companies.
The customer invents nothing. New products and new services come from the producer.
I think a lot of people who watch TV don't realize when they're watch TV shows and it says 'produced by' and producer, producer... there are all these producers. What the hell does a producer do? It's funny how much you have to worry about as a producer.
Being a 'monopoly' is not illegal, nor is trying to best one's competitors through lower prices, better customer service, greater efficiency, or more rapid innovation.
We built TransferWise focused on customer innovation. That means we build our product based first and foremost on our customers.