An Innovative Necessity: Staying Nimble Keeps Companies Ahead
Large, well-established industry leaders are losing market share to a wide array of smaller, nimbler start-ups. Reduced labor costs from outsourcing, social media tools for less expensive, more targeted marketing, and enhanced internet-supported distribution channels all lower competitive barriers and create a compelling climate for new entities. New businesses are often more efficiently run and react faster than larger, corporate entities. Can market leaders re-establish their position by taking a page from the upstarts’ playbook? Does a company make investment decisions on complex analytics or go with gut instinct? Which strategy works better — start with customer preferences or introduce a product or service that redefines their needs? How can establishment players foster and embrace innovation within corporate culture?