Innovation in Practice Blog
The Fabulous Five: Loyalty Factor
Loyalty is defined as a strong feeling of support or allegiance. Companies fight for it because it correlates well to product sales. The Fabulous Five (Google, Amazon, Apple, Samsung, and Facebook) are waging a spectacular battle against each other to earn customer loyalty.
A key to winning is to understand the types of loyalty. Professor Christie Nordhielm describes three types as part of her marketing strategy framework, The Big Picture:
Innovation Sighting: Apple’s Smart Shoe
A tell-tale sign of the Attribute Dependency Technique is the word “smart” in any product description. Apple’s new patent for ‘smart shoes’ is a case in point. As reported by PSFK:
The Fabulous Five and the Scramble for Territory
Google, Apple, Facebook, Samsung, and Amazon are in a mad scramble to enter new territory and cover gaps in their strategies. The one that gets ahead and stays ahead will earn bragging rights in what may be the most significant business battle of all time. These companies are the Fabulous Five.
Let’s look at how each company is placed in the following domains: hardware design and manufacturing, software development and integration, consumer retailing, mobile, voice and digital communications, social, search, and entertainment. Why these? I believe the company that covers the biggest footprint across these domains and integrates them in a way that touches the most consumers will become the dominant lifestyle company. Notice I did not call it B2B, B2C, or even the dominant tech company. The battle being fought here is to become a part of the consumer’s life in a way that allows the company to learn key insights that can be monetized. It is the battle for the consumer subconscious in a way.
Let Me Speak!
Giving your employees a voice in matters boosts their creativity. New research shows that, over time, procedural fairness (giving people the opportunity to express their views) has a positive maintaining effect on creativity whereas stifling their views decreases creativity.
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