Tag: rewards and recognition

Ideas

How do you innovate “Innovation” ..

A couple of days ago, I submitted my entry for the HBR/McKinsey M-Prize Challenge run by Management Exchange. This challenge is about “Innovating Innovation” and will be judged by some of the greatest thinkers in innovation. You can find below my submission for the challenge. If you like my thoughts, request you to vote for my submission here. SUMMARY Its not the lack of ideas that stops organizations from being innovative, but the way resources are allocated & employees rewarded that is the key. We need to change the way we set and manage KPI’s, the way we allocate funds (quarterly budgeting […]

Strategy

Fueling growth from existing customers

It is a well known fact that it is much more expensive to acquire a new customer than retaining an existing customer. But as they say, common sense is not so common. We find that businesses are going out of their way to attract new customers by offering them great deals. I do not think there is anything wrong in this, but when you exclude the offer to your existing customers, you are inviting trouble.  This is a very important reason for customer loyalty to become so rare. There does not seem any  benefit for customers to remain loyal anymore as […]