Making incremental changes in existing products and services, as well as developing new and innovative, breakthrough product ideas and service programs, may be required for your business to stay competitive. Capacity for innovation will play a critical role in future competitiveness. Complacency is dangerous in the quest to maintain and grow your customer and revenue base. Customers have numerous options available. This means they'll bypass those products and services they don't find particularly useful.
Technological advances can change customer requirements and preferences almost overnight.
Consumers today have much higher expectations when they buy a product or service. Value, quality, service and convenience are just some of these expectations. Learn From Your Competition. Find out what they're doing right and what they're doing wrong. You can learn from your rivals' success and mistakes.