Companies have to attract and retain top talent to remain competitive in a globalized world. Without a motivated workforce, they'll fail to meet their goals and achieve growth, year after year.
In 2010, the Gillette brand, which is owned by Proctor and Gamble, held 70% of the U.S. market for razors. It boasted continuous innovation in product design, and enjoyed a gross margin of around 60%. Its market share has now slid to around 50%. It has suffered at the hands of two start-up companies, which went direct to consumer (DTC). They are Harry’s and Dollar Shave Club.
Organizations rely on innovations to sustain competitiveness. Managers often talk about innovations. Some use it as an ornament. Perhaps innovation is the mostly abused word by organizations and practicing managers. There are dozens of definitions for the word innovation.
Three principles to navigate the blurring lines of retail, content, and new product development to simultaneously solve for consumer and commercial needs.
Increasing brand visibility and exposure is something that can really make all the difference, because no matter how good and unique your product or service is, you won’t have too much success if you don’t promote it through social media platforms.
Running a business is tough, no matter what industry you're in. Retaining loyal customers and remaining relevant are some of the biggest challenges faced by today's business owners. Fortunately, you're not alone and your company is not the first to navigate these waters.