No one wants to pass up a useful innovation. At the same time, you don’t want to jump after every “next big thing.” Jumping into new apps and programs can be a huge drain of time and money if you’re not careful. When deciding where and when to invest in technologies consider whether the new technology does one of the following in a unique way:

  • Eliminates customer pain. Know your customers’ biggest pain points, and assess whether the new technology alleviates them.
  • Elevates customer service. Any new technology should materially improve customer service. Introducing something new should enable better delivery of the core components of your brand promise.
  • Creates a differentiated, personalized customer experience. Does the technology create a purchase experience that’s unique to each customer?

If a new technology doesn’t meet these criteria, take a pass. Remember every change you implement has an opportunity cost. Make sure the cost provides a strong return before grabbing the next big thing.

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