Michael Canic, an international presenter and occasional TEC Exchange contributor, recently wrote a piece titled Driven to Succeed.
Canic told the story of Hyundai – the company that was once thought of as unreliable and cheap and was rated the worst in quality in the mid-90s – the company that is now the fourth largest car manufacturer in the world. In his article he goes on to speak to the importance of quality, brand equity, speed, and sensitivity to market in building business success.
I found this quite interesting and decided to explore his four points on a wider scale as these ideas apply to companies all over the globe.
Quality: As Aristotle once said, “Quality is not an act, it is a habit.” Your company must work to have high-quality at a consistent rate. Any customer who is happy with their first experience with your company, expects to be equally pleased every time thereafter.
Brand Equity: Brand equity is crucial to your company’s strategy, but it’s difficult to quantify. Simply put, your company begins to create brand equity when your company has a well-known name, and is associated with high-quality and other factors that keep customers coming back. There is more to it though. Brand Equity comes from having the drive to define what makes your company different, consistently building your brand and taking feedback from your efforts to make crucial interventions. Pardue Associates makes some great comments on building brand equity here.
Speed: In the business world there are two different concepts of speed. One is operational speed (moving fast) while the other is strategic speed (delivering value faster) and these two often get confused. An insightful Harvard Business Review article mentions that although producing product faster may mean you are speeding up, it also means you are probably losing quality. Sometimes by taking the time to allow innovation and open discussion, it can lead to producing a higher quality product in a shorter amount of time then pushing for something new and missing the opportunity to develop an excellent idea.
Sensitivity to Market: Today, there are many different ways that your company can be sensitive to the market. Collecting feedback through social media, site statistics or other means gives you the opportunity to see what old and new customers are thinking and feeling, and gives you the opportunity to take action on their feedback.
Watch the full video of Michael Canic’s “Driven to Succeed” speech