Rotman on Design: The Best on Design Thinking from Rotman Magazine by Unknown

Author:Unknown
Language: eng
Format: mobi
Tags: BUS041000, BUS071000, BUS063000
Publisher: University of Toronto Press, Scholarly Publishing Division
Published: 2013-05-13T14:00:00+00:00

While recession has hit some retailers very hard, in the first quarter of 2010, Urban Outfitters saw a 72 per cent increase in profits. CEO Glen Senk credits creativity and experimentation. “We don’t go about revenue and profit as a goal. Rather, we focus our energies on the customer experience: innovating, making beautiful products, really pushing the limits of our brand expression and constantly refining how we operate. Revenue per square foot is the result of that focus, rather than the starting point or motivation.”

The threshold where companies interact with customers can be a leading element in driving innovation, rather than being the last thing they consider. In August 2011, State Farm opened its doors to a new retail venture called Next Door. In contrast to its other locations, Next Door’s purpose isn’t solely to sell products. Instead, it offers personal financial coaching, classes and community space – all for free. It’s self-described as ‘an open-source learning lab and community space’ – no catch, no sales pitch. Why? While Next Door helps people work toward their goals, State Farm learns more about what consumers want and need, and how it can help. The store employs an on-site research analyst whose job it is to learn about the needs of the community and translate those needs into meaningful, actionable insights for the company. The store, then, is a channel for consumers to shape and influence the organization’s strategic direction.

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