Why innovate?

Service industry offerings are becoming increasingly commoditised.  A consistently short-term view from businesses seeking immediate shareholder return means that customers' real needs are not truly understood.  Customers realise this.  Now more than ever, they are questioning what's important to them and many are reconsidering what they want to buy and experience.  It's not that people aren't ripe for new services; they want their lives to be made easier and more enjoyable, they're just not willing to pay for second-class services. 

Companies that successfully innovate can charge a premium for what they offer; they create meaningful, life-enhancing products or services for their customers. Take Streetcar^®, the Pay-As-You-Go car-hire service as an example. With cars accessible on street corners, a smooth sign-up and order process and the option to hire by the hour, they have transformed the car-hire market by connecting creatively with the customer's life and overall experience.

It takes fresh thinking to approach business problems that achieve outcomes which genuinely have a life-changing effect on both the customer and the business. Companies that continue to follow the commoditisation cycle will only end up in one place, therefore change through innovation is not a choice for the services industry anymore, it is necessity.