To be really successful, a business needs to look outside its sector to see how the business can take itself to the next level of value. To reach the next level of value, a business needs to be so different that it radically changes to rules of the game and reinvents the sector. In today’s world of hyper competition, incrementalism and tweaks to the value propositions can leave your business way behind.
The great companies of each sector are reinventions of that sector. Apple, the world’s most admired and valuable company did this when they engaged more of the user’s senses in the computing experience and became a platform for both right and left brain activities.
Zara did this ( On my God I am talking about Zara and Apple again) when they developed the concept of fast fashion with a 14 day turnaround from concept to shop floor.
Umpqua Bank, a community bank in the US, achieved a breakthrough proposition when they engaged all the senses in their customer experience. The smell of coffee from their coffee bar, the work of local artists on the wall, the music from local independent musicians streaming through the room, with customer’s voting for the tracks of the year. Each year they produce a community’s choice Umpqua music collection CD, based on the most popular music as voted by customers.
Raising the bar even further Umpqua Bank opened their doors to community groups after hours including the Chamber of Commerce and book clubs, utilising the asset of their offices in a way that brought them even closer to their community.
Big on using their imagination rather than mimicry of the competition, Umpqua Bank, gives us a vision for how the cloud is set to revolutionise the banking experience in this short video. Spend a moment to take a look at the future of banking, as imagined by Umpqua.
Hearts and Minds
Founder of Thought Leaders Circle