Thursday, March 10, 2016

Innovations that increase the competitive advantage

There are two types of innovation that increases the competitive advantage. The first type is the attracter of the customer, the second type is the renter of the customer. The attracter of the customer can fullfill an unmet customer needs, it be a new function, a specific design or cost. The retender can be membership, customer resource investment or departure penalty.

For the bridge, you can put lights on the bridge to make it more attractive to those curious. You can also make the bridge wider, on festivals, you can let vendors to sell arts/crafts, ice cream, pop corn on the bridge, basically converting the bridge into a night market. It becomes not only the best place to cross the bridge but also a good place to hang out with friends and family. These are all the attractors of bridge. There can also be a point card, the more you spend on the bridge, the more points you get. There is also a fast lane, that you can pay and receive a bill later on. Basically,  you do need to pay for a fee for passing the bridge, but you feel the bridge is well worth the money.

The retender can be multipass of the bridge, switching discount (if you ask to terminate the multipass, you can be offered a discount for next year's multipass, etc) , loss of the accumulated points.







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