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Winter 2013 Newsletter

Engagement is more than a promise

Are you in the business of being social? What mechanisms do you use to engage with customers and staff? Our feature article this month discusses the benefits of engaging with customers and staff in a broader social arena by utilizing any number of social tools available today. It also warns us about the risk of creating an engagement gap if you choose the wrong approach.
Without engagement, organisations run the risk of losing customers and employees. Without engagement, the influence of brands will continue to decline. Recent studies claim that "engaged customers are three times more likely to recommend or advocate a product or service to a friend." There is mounting evidence pointing to greater business value and strategic differentiation emanating from improved engagement. So as technology is enabling a shift from transactions to engagement, it's important to avoid haphazardly designed approaches to customer engagement.
I read recently that in the past decade, more than 40% of the companies in the Fortune 500 list, have been replaced by new companies and upstarts. The pace and change has hastened and there is visible impact of how disruptive technologies impact business models.
In the mid-90s Clayton Christensen coined the phrase disruptive technologies in his book called the Innovator's Dilemma. Christensen defines disruptive technology as any product or service that is designed for a new set of customers. The problem is that disruptive innovation can hurt successful, well managed companies that have a formidable track-record in responsive customer service and a strong R&D culture.
Charles Fine warned us that we live in an age of temporary advantage, and that industries with very rapid evolutionary rates can be examined for information that will benefit businesses of all kinds. "The greatest rewards go to the companies that can anticipate, time after time, which capabilities are worth investing in and which should be outsourced, which should be cultivated and which should be discarded, and which will be the levers of value-chain control and which will be controlled by others."
FBS is knee deep in the innovation process, leveraging thirty years of industry experience and formidable talent to continually change the look and performance of our products and services.