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Speed of Innovation – the New Business Paradigm

Posted by TeamITI on December 9, 2008

Click image to view video

Click image to view video

The experts at Knowledge Partners write that “companies increasingly need to make the stark choice of accepting a rapid decrease in market share or to become better informed so that they can respond to customers increasing appetite for new and better solutions. As a result of increased global competition, products and markets that remain without change are very rapidly becoming commoditized. It is the intense competition that drives commoditization and downward pressure on the profit margins. In many companies the only way to make a healthy profit margin is to continually innovate and bring customers new experiences and benefits. For this they can enjoy an “early mover” premium.”

This new paradigm of speed applies to just about any industry, including the travel and tourism industry. Travelers are becoming more sophisticated in their search for travel experiences and choices. The internet, being the primary research tool for over 90% of travelers in the US, allows consumers – within minutes – to gather destination content, solicit other travelers experiences and then, upon their return, post text and photos on their travel blog.

Watch this short video, demonstrating the awe-inspiring speed in which our world changes.

We haven’t seen anything yet!

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One Response to “Speed of Innovation – the New Business Paradigm”

  1. […] is not the solution.  Continuing the communication of your destination’s core values and innovating travel experiences through these times are crucial to your brand image and product awareness. And […]

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