In an interview with the Wall Street Journal Virgin Atlantic CEO Steve Ridgeway offered five tips for how to innovate in a competitive industry. While he was talking about the airline industry, they have some relevance for the retailing business as well:
1. “Put top people on a task and have confidence in them.”
2. “Don’t be frightened of failure.”
3. “Pursue quirky ideas, even if they bomb in focus groups. Customers don’t always know that they will want something.”
4. “Give customers the most you can afford in terms of value. They recognize it.”
5. “Be a leader on quality or price, but don’t get stuck in the middle.”
1. “Put top people on a task and have confidence in them.”
2. “Don’t be frightened of failure.”
3. “Pursue quirky ideas, even if they bomb in focus groups. Customers don’t always know that they will want something.”
4. “Give customers the most you can afford in terms of value. They recognize it.”
5. “Be a leader on quality or price, but don’t get stuck in the middle.”
- KC's View:
- Good business is good business, whether in the air or in a retail store.
