Frugal Innovation by Navi Radjou

Frugal Innovation by Navi Radjou


Author:Navi Radjou [Radjou, Navi]
Language: eng
Format: epub
ISBN: 9789350099858
Publisher: GAPPAA.ORG
Published: 2015-03-11T04:00:00+00:00

With digital lighting systems, we really need to break with conventional thinking and look to the services and delivery models of the software industry to understand the future of lighting.

“Customers are more likely to buy, and promote, our products if they last longer.” Customers want to buy durable goods – cars, appliances and even light bulbs – that last longer and can be easily repaired. Companies will gain in customer loyalty if they oblige. Also, the aftermarket business of maintenance, repair, and service is lucrative. With the rise of the sharing economy, customers are more likely to buy more durable products which they can share after initial use. Clothes company Patagonia saw its reputation soar after encouraging customers to exchange their used Patagonia items with one another.

“We need to attract and retain young customers and employees.” Young people aged under 35 are not as interested as the previous generation was in owning material possessions. That is not to suggest they are less materialistic, only that they prefer the flexibility of, say, renting or sharing a car rather than buying and owning one. To attract these younger customers, companies must offer on-demand services to a customer community and not just single products to individuals. By encouraging customers to buy less and share more, companies will also attract next-generation employees who want to work for a socially and environmentally responsible organisation.


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