If you are like most, your customers have accused you of selling commodities. Am I right?
In this episode, Todd Talbot president of Fluidmaster reminds us that commodities are created by industry leading firms who elect to compete on price, rather than to innovate.
As the world has gotten a smaller, competitors – traditional and non traditional, and even individuals can knock products off fairly quickly. Maybe more importantly, they can get it to market even quicker. The world of the internet, the technology, everything is changing rapidly. The reality is patents expire, and technologies become easier to pick up on, and if you sit around and rest on your laurels, it’s just a matter of time before everybody catches up with you.
It is incumbent upon us, as industry leaders within our business, to keep pushing our organizations to invest in innovation.
As a solution-based company Fluidmaster is on a continuous quest of understanding their customer’s problems. They then look to roll up their sleeves to work arm in arm with their wholesale distributors, manufacturer reps, and others to innovate new solutions.
In this episode Todd shares how they go about this at Fluidmaster.
In this 33 minute episode Todd and I discuss:
- Why businesses are viewed as commodities
- The one thing required to avoid commoditization
- Why you must look at innovation beyond product development
- Innovating Around needs customers don’t know they have
- The needed partnership between manufacturer and distributor in the innovation process
- The vitality index – looking at revenues from new products and services
- The role of assuming risk in innovation – our customers do it, why not us?
- How retailers like Home Depot and Lowe’s look at innovation differently than distributors
- The role of believing
The Show Notes
- Fluidmaster: Pioneering Innovation For 50 Years
- INNOVATE! How Successful Distributors Lead Change In Disruptive Times
- Dirk Beveridge Speaking
- UnleashWD Innovation Summit
Other Episodes In The 5 Part Todd Talbot Podcast Series
- Episode 1 – The Fluidmaster Way: Bold Growth Through Disciplined Progress
- Episode 2 – Culture: A Leaders Full Time Job
- Episode 4 – Three critical path strategies define the business model (September 7)
- Episode 5 – How innovative leaders lead (September 14)
* Links will be provided when each episode is published
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