Several years ago a competitor of Benco Dental began to disrupt the market with their introduction of a digital dentistry solution. When the innovation first came to market the execution didn’t quite live up to the hype and promise of the vision. So, Benco ignored the innovation and pretended that it would go away.
It didn’t. It go better.
As a result, Benco managing director, Chuck Cohen starts off this interview:
“We were faced with this challenge of how do we compete in a situation where we are getting disrupted?”
They begin their own innovation journey looking for new solutions. Rather than saying yes to anything and everything, they made a conscious decision to not just rip off what the competitor was doing … and to “stand on the sidelines” for a number of years.
But then the marketed started to shift, new technologies became available, and Benco was ready.
In this episode you’ll hear the story of how Benco became the disrupter rather than the disrupted. You’ll get intimate insight and details into a number of their business model critical success factors, and learn first hand about their business model innovation journey.
In this 30 minute episode Chuck, Matthew Dailey, and I discuss:
- Knowing when to say no to innovation, despite the market leader’s advantage
- Learning from other industries to develop a disruptive strategy
- Developing a differentiating strategy to disrupt the market leader
- Developing new models and new revenue streams
- Building a marketplace
- The hurdles to building a vibrant and profitable marketplace
- Cooperating with competitors
- How to become the company of choice
- Going beyond delivering solutions to delivering outcomes
The Show Notes
- Benco Dental
- Benco 2014 Annual Report
- INNOVATE! How Successful Distributors Lead Change In Disruptive Times
- Dirk Beveridge Speaking
- UnleashWD Innovation Summit
Other Episodes In The 5 Part Podcast Series
- Episode 1 – Navigating To A Distant Horizon: Vision and Innovation
- Episode 2 – Culture As A Differentiator
- Episode 3 – Do You Know Lucy Hobbs? You Should!
- Episode 5 – Transformative Leadership: March 7
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