The most successful organizations do their best to innovate, but they also know when to appropriate best practices from other companies to maintain a competitive advantage, according to Chief Executive.
Here are three questions leaders should ask themselves when evaluating what practices they should adopt:
1. What are my key value propositions, and how do they compare to others? If your consumers are choosing competitors instead of your organization, see where the value gap lies between your companies.
2. How satisfied are customers? Customer satisfaction is often an indicator of financial performance and brand loyalty, so do not make drastic changes if it means risking your return customers. Consider this before tossing your current strategy aside in favor another organization's, because methods for temporary success are not always sustainable.
3. How do your benchmarks compare? Identify the metrics that matter most to your organization and compare them to competitors and even companies in other verticals. Other organizations may value metrics that do not matter to you, meaning their strategies might not be applicable for you.