Why Time is a Competitive Advantage

History suggests that when companies help consumers either save time or more fully enjoy the time they were spending doing something, it gives the company a competitive advantage that could lead to greater sales and profits. Excellent examples of this concept are fast-food restaurants, automated teller machines, as well as countless numbers of labor-saving products and services.

This is particularly useful in today’s poor economy where consumers are increasingly frustrated with companies, products and services that waste their time, but providing slow service, or non-performing products and services. A recent survey of 1,200 consumers revealed that in North America only 5% believe any company they do business with always respects their time. Unbelievable, that more companies are not focused on this issue.

What makes this issue especially problematic is that consumers are more time-pressed than ever so that time-saving innovations of the past no longer are satisfactory. While some companies are sensitive to their customer’s time to some degree, they rarely take in the entire time it takes to use the product from shopping through disposal.

Research done by Paul F. Nunes, Geoffrey Godbey and H. James Wilson revealed three ways in which firms can turn time into a competitive advantage – Managing time as price; Managing time as product; Giving customers the choice.

Stay tune as we further examine the findings in my next blogs.

Paraphrased from an excellent read in the October 26th marketing section of the Wall Street Journal entitled Beat the Clock.

Jane Fletcher-Saginaw is President of JFS Branding, a marketing & business management consultancy. She has over 20 years of experience with FORTUNE 500 and entrepreneurial companies worldwide in both the b-to-b and b-to c markets. She has notable experience on both the client and consulting side. Jane believes that brand is the foundation from which all communication should originate. It is the driving element that ensures all communication channels are in sync and consistently reinforce who you are and why you are unique. Capabilities include Brand Positioning & Development; Customer Research; Graphic Design; Media Relations; Interactive Media.
www.jfsbranding.com jane@jfsbranding.com jfsbranding.wordpress.com

Get Ahead of The Recovery

Strange as it may sound, “opportunity” is the watchword for companies who have the courage and agility to act quickly and decisively during time of economic downturn, downsizing and consolidations. Leaders must take the present opportunity to

• Realign and reshape their organizations
• Refine their differentiated brand position
• Re-assess and streamline their operating model

The very worst of times can bring opportunities to smart companies and visionary leaders!

JFS Branding is a marketing and business management consultancy with expertise in helping companies with their converstion rate turning prospects into paying customers driving revenue and profitability to the bottomline.