In this June 2020 webinar, Steve Wunker, managing director, New Market Advisors, discussed how COVID-19 breaks inertia for both companies and their customers, providing an opportunity to turn the tools of innovation to the cost side of the business. He examined how to find hidden drivers of costs and how to reconceive business models to eradicate big expenses while still delighting your target customers.
Specifically, he explored:
- How cost innovation and customer delight can work hand-in-hand rather than be opposing imperatives
- Typical places where large cost drivers lurk outside of any accounting line item
- Ways to create new ways of serving customers that make step-changes in costs
- Several examples of companies that have executed these plays successfully, from new upstarts to incumbents that have re-thought their businesses
- Why the circumstances of the pandemic make this a particularly suitable time to pursue "Costovation" (i.e., innovating to purposely offer less to satisfy more)
This is the webinar recording; click here for a copy of the presentation slides.