Is your business on speed or velocity? The most important decision a business can make is committing to a business model. You can be an efficient operator but if you are operating at the wrong section of the curve, you will not thrive. But someone, who is just average, but operating at the correct section will capture value. Go with velocity, it is speed with a direction! Velocity brings a new basis of competition and makes fandom possible. Blessed is that company whose customers are fans! Innovate and make fans by discovering your path to the purses and hearts of your customers.
More than two-fifths of businesses around the world have increased their innovation budgets in the last year, according to the second edition of the Mastercard-sponsored Become Index, a long-term research initiative carried out by Harvard Business Review Analytic Services (HBR-AS).
The latest survey found 42% of businesses are spending more on innovation due to the inexorable pull of digitization. Interestingly, though, only 53% of executives surveyed said their organizations place a high priority on innovation—and nearly two-thirds said the uncertain economic outlook was a challenge for their innovation plans.
“Many organizations have proven they can be fast, agile, and emerge stronger to whatever awaits next, but there are some gaps in what businesses saw important and what consumers need during and after the pandemic,” said HBR-AS managing director Alex Clemente. “I believe business and society are now forced to redefine what it means to be innovative. And businesses everywhere should re-evaluate if the new-found velocity and pace of change can be sustained.” (Fortune Newsletter)
But remember, innovation must not be just from technology. Yes, it could come via branding and other means. Think “Intel Inside” and how it changed the perception of customers on laptops and desktops. And we are learning a rumoured “Voltswagen”, for Volkswagen, to make the point that the European car brand is all for volts (yes, electric vehicle).
Volkswagen plans to change its brand name in the United States to “Voltswagen” as its shifts its production increasingly toward electric vehicles and tries to distance itself from an emissions cheating scandal.
A person briefed on the plan said a formal announcement is planned for Tuesday. The person didn’t want to be identified because the plans had not been made public.
The company had briefly posted a press release on its website early Monday announcing the brand name change. The press release was noticed by a reporter from USA Today before it was removed. The release was dated April 29.
Note: The New York Times noted that the company is not changing its name
Contrary to what you may have read, Volkswagen has not changed its name. The company’s U.S. operation caused a stir with an announcement on its website that it planned to call itself Voltswagen to emphasize its push into electric vehicles as it rolls out its first electric sport-utility vehicle in the United States — the ID.4. The change came ahead of April Fool’s day — a favorite time of year for companies to try to grab a share of the social media conversation, such as when IHOP tried to convince the world it was changing its last letter to B, as in burgers.
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