On the other hand, Shapiro states that best practices from other industries can be very helpful. Applying how other industries have dealt with constraints can give you ideas you can tweak and implement into your business. As an example, a boat marina came out with a unique pricing plan of unlimited monthly access to boat rentals, but limited reservations to two at a time to prevent an unmanageable inventory situation. The idea of offering unlimited access by limiting reservations was borrowed from Netflix.
All in all, the webinar offered a great conversation that reinforced how to get a better ROI out of your innovation efforts and how to build unassailable relationships with customers.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial services firms. We position our members with the necessary ongoing innovation resources and coaching to drive and facilitate their growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors -- Innovation Equity Partners, Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, MeridianIQ/AdviceIQ, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines). For more information or to join click here.