Are You Innovating or Recycling Your Products and Services?


Are You Innovating or Recycling Your Products and Services?

Are your products and services being repeated just like free to Air TV?

I have previously written about how free to air TV seem to disrespect their audience by just encoring shows they broadcast during the week in slots instead of showing movies or other shows to ensure small businesses don’t fall into the same trap.

But now I think Free to Air TV Stations have gone one better, especially Channel 10.  

I’m sure, just like you have a budget for your business, TV stations have a budget, and I can only imagine how expensive it is to buy the rights and/or access to overseas shows.

But surely the decision makers would ensure there was some money in the budget to at least bring 1 or 2 new shows to Australia, especially when Free To Air TV stations are struggling to maintain their audience as more and more people invest their hard earned money and precious time into Netflix, Stan and Foxtel.

Yet that doesn’t seem to be the case, particularly for Channel 10.

Channel 10, in its infinite wisdom, has done the following in the last three months:

  • Rebranded the stations from easy to remember numbers (1, 10 and 11) to new names (Bold, Peach and 10) which make be ‘funky’ from a branding perspective but annoying because who can remember what channel number the shows are actually on?
  • Bought old shows which have been repeated ad nauseam, and/or were on a ratings decline from channels 7 and 9 and branded them as ‘new.’
    Two and a Half Men, How I Met Your Mother, Dancing with the Stars, Changing Rooms.
  • Continues to ‘encore’ programs shown during the week at night or on the weekends (e.g. I’m a Celebrity Get Me Out Here) rather than use this valuable airtime for a truly new show.

So you may be wondering, what’s the big deal and what’s the relevance to business?

Well, too often we see businesses become irrelevant because they continue to churn out the same old products and services to their loyal customer base, instead of also offering them new and innovative products and services.

Result: Customers take their business elsewhere because they don’t feel valued.

I don’t understand why this happens because we all know how hard it is and how long it takes to gain a new customer.

And yet, we often don’t put the same time and energy into nurturing our loyal customers who would stay with us through thick and thin; as long as they feel valued, listened to and continue to receive products and services which meet their changing needs.

So which business owner are you right now: Channel 10 or Netflix; and which one do you really want to be?

And if you’re not there yet, what are the three things you need to do or change so this can become your reality?

Because if you can’t see the difference in the marketplace, then I believe you may risk being left behind.

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