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When it comes to designing products and services, companies would do well to keep in mind the old saying "Time is money." History suggests that by helping consumers save time or more fully enjoy the time they spend doing something, companies could gain a competitive advantage that could lead to higher sales and profits. Consider the success of innovations such as fast-food restaurants, automated-teller machines and countless labor-saving appliances. Not only are consumers continually searching for new offerings that might allow them to do more in less time, but growing pressures brought on by the current recession have made them less tolerant of organizations that waste their time, by keeping them on hold too long or providing poor service.
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