“What any business can learn from Domino’s”
Think back to the 90’s when Domino’s Pizza was (in Australia at least) that “other pizza place”… the fall back option if there wasn’t a Pizza Hut near by.
Today, some might wonder what happened to their once dominant adversary, with Domino’s share price soaring to over $70 per share it is fascinating to look at the steps Domino’s took to dominance.
Their recipe for success has been innovation, and not just with their pizzas, they have turned to technology to grow their business and this is exactly what I love about their story.
…I meet so many business leaders who have a million reasons why they don’t want to invest in innovation from SME’s right up to the big guys… they’re unsure if it will be successful…
Waiting to see what your competition does is one approach but if you want to stand out, then why not take a leaf out of Domino’s book invest in innovation the benefits can affect multiple facets of your business including improving customer experience, reducing labour costs and it can even be a great PR opportunity for your business.
If you look at what Domino’s have done they have used technology to improve their service quality from ordering efficiency through to production and delivery, not only overtaking their key competitor but also becoming a world leader in the food tech space at the same time.
I love these types of stories, I want to see and hear more of them. So think innovation to help grow your business. Budget for it, make it part of your mission. It may seem like an expensive gamble but if innovation becomes part of your culture and your purpose as a business then, like Domino’s, you may end up with a much larger slice of the… pizza then you ever thought possible.
Read More about Domino’s approach here
Forget Pizza, Domino’s is a Tech Company from the AFR – August 11 2015