The Need for Speed in an Ever-Changing Society

Posted by Op4G Staff on February 19, 2020

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They say “there are no speed limits on the road to success." In fact, for many companies, speed is integral to success—speed in product development, delivery, marketing, etc.

There are several reasons. First, society has changed; everything moves quickly and customers demand “near-instant gratification”[i]. They are always impatiently “awaiting the next big thing…they want something more and they want it now”[ii]. Speed allows companies to stay relevant and appease customers. In the words of Adam Fridman, fast companies can “satiate [clients’] appetites” before they move onto another product or service”[iii].

Secondly, speed lets companies beat or keep up with their competition. As it turns out, “many of today’s largest and most recognizable brands attained their positions by simply getting to market before their competitors”[iv]. Entering the market first allows companies to attract more attention at the outset, which often translates into “a market-share advantage over late-to-market competitors”[v]. It can also increase customer loyalty, leading to “lasting market share”[vi].

Furthermore, moving quickly can foster a broader culture of speed in a company. Speedy product development, for example, can contribute to swift customer service. “With everyone and everything moving faster, innovation and efficiency go through the roof”[vii].

Some examples of prominent, agile companies include technology giants like Apple and Samsung. Every year “like clockwork, we see a new iPhone, a new Galaxy…People simply aren't satisfied with the status quo”[viii]. Similarly, fast fashion[ix] companies like H&M and Zara are constantly churning out new clothing items inspired by the catwalks. A process that previously took months now occurs in days or weeks, enabling companies to capitalize on hot (and often ephemeral) fashion trends.

Still skeptical? Look at eBay. In its early wars with other auction sites, “eBay’s speed secured its leading place in the market”. Indeed, the “key to eBay’s defeat of Auction Universe and Onsale Exchange was its first mover-advantage”[x].  Finally, Toyota has consistently focused “on rapidity in all levels of its organization”[xi] including product development and production. In doing so, the leading automaker has “stay[ed] current with the changing needs of its customers” and “control[led] the competitive game over its rivals[xii]

At Op4G, we help companies move quickly by conducting market research and delivering results with unparalleled speed[xiii]. How? Our sizable panel allows us to reach response rate targets rapidly. Moreover, because we offer extended weekend coverage[xiv] and have staff in multiple time zones, we can launch research studies and package results at any hour. To learn more, please contact support@op4g.com.

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Topics: Market Research, Growth