I was reading an article this morning about JC Penney reconsidering their new pricing strategy based on first quarter results. What they discovered was that some of their assumptions regarding coupons and sales were incorrect. They are now making adjustments in response to the feedback provided by the consumer, who is voting with their pocketbook.
How many times have we believed we have the next big idea or major shift in our market, only to find out that our assumptions were wrong. It happens everyday. The question is, “What do we do about it?” when it happens.
When we discover that our strategy is wrong or our assumptions are not right, we have to make adjustments. It has been said that if you keep doing what you are doing, you will get the same results you got. Making changes is not a declaration that all strategy is bad. It is stating that we are learning and applying the learning so that we achieve the results we want.
Don’t be afraid to adjust when you learn something new about how your customers or employees think. Making adjustments and moving on are what smart companies do.