Toyota, just 30 years old as a company in the United States, is set to overtake General Motors as the world’s largest car maker. Newspaper Next has an interesting piece on what Toyota did to achieve this, and what newspapers can learn from the experience:
1) Toyota started by focusing on overshot consumers, and its first cars sacrificed traditional benefits for new ones not previously available.
2) Toyota sees itself as a portfolio company, and it understands the “long tail” concept.
3) Toyota keeps a relentless focus on customer jobs to be done.
4) Toyota views its customers through life circumstances, not demographics.
5) Toyota uses jobs-to-be-done research to strengthen its core business.
6) Toyota keeps one eye on the future outside its own company.
7) Toyota invests heavily in research and development
8) Toyota understands the importance of process efficiency
9) Toyota makes problem identification an imperative
10) Toyota learns from failure rather than punishing it.
11) Toyota invests in customer feedback loops.
12) Toyota tries to make its innovations adaptable and “repeatable.”
13) Toyota has one clear, consistent set of values, relentlessly communicated.
Read the full article here: What can newspapers learn from Toyota?