"We want to change the competitive landscape by being not just better than our competitors, but by taking quality to a whole new level. We want to make our quality so special, so valuable to our customers, so important to their success that our products become the only real value choice."
The underlying theme Jack Welch is talking about here in reference to General Electric (GE), was creating such a wide mote and quality of product and service, that it would create a huge competitive advantage beyond the simple leapfrogging that goes on in the majority of business, as companies go back and forth attempting to add value to their products or services.
What Welch was talking about here was taking things to a level where there wouldn't be this back and forth battle that makes it difficult to differentiate in the mind of customers. When products are close in quality to one another, it's hard to market them as superior to others as a simple innovative change can give the appearance a competitor's product has just surpassed yours.
Welch was advocating taking that word "value" and filling it with the type of quality that went so far beyond their competitors, that their customers wouldn't pay attention or have positioned in their minds a competitor's product, or even consider it as an alternative.
What I like about how Welch said this was his focus on what it would mean to their customers. He wanted to put out the type of quality for them that would bring such value and success to them, that it would eliminate thinking about other sources.
It's the height of the vision put forth that's impressive. The goal of performing and executing a vision like this is extraordinary and motivating.
We need to have high standards like this within our companies. Nothing drives quality people like a strong commitment to excellence and pride in creating the types of products that help customers go to higher levels, and become legendary to the industry.
If we have this as a goal and vision in our company, we'll not only attract great people, but find ourselves a leader in the industry and the one people look up to. It doesn't get much better than that in business.
Other Jack Welch Resources:
Jack Welch's advice to MIT Sloan students
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