The idea of out-of-the-box thinking is to find creative ways to solve problems and new ways to look at things. You have probably heard the expression in various forms many times, but how do you actually think outside of the box? You can start by understanding what the "box" consist of, and then you'll be more able to consistently get outside of it.
What is the metaphorical box that everyone talks about? It is the normal way of looking at things and doing things, and, most importantly, it is all the assumptions that we normally make when thinking about a particular problem or subject. So your best way to start thinking outside the box is to identify all the assumptions that make up the box, and then challenge them one-by-one, replacing them with other assumptions or ideas, in order to come upon new ways to approach the matter at hand. Of course, this is something that becomes much clearer with an example, like the one that follows.
Many years ago a particular brand of liquor was faltering, and the maker couldn't seem to boost its sales. The usual "in the box" solutions included doing more promotions, lowering the price, and getting better shelf placement in the stores where it was sold. These strategies didn't work very well. Finally someone in the company's marketing department challenged the assumptions that these "normal" solutions were based on, including the idea that people are more likely to buy the product if the price is lower.
He asked the question, "What if we just raised the price?"
The price was raised as an experiment, and sales soon started to climb. For some products a lower price might increase sales, but price is also seen as an indicator of value. A higher price for some types of products makes people think they are of higher quality. Also, some types of liquor are often bought as gifts. These customers don't want to buy the most expensive one, but they also don't want to seem cheap, so they won't buy it if it doesn't cost enough. You might have felt similarly if you ever bought a bottle of wine to bring to a party -- you don't want to get the $30 bottle, but you also don't want to show up with a $3 bottle.
Imagine what happens to your profit margins when you raise the price, which increases profit margins significantly, and the sales go up. That's the power of thinking outside of the Box.
Surbhi Maheshwari [MBA Fin / Mktg ]
Manager Finance
On Line Assistence :
Gtalk : SurbhiM.AeroSoft@gmail.com
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