Relatively small changes by Domino’s Pizza, embracing new technologies to reinvent itself has helped to increase the value of the business to $9bn.
A recent report by the World Economic Forum revealed that a $1000 investment in Domino’s Pizza back in 2010 would have netted you a return of $21,238 in 2017. This beats figures ranging from $2,619 for Google to $18,565 for Netflix.
In the last seven years, Dominos Pizza’s share price in the USA has grown by over 2000%, which is more than Apple, Amazon and Google in that time.
A mere three years after going public in 2004, the company was struggling. The corner was turned in 2009 by the company basically admitting its product wasn’t great, with the launch of improved recipies. Coupled with embracing new technology including being able to order pizza by phone, the company started on its impressive trajectory.
Innovations included its first mobile app with the ability to order using an emoji, equipping delivery vehicles with built in ovens, even drone delivery (see video).
Whether you are a small or medium sized enterprise (SME) or multinational market leader, the key is to have faith in your product, don’t be afraid to embrace tehnology, and most importantly listen to your customer.