Yum China Named to Fast Company’s Annual List of the World’s Most Innovative Companies for 2020

Last Updated: August 5, 2020By Admin

Yum China Holdings, Inc. or “Yum China” (NYSE: YUMC) has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2020. Yum China has been recognized among the top 10 most innovative companies in China, and is one of only a few restaurant holding companies in the world to be included. The list honors the businesses making the most profound impact on both industry and culture, showcasing a variety of ways to thrive in today’s fast-changing world.

The recognition illustrates the Company’s focus on food and digital innovation. According to Fast Company, Yum China was praised “aggressively makes technological enhancements to the customer experience, and new menu items are the secret herbs and spices for its business.”

“We are honored by this prestigious recognition from Fast Company. It is a validation of our long-term vision, which is to be the world’s most innovative pioneer in the restaurant industry,” said Joey Wat, CEO of Yum China. “This award is made possible by the ongoing efforts of our employees who live and breathe our vision every single day. By harnessing the world’s largest restaurant loyalty membership program, a powerful digital ecosystem, and industry leading data and AI capabilities, we are constantly innovating to better serve our customers and achieve sustainable growth.”

“At a time of increasing global volatility, this year’s list showcases the resilience and optimism of businesses across the world. These companies are applying creativity to solve challenges within their industries and far beyond,” said Fast Company senior editor Amy Farley, who oversaw the issue with deputy editor David Lidsky.

latest video

news via inbox

Nulla turp dis cursus. Integer liberos euismod pretium faucibua

To achieve better sales and profits, most companies could be doing more to cultivate business from their existing customers. However, enthusiasm for customer-retaining strategies must not endanger sound customer-getting efforts. How companies balance the two is the big question. To intensify reaching old customers while still seeking new ones, for many firms, will mean changes in market analysis, planning systems, management incentives, and marketing and/or operations organization. In the rush toward growth, consumer marketers have tended to regard success as stemming from obtaining new customers while unwittingly minimizing the importance of satisfying old ones. It is time for more companies to distinguish between their getting and retaining functions, to assess the balance between them, and to remedy any deficiencies in customer retention. This process requires management to value the potential of current customers and to treat them in special ways to get them to keep coming back. Several major elements should be part of the new marketing mix for customer retention: Product extras Keeping customers frequently requires giving them more than the basic product that initially attracted them. Product extras for individual customers over time can play a sales-expansive role. Reinforcing promotions Product promotion works better when aimed at existing customers. If a marketer knows who these customers are, benefits can be obtained by giving them reinforcing communications. Sales force connections The sales force can play a decisive role in the customer-retention function. At a retail or service counter the salesperson is the focal point of the company's strategy and is the firm to the customer. Post-purchase communication A company must anticipate that some customers will encounter either minor or serious problems after purchasing. If the firm is not ready to hear and correct these difficulties, the customer may not repurchase or may cancel the the relationship. Whether company or customer is at fault, standby post-purchase activities can be instrumental in saving these customers.

you might also like

lets see