Brand Mix

"We're a remittance company. The ability to accommodate and expand and extend into new technologies is really core to our strategy."
Matt Dill, GM of Western Union's Mobile Division on NPR yesterday.

Last year, Western Union sent $64 billion to over 200 countries primarily on behalf of immigrants who are sending money to support families back home. It's extremely focused on those customers and that business (now that it has sent its last telegram) and, based on Matt's comments, its management team knows exactly who they are and what they do.

Such companies have an important competitive advantage over those that don't have such a clear idea of what business they are in or what their strategic objectives are. They are, for example, much better prepared to make business decisions quickly even when those decisions are potentially disruptive to their business model.

Specific case in point: Western Union is now going to let its customers move money by mobile phone from one handset to another bypassing the normal visit to an Agent. Rather than fight technology, Western Union has decided to embrace it. As opposed, perhaps, to the music industry?

Source: NPR