For many business owners, the importance of innovation can’t be understated. Through the years, it has played a crucial role in withstanding competition.
Unfortunately, developments in technology have somehow paved the way for deliberate copying of business models, product designs, or media content.
Coming up with your own original idea isn’t that easy but if you are able to create one the returns are tremendous.
Penetrating the market is a tough job so business owners will do almost anything just so to have a successful business or product launch. Sadly, making money has been the only priority and so many business owners tend to look at what’s trending in the market, copy it and do the launch. Thinking out of the box (which does take more time and effort) is sidelined.
When you want to grow your business, you must go beyond the idea that it is solely a money-making venture. Otherwise, you might end up staying where you are, not moving forward. You won’t be able to conquer by just stealing your competitor’s ideas all the time. You need to switch on your innovative light.
Here are some tips on how to approach innovation and use it to your advantage:
Leave your cubicle
Invite colleagues and go to places where your customers are. If you must, spend quality time with them and find out what else do they need apart from your existing product or service. Take notes of their ideas and sentiments and compare these with those gathered by your colleagues.
Value all customers
In a lot of instances, companies will want to please existing patrons and this is understandable for they are the income generators. This is especially true if the cash flow generated from these loyal patrons comprise a big chunk of the total cash flow. But the thing is, you also need to focus on those who haven’t stayed loyal to your product and service. Look for clues why they aren’t coming back or why they have opted to purchase from your next door competitor. Your so called “”bashers” could give you their honest opinion on why they’re not buying from you.
Try new practical ways of doing things
Don’t get stuck with an old process just because it’s been tried and tested for decades. Analyze if you need to re-engineer it to your advantage. Innovating a business process isn’t just about improving the way you do things. It is broader than that. It is about re-doing the business process framework while forgetting about current procedures and constraints. Innovating a business process requires the attention of high-level executives because their perspective of things are critical.
Many big businesses focus on innovation because they do make a substantial impact. Innovation helps keep company expenses down. Likewise, it is an effective tool amid growing competition. Many companies who once thrived but failed to innovate have suffered losses. They have stuck with the traditional and forgot about innovation for staying power.