One side effect of TV and Internet is that people as a whole have become tired of waiting. We want change, we want something new, and it’s become harder to impress consumers. With that in mind, what are you doing to stay ahead?
Innovation no longer applies to just the product. Businesses must think of new ways to interact with the consumer, create a product, and even market themselves.
The Importance of Innovation
When a consumer is looking at a business to buy from they ask themselves a number of questions;
- Why should I buy from here?
- Is the price competitive?
- What makes this store better than the others?
Before consumers were sophisticated in the use of the Internet the question “what makes this place better than others?” referred to only the other businesses known to the user. Now, the average consumer is able to search and review businesses easily online.
For a business this means that they are now competing with everyone, not only those that a consumer knows about. The importance of a “value added” or “edge” has grown and with it, the need for innovation.
What makes your business special? Are you able to answer the simple question? If your answer is the generic, “we offer a great product and are reliable blah blah blah”, I think it’s time you invest in something more substantial.
Where Innovation Can Occur
The most obvious aspect of a business to invest in is product development.
If you create a better product, you create a better edge, changing who your competitors are and how you compete with them.
Innovation can also occur in customer service. When Comcast began offering help through Twitter, they created a paradigm shift. The idea of email, phone, and mail as the only avenues for customer service has been shattered. Because of Comcast’s innovation a number of companies adopted the new method.
Another effective field to invest in, is marketing. The idea of social media marketing came to fruition through innovation in marketing.
Marketers realized that the offline relationships they cultivated could be built and maintained online. This realization helped make marketing more efficient and effective as a whole.
Businesses that invest in innovation are the first to try new processes and lead in paradigm shifts. The companies profit from being first, garnering consumer attention and trust.
Who Should You Listen To?
New ideas and paradigm shifts occur by thinking, doing, and listening.
If you’re not consciously looking to better every aspect of your processes and product, you won’t recognize a possible change. A business will have to actually be actively doing something and be willing to experiment to find new paradigms.
Most importantly though, a business must continually be listening. Listen to consumers, employees, and even competitors. If you ever hear, “I wish” or “I want to” or “if only I could”; you’ve identified an area that could be bettered.
Innovation occurs by solving problems, streamlining daily tasks, or simply making things easier. Every question or concern is an opportunity for change.
Conclusion
The Internet has made it more difficult for businesses to compete without a well defined value or edge. Investments in innovation can help a company define their value and make them stand out to a consumer.
Making things easier for your employees and consumers alike is what drives innovation. Remember to listen for potential shifts, identify areas for new thinking, and invest in change. If you’re not moving forward, you’re falling behind.
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