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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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5 Reasons Innovation is the Best Business Practice

 

The world is evolving, from the way we are traveling to the way we are eating, communicating and everything in-between. This ever-increasing demand in all sectors has led to a never-ending range of businesses opening their doors, each offering a product and/or service to benefit global consumers.

With so many people to please, an innovation program is essential to achieve company success. After all, do you really expect a customer base to remain on your team if they are being presented with something better elsewhere?

An innovative approach to business will ensure your brand stays at the very top of the totem pole. Innovation can be achieved in more ways than one and the practice(s) you implement will depend on your target market, goals and competition, among many other factors.

Adjusting Your Business Management Habits

So, how can you make your business stand out in an ocean of competitors? Innovation is the answer. Sure, we will always be faced with problems throughout our life. Nevertheless, trial and error is all part of the struggles we face in life and particularly, in business.

Albert Einstein said it himself: “We cannot solve the problem with the same thinking we used when we created them”.

Leveraging existing assets and realizing the importance of innovation in today's corporate world is the key to unlocking your team's empowerment, engagement and problem-solving abilities, among many other things.

Examples of Brands Mastering Innovation

It's always a good idea to take inspiration from another brand or industry leader. Sitting back and watching other businesses climb the career ladder may teach you a lot, but what good is that if you aren't following in their footsteps? Being involved in the business world means that you need to keep on your toes and focus your attention on the most innovative brands out there.

The more professional your company culture, the higher the chances of attracting new shareholders. In turn, this could contribute to the development of an original and unprecedented product line. Add to this the possibility of earning extra revenue and the outlook will more than likely be financially promising.

Here are some examples of brand innovation that could trigger revolution for your own business:

●     Apple - Arguably one of the world's most successful personal device brands, inventive Apple-branded gadgets, like the iPhone and iPad, are hardly ever out of the public eye. In fact, the brand has been described as the “#1 innovative company in the world”.

●     Nike - Aside from their alluring line of sports apparel and accessories, this active wear brand takes advantage of social media for extra exposure.

●     Coca-Cola - This universal fizzy beverage has innovatively launched numerous campaigns. Remember the well-known Share-a-Coke campaign? Bottle personalization encouraged people to knock back a Coke with their buddies - clever!

What is innovation and how can I use it to my advantage?

Innovation is embedded at the core of every successful business. It can be integrated into the inner-workings of any business for widespread benefits. Confidence-boosting, courageousness in creativity, and a better understanding of both technological and human internal resources are some perks associated with business innovation.

Use your innovative instincts wisely with the following tips:

  1. Constantly Learn New Techniques - Despite the fact every member of your workforce will be responsible for specific roles, innovation leadership will ensure consistent learning in the creation of new products.
  2. Outshine the Competitors - Customers are more likely to buy from a company that has something different and more advanced to offer than they would from a brand with a stale product line. For this reason, product lines need to stay modern.
  3. Retain Status in Your Niche - Brainstorming sessions and discussions with your team about their thoughts on product innovation will ensure equality, satisfaction and most importantly, a rise in status for your niche, be it technology or medical.
  4. Maintain Existing Customers - Prove that you are loyal and you can expect customer retention to improve. This can be achieved if you surprise a target market with new products, upgrades, etc.
  5. Entice New Customers - Growing your customer base is as important as retaining your current clientele. Stay one step of competitors and market yourself wisely. Approach this logically and there's a good chance of new customers switching from a former brand to yours, adding to your overall appeal.

Refrain from giving up at the first hurdle (should you experience failure) and try again. As you perfect the core business benefits, results will gradually follow. Unleashing the power of both your workforce and target audience is a sure-fire way to improve ROI, accelerate business growth, encourage brand exposure and, give your team the confidence to invent and introduce new ideas.

Getting Noticed in Emerging Markets with Innovation

When there is possibility for change within a business, it is vital that entrepreneurs and higher members of staff act upon this. Not only does a strategic approach eliminate uncertainty but also, it increases their chances at capitalizing on company opportunities. Aside from increasing return on investment (ROI) for shareholders, innovation is important for maintaining overall stability - the foundation for transformation

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