| Constantly Innovate or Die |
| Invention Development Advice - Business Planning | |||
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Can you remember when there was only one type of milk to buy? White bread the only choice on the shelves? Coffee was simply coffee and a skim flat white or a macchiato was unheard of? Eggs only came from battery hens? When salad was an iceberg lettuce, a tomato and white onion? Vinegar was white or brown? When there was only one variety of Coke in the fridge at the local milk bar? Sausages came in one size and flavour? When banks opened at 10.00am and closed at 3.30pm and didn’t open on weekends? Can you remember a life before ATMs, mobile phones, the internet and MP3’s?
Where are all the carburetor manufacturers today? Out of business because fuel injection manufacturers took their place. McDonald’s meant fatty fast food? They have responded by introducing salads and a “healthy” range to their fare.
If companies, both big and small didn’t constantly invent, innovate and introduce new products and services to the market, we would still be in the dark ages. Yet I see many businesses offering the same product year after year, to the same customers and then wonder why business isn’t booming. Put simply, they have remained in the dark ages. And that’s why we must continually innovate. We must stay ahead of the competition, because offering “me too’” products at “me too” prices, to the same old audience that is saturated with marketing and media messages every second of the day, just won’t cut it.
When was the last time you invented a new product or service to sell to your existing customers? When did you last refresh and repackage that tired old product by introducing a great new customer benefit? When did you last look at ways to repackage and reposition one of your products for a whole new potential target market? Have you worked out a way to open up new revenue streams by selling your products or services online? What about finding new markets in other countries? Have you tried innovative and creative new ways of marketing your products? Have you introduced any new customer services initiatives lately?
Being innovative and inventive gives you a reason to communicate with your customers and potential market, to get noticed, to get talked about and to open up new potential sources of revenue.
Innovation is a bit of a buzz word amongst many companies. Nine out of ten organisations’ (both big and small) flippantly claim it as one of their core values and use it as a motherhood statement to their customers to show they are trying to stay ahead of the game. Yet many simply don’t understand what innovation truly is, let alone demonstrate it. Companies that do demonstrate, recognise and applaud innovation will be the ones that grow and prosper.
So how do I innovate, I hear you ask? First, you must dedicate some resources to it – money, people and time. Then, you must create a culture amongst your staff that recognises and rewards innovation and new thinking. Do your research by asking your customers what new products or services they would like to see. Check out what the competition are doing. Find another entrepreneur or business owner who has had great success with innovation to act as your ‘innovation mentor’. Attend courses on it. Look at what the overseas businesses like yours are doing. Maybe employ an innovations expert to help.
If you are not constantly innovating when it comes to your product and service offering and in your marketing techniques, then you’re likely to find that you won’t have a business at all, let alone one that stands out from the competition.
EXPERT TIP
THE IDEA CENTRE & KEN HUDSON
Ken Hudson is perhaps Australia’s leading expert in innovation. He founded The Idea Centre in 2001 after completing his doctorate in organisational creativity. His thesis was entitled ‘Designing a Continuously Creative Organisation’. The Idea Centre is based on the simple belief that there is a more powerful and sustainable way to grow an organisation than cost cutting. How? By continuously harnessing the imagination of all employees, customers and partners.
“That’s what drives ideas, innovation and business growth. We believe that the most dangerous competitors and most valuable employees will be those that can use and apply their imagination, at will. Our reason for being is therefore to help leaders improve their innovation results, and build a more robust innovation capability,” says Ken.
Why is it critical to be innovative? The big retailers like Woolworths and Harvey Norman are also increasingly expecting their small business suppliers to be innovative. They can get the usual standard products from the big suppliers but they are always open to speaking to small businesses with new and different product offerings. It’s also important to be able to demonstrate a culture of innovation to attract great staff. The Generation X & Y people want to work in stimulating, innovative, creative environments that demonstrate work/life balance. If you’re not innovative, they won’t want to work for you. DOWN TO ACTION Carolyn Stafford is a leading small business marketing expert, author and speaker. Her Small Business Big Brand book and workshops are fast becoming the most trusted marketing resource for small business. Check out www.connectmarketing.com.au or call 1300 886 107
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