Thursday, March 4, 2021
Business Strategy The Business of Using Innovation for Success

The Business of Using Innovation for Success

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In today’s world, innovation is the key to survival and success for any business. Companies that fail in innovation will soon find that they have been left behind. Ongoing innovation is the key to success as long as you can keep those new ideas coming and turn them into profitable products. Here are some tips on how you can keep innovating.

Talk to your customers

Your customers can provide you with things that they would like to see in your existing products. The ideas can be refined and turned into new features on existing products and new products.

Examine the complaints

The complaints will show you the problems that some people have with your products. Ideas can be generated when you aim to find solutions to those problems.

Ask your staff

Your staff is sure to have some suggestions for product improvement. You might even offer an incentive for good ideas to encourage them to think about it more. Chances are good that they have seen a lot of ads and commercials that have given them some good ideas.

Look at other ideas and products

Other people are developing new products all the time. By looking at their products, you can come up with improvements that will surpass what your competitor offers.

Add services

You can look at your competitors to see what they are doing. Some of them are sure to be doing things that you are not. You might also seek to specialize in a particular service and offer several varieties of it.

Have a contest

Let the public give you some ideas. You can offer a prize for good ideas. Just tell them the direction you want to go and let them surprise you with some amazingly great ideas.

Brainstorm

Get your employees together and deliberately seek to come up with new ideas. Each idea will generate more discussion until you have a workable plan. Bring in employees from different departments that can view things from different perspectives. When you have brainstorming sessions, be sure to record it on video so that nothing slips by – it will also allow review and further discussion over ideas at a later time.

Minimize a product

Some products may be more successful if some extra features were dropped and a simpler version offered – possibly at a lower price.

Get suppliers involved

Suppliers are interacting with customers all the time. They hear many complaints and suggestions that are sure to provide fuel for idea generation. They may also have their own ideas about how to improve products and make some new ones.

Read books

Books of all kinds can stimulate your mind to come up with new ideas. Even old books, historical books, fiction, and science fiction can expand your thinking. Read while alert and see what new ideas may pop into your mind.

Surf the web

Spend some time on the web just surfing at random. See what is out there. Exposure to new things you never thought of before will expand your mind and help you see things beyond your everyday world.

Watch people

Just taking some time to occasionally watch people in a crowded place will open your mind to see needs. It will let you also see how other people think and act when interacting with others or shopping.

Discuss further

Innovation for success and product creation and sales will not take place in just one session. It will take repeated sessions to further develop the idea, build, and test it, to get a product from an idea to selling it on the market.

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