In the contemporary business world, product life cycles are shrinking, competition is intensifying and internet penetration has lowered the barriers to entry in many businesses. These developments have made innovation critical to business operations and success.
Here are six tips to help you innovate in order to accelerate your business growth-
1- Embrace change. Entrepreneurs often fear launching new product lines and implementing new ideas. Consumers, on the other hand, crave for new and exciting products and services. Business owners need to create a culture that integrates and celebrates change to encourage innovative initiatives.
2- Listen to your customers. Conduct a focus group or take an online poll or use social media to gauge consumer’s interest before launching a new product or service. Remaining competitive and relevant in the market means delivering the products and services that consumers want. P&G often adopts this technique to launch new products.
3- Grab the market share before your competitors do. Once you have the innovative idea in hand, put it out there in the market and promote it extensively.
4- Encourage experimentation. Entrepreneurs and their employees must experiment constantly. They must learn to accept failure. In most cases, innovative organization has a record of consistent failure.
Professor Matson’s equation for innovation is “Creative Ideas + Experimentation = Innovation.” Thus, to remain relevant, an organisation must experiment in order to come up with unconventional product lines.
5- Lay out an innovation strategy with the help of your team detailing how you will improve your products, services and processes, your marketing strategy, your business model and your supply chain. It is also important to change the strategy periodically in line with market trends.
6- Invest in capital assets and adopt such technologies that increase your competitiveness in the market like big data analytics, machine learning, etc. to keep pace with the dynamic business world.
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