In modern society, the way we do business is changing rapidly. This includes the way we communicate with our clients, generate leads and deliver valuable information, products or services to them.
That’s why I always say,
“If you’re not innovating, you’re dying.”
Innovating allows you to adapt to a changing business environment by modernising the business in order to stay current and competitive. Not only is innovating about updating your product or service, but it’s also about improving your business model or processes and creating more efficient ways of doing things. As business evolves, so does its consumers, and so modernising your business has the potential to generate a new target market, encouraging growth within the business. Let me tell you a story about my friend, Matt, who I worked with to innovate his business. Matt has been in business for 13 years. He started with a cyber cafe, back in the days when the internet wasn’t as easily accessible as it is now. Eventually, having the internet in your home and on mobile devices became the norm, and so we saw a major decrease in cyber cafes. Matt modernised his business by turning it into a computer shop, building and selling servers and tech gadgets, to consumers who now had a purpose for owning such products. But as cloud-based systems became more popular, he decided it was time to innovate again. As of lately, he has converted his business to a more cloud-based business to adapt to the rapid development of technology (and the nature of his business). This includes providing the latest trends in technology such as augmented and virtual reality.
Innovation is about constantly perfecting your business, and Matt’s story is a great example of the importance of this, especially in industries that are rapidly evolving. Innovation is especially important for businesses who notice a decline in their business due to a change in the nature of it.
Throughout the 13 years, Matt had the solid foundation and skills (the hard part). He simply had to adapt that to a new consumer base (the easy part). This just shows that you’re most likely already sitting on a gold mine, you just may not realise it yet.
So how can you innovate?Here are some things to think about.
1. Observe your consumers
Your ultimate goal is to delight your clients and add value to them. Observe how your clients are using your product and service and brainstorm how you can improve that for them. What are their needs that your business should meet? A good place to start is by asking for feedback either in person or through surveys.
2. Trust your staff
Your staff is equal first to your customers on who can provide the most valuable feedback to you. They know the in’s and out’s of your business and are able to make their own observations on what’s working and what needs improvement or updating. Also, your employees are usually the ones that come face to face with your customers. So, chances are, they’ve received customer feedback simply through conversation (without even asking for it), that they can then report back to you.
3. Keep an eye on the competition
It’s important that you stay updated and aware of how your competition is doing business. Ideally, you want to be the trendsetter. So, work with what your competitors are offering, and use that to set the bar higher. Ask yourself what you can do to keep up with them, but also differentiate from them and add more value to your consumers.
4. Collaborate
Collaborating is also about providing more to your clients. Often businesses can work together to provide some type of package or deal with their consumers. This is also a great way to generate more leads. To do this, it’s important to find like-minded people with the same goals and work ethic, but different skills. You can find these people on LinkedIn or at networking events. Collaborating gives you more allies, which allows you to stay ahead of the competition.
5. Be open-minded
American author and entrepreneur, Tony Robbins, once said,
“Change is inevitable, progress is optional.”
You can either be open to change and innovation, no matter how attached you are to your business (remember Matt was in business for 13 years!) or you can get left behind. Being open-minded allows you to think outside the box. Often, those who are open to change get a greater return and see the best results.
So, are you ready to brainstorm how to innovate your business?
