Innovation is a great tool for businesses looking to stay ahead. While technology is often used in conjunction with innovation, you do not necessarily have to be tech-savvy to create new ways to improve your business. Innovation comes in many forms – there are examples of companies selling extraordinary products in ordinary ways, but there are just as many examples of companies selling ordinary products in extraordinary ways. Here are some ways to use innovation to grow your business:
Product development is the conventional form of innovation and is often associated with entrepreneurs, inventors and startups. However, established businesses can also develop new or improve upon existing products. Product development is a tried-and-true way to innovate. If you are struggling to keep up with the competition, your sales are slipping, or you anticipate future declines, it may be time to invest in research and development.
While product development is frequently perceived to be the more compelling form of innovation, business model innovation is just as effective. Adjustments to your business model can lead to increased growth. However, to protect yourself and minimize risk, you should seek professional guidance before modifying the business model of your company.
Services-oriented innovation is often overlooked but can deliver meaningful results for your business. A positive reputation can be very valuable, so it is a good idea for your business to build and maintain strong customer service policies. Services-oriented innovation seeks to improve the methods used to build goodwill with customers. An otherwise ordinary company with great customer service can excel.
An innovative advertisement campaign can be a great way to generate new business, and is especially effective when used to market newly developed products. New ads can also be used to highlight your top-notch customer service or to help identify new markets for your existing product.