What is Business Innovation?
The definition of business innovation pertains to changing processes, or creating more effective products and ideas. In business this means anything from implementing new ideas to improving existing services. This is the driving catalyst for growth and success if done correctly. It really assists adapting and growing in the industry. Innovation can also mean that the business model is changing so that the business can adapt and change to better deliver products and services that the customer really wants.
5 Key Steps
- Analyze – Look for trends in the marketplace and what your customer really wants. Look at the competition too.
- Consult – Talk with your customers and employees to get ideas. You can than improve your processes, products and services both inside the company and out. It will make your business stronger in the long run.
- Seek Advice – Look to business advisors, grants and other types of help to drive innovation.
- Be Open – Be open with all ideas brought to you. Allow the company to adapt easily to change.
- Training – Empower employees to think in more creative ways from the top down.
Innovation in the Data Age
Innovation in the data age is a little different though. Use loyalty programs to capture spending patterns of customers. Another is to gather feedback on processes to cut time spent doing something online. Collecting data will help you to make better, more informed decisions. An inexpensive way to do this is through using the Internet to research spending patterns. You can also find out what the newest trends are in your industry this way. Go ahead and analyze store transactions to find insight and use marketing research. Cloud-based tools are great too, as you can reach resources to help you analyze data gathered.
Or if you want to go back to basics, run a promotion allowing a survey of your customers. This will really help you to find new ways to improve your business as you are getting the information directly from those who buy from you. Or you can make a market research checklist. Put economic and industry trends there, plus customer needs, just released products and competitor actions. Or you can just do old-fashioned research. Read through data publications to find out what the specialists are saying, and try to carry out some of their recommendations.
There are tons of ways to become more creative with your business. The question is, are you going to do any of them so that you can create an edge over your competitors?