THRILL YOUR CUSTOMERS WITH INNOVATION
Growing up, I found myself getting thrilled every time I got a new item. It didn’t have to be super special, as long as it was new, I was always thrilled. Years have passed and that feeling seems to still be burning. However, recently I found out that I have extended that baton to innovative companies. I am a totally in love with businesses that constantly work on new business ideas, products, workflows and methodologies.
There is nothing as priceless as seeing that glow in your customer’s eyes as soon as they hear you just rolled out another great product or service. Businesses that have successfully left me bursting with thrill include: Andela, Nigeria’s Pay later, Accenture, Apple, Novartis and Netflix. What is it about them? They have successfully rolled out ideas on how to maintain fresh, original operations, products and services for their customers.
Sorry to disappoint you, innovation is not just about increasing your profit-share. It’s a two-armed creature, hugging both the entrepreneur and the client.
Imagine if you increased your competitive advantage, product diversification, securing a market strategic position, increase your profit margin, satisfy your customer’s needs and were able to grow the fidelity of your customers in you. These are all benefits that innovation can bring to and for your business but, you will need to be wary of excessive concentration of resources and attention on the new product at the expense of quality and marketing of the existing products.
Take good time to study your business and observe the timing to know how to implement innovation. Radical innovation is what we think of the most when considering innovation. A typical example is the invention of microphones as opposed to projecting the voice physically. It is the birth of a whole new revolution. You may want to consider Disruptive innovation, It is more a stealthy application of new technology or processes to your company’s current market –Prior to the iPhone, most popular phones relied on buttons, keypads or scroll wheels for user input. They are presently no longer needed.
Incremental Innovation happens to be the most common one. Its simply adding new features to existing products or services or even removing features.
Go back to your study table, observe your products, services and business pattern and figure out how to take on innovation.