How many people call themselves “business innovators”? – Impossible to count. But 84% of people say innovation is an important growth strategy. At the same time, 80% of business models are at risk. And less than 1% know what exactly the problem is and how to be a full-time business innovator.
How your business can benefit from being innovative?
Adapting to changes with an innovative approach can help your company to succeed in many ways:
First, it can build the value of your brand – improve your company’s value and reputation among both customers and employees. It helps you to study the market or industry trends and become much more aware of how your business is operating. That can lead to more strategic planning of your future objectives and the development of new future-fit solutions.
At the same time, innovation will increase the competitiveness of your brand. Studying your market and assessing your competition helps you to understand both: current and potential customers. Increasing productivity and efficiency is also a great benefit of business innovation. Finding new processes through innovation means adding something new to your business. Innovation also allows you to work smarter. You can monitor your progress and prioritize tasks, which reduces time-consuming work.
And as we work with diversified types of clients, we see how positive is the impact of innovation on company culture. Innovation practices increase the ability to create, develop, and utilize different talents and competencies. Employees are motivated to learn and grow. Your job is to support them along the way.
Innovation will help you realize your company’s potential. Without an innovative approach, you may not fully appreciate how valuable your offerings can actually be. A more open-minded approach to innovation can bring you even closer to your customers and create a happy team.
And, with certain innovations, you can even reduce your costs.
Ok, but what are the examples of growth strategies for business innovators?
- Product development strategy— grow your market share by developing new products. These new products should either solve a new problem or add to the existing problem your product solves.
- Market development strategy—is about growing your market share by developing new customer segments, expanding your user base, or expanding your current users’ usage of your product. This strategy is very much sales-focused.
- Market penetration strategy—growing your market share by bundling products, or lowering prices, or advertising — basically everything you can do through marketing after your product is created.
- Diversification strategy— means growing your market share by entering entirely new markets. Rather than expanding within your existing market, you’re launching into the unknown with new products or services in a new market. This strategy is often the riskiest (but can have huge rewards too).
Right! These strategies are big concepts. You might be reading them and thinking, “ok, these are interesting, but how can I apply this to my business?” Don’t worry. You know us!
We help fashion companies to build their businesses by identifying powerful growth opportunities and to improve their performance through innovation in products, services, processes, and business models. All to enable them to innovatively navigate change and thrive in a world of continuous uncertainty.
Sounds interesting? Leave an email. We will reach out to you to arrange the call during which we will talk about growth strategies for your business.
And… don’t forget to follow us on Instagram to learn new tips on how to innovate.