No matter in which niche the business is, staying ahead of the competitor is the ultimate goal of all business owners. In this post, we will be discussing one practice that helped us and our clients to achieve exceptional growth, and that is to focus on being innovative
Instead of focusing your energy on beating your competitor on cost and quality, focus on surpassing them in innovation. Invest in something that they haven’t ventured yet. Implementing innovation also lowers your advertising cost as well because innovation involves a lot of word-of-mouth praise.
To build innovative products and services, consider the following strategies:
Your Industry conditions should not affect your strategies:
Many business owners take their industries’ conditions as given and set strategies accordingly. of course, innovators don’t do that. No matter how the rest of the industry is faring, you as an innovator looking for blockbuster ideas.
Focus on the majority of your buyer’s value:
Delivering value in your innovation should be your ultimate priority. Always thinks about what your customers value the most. Do some research. Do some brainstorming sessions, and come up with ideas that deliver the most value instead of building your strategy by looking at your competitor.
Think beyond existing assets and capabilities
Talking from personal experience, a company can never have enough Assets and resources to innovate, it will always fell short in something or so. A company should leverage its existing assets and capabilities. Hence, a company must not be constrained by what it already has. It must ask What would we do if we were starting anew?
Build a value-based customer acquisition strategy:
Many companies seek growth through retaining and expanding their customer bases. This in result, often leads to finer segmentation and greater customization of offerings to meet specialized needs. Certainly, value innovation follows a different logic. Besides, focusing on the differences between customers, value innovators build on the powerful commonalities in the features that customers value.
Get rid of conventional thinking
To add value to the business, business owners have to get rid of conventional thinking and have to apply thinking of value innovation.
Value innovators never say, Here’s what competitors are doing; let’s do this in response. They monitor competitors but do not use them as benchmarks.
Hasso Platter, vice chairman of SAP, the global leader in business application software, puts it this way: “I’m not interested in whether we are better than the competition. The real test is, will most buyers still seek out our products even if we don’t market them?”
If you’re looking to get yourself a marketing department that will help you to be innovative, and that too in a much more cost-effective way, get in touch with us today.
And if that’s not enough to convince you, why not request a free consultation that we can give you a taster of what we do?