BUSINESS INSIGHT: THE INNOVATIVE CYCLE
As the earth revolves around its orbit every second, so does the world evolve with constant innovations at the blink of an eye. Rarely does any day pass without something new being introduced to the ever-hungry market. There appears to be a new or modified facet to everything, from trends to market approach, to technology.
Due to this endless craving for modern ideas, both customers and organisations providing products and services have to remain abreast with the slightest new development springing forth globally. Sometimes keeping up with current innovations could be quite overwhelming; nevertheless, to prevail in the tight competitive business world, entrepreneurs and those in corporate firms are without a choice. This therefore means to gain dominance in any field; business owners must remain up to date with innovative events.
In order for enterprises to stay relevant, they must serve the customers with fresh irresistible innovative ideas. Since consumers don’t stay satisfied for long, there is a demand on businesses to consistently feed them with things that would improve their lives no matter how little. While trying to satisfy consumers, enterprises increase their profitability and efficiency. This further implies that innovation breeds advancement for any business.
Whenever innovation is mentioned, most entrepreneurs suddenly feel pressured to invent something new that has never been seen before. This is only a one-sided definition that limits the concept of innovation. Being innovative does not necessarily require new inventions, however, it requires regular brushing, polishing and recreating of old and existing ideas. Entrepreneurs need to seek ways to improve, making their products or services more appealing and value-added.
In pursuit of innovations, entrepreneurs must first study their target market deeply. This analysis enables them identify the needs of their old and prospective customers. It helps them discover opportunities they could leverage which puts them on a leading edge compared to their contemporaries.
This explains the reason why phone brands like Apple, Samsung, and Techno continue to modify their brands, adding new features other brands must have not thought of. For this reason, they give their competitors a fierce race, which may seem unbeatable for now until a new brand develops something strikingly different. Brands like Facebook, Microsoft, and Google keep improving their user interface, making it more user-friendly. That way their users have, a better experience, which makes them the preferred option. This means entrepreneurs have to keep in touch with their customers to know what their needs are and how to meet them.
While great brands endeavour to create novel or ameliorate existing products or technology, smaller brands remain complacent in their same old way. For the desire to succeed and retain dominance, every business should be driven by constant innovation and include it as part of their business strategy.
So we ask today, what innovative ways have you implemented to improve your business?
Written by Jennifer Chioma Amadi
Would you like to increase your brand’s relevance? We are here to help you brainstorm and develop new ideas. Send us an email at wecare@mapemond.com
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