Why innovation is so critical right now
Any company interested in growth should be equally interested in innovation. Sustainable growth requires a great product-market fit that customers will rave about and spread organically. If that’s not what you’re experiencing now, consider the need to update your products and services. Here’s why:
People’s habits have changed; therefore their needs and preferences have changed. Products and services must evolve to meet these needs.
There’s a greater diversity of audiences with specialized wants and needs. There’s a greater extent of discontent with old ways. Underserved audiences start out as a niche but grow as word of new options spreads.
Greater complexity than ever before increases the need for better solutions. Convenience is the new ‘cheap’. Wherever there are complicated problems for your clients, there’s an opportunity for innovative solutions.
The pace of change and chance of disruption increase the need for options in your revenue pipeline. Avoid the risk of being caught flatfooted if circumstances change the demand for your offering. Diversify and prepare new concepts as a safety net for sudden market changes.
Innovation reduces risk. Investing in new options has a fixed cost. The absolute worst that can happen is that you lose what you ventured. But, losing customers because you’ve become stagnant is the start of a downward slide that you must plan to avoid.
How to structure innovation
It’s easy to oversimplify innovation and consider it a rare brilliance that only some special people possess. In fact, innovation is a structured process - even if the process is highly natural for some people. It’s a core capability that businesses must have if they want to grow. Like other professional practices, innovation consists of a set of skills, methods, and tools to solve specific challenges throughout the innovation process.
There are four major components to innovation: Insights (deep understanding of what users/markets need); Ideas (methods to spark productively creative options); Implementation (testing and developing ideas into real solutions); and Impact (launching, scaling, and measuring results with users).
Click here to learn more about the 4 I’s of Align’s strategic innovation process.
How to spark creativity and start innovation
Start small, so you can start now.
Gather a small group of creative collaborators inside your company (and maybe trusted external advisors). Envision how much your customers will love the new thing you create for them. Do just enough planning to create momentum in the right direction. Get help organizing the right experience that draws out creative energy. Apply that energy to productive work solving a problem, generating ideas, shifting perspectives, and overcoming inertia.
The right creative exercise is enough to create curiosity and momentum. Here are some options to consider.
I can help you assess the need for innovation in your company and get started with a low-investment exercise that will prove you have compelling growth options worth exploring. Schedule time to chat or keep reading.