Big Ideas Create Big ROI: Return On Your Innovation
Let’s face it most businesses are faced with a constantly shifting array of competitors, religious dictums, increased market volatility, environmental issues, and price sensitivity. Your opportunity lies in developing the ability to move and change as rapidly as your competitive environment. It is time to think and act beyond the bounds of conventional wisdom. Innovation is the product of discomfort. Innovation is how we make money from creativity. Innovation is how we keep our customers.
Most customers will spend more time on how your product/services make them feel than the product/services themselves.
You must assist your customers in feeling in a different way.
The traditional business restrains creative thinking with an ingrained culture that simply makes decisions that are essential, without regard for vogues, improvements or changes. Your customers are prone to do the same. The strong emotions that draw customers to your products/services should be utilized to promote information innovation.
Here’s how to accomplish that goal:
1) You need to change how customers think… not what they buy.
The only prudent response to an increasingly complex, fast-changing world is to establish solutions that can be developed almost as quickly as the changing business realities around you.
2) Continually Change and Improve
Most people find change, particularly rapid and unpredictable change, frightening and upsetting. But turbulence and change are not going away; instead, they will become more pronounced. Change happens and there is nothing you can do to stop it – nor should you try.
3) Capitalize on new opportunities.
In change there is inherent opportunity just waiting to be discovered by those who are quick enough and bold enough to take advantage of it. Therefore, it’s time to revitalize your thinking to understand that you can thrive on change.
• You must talk about benefits NOT changes!
• You should be causing change, not reacting to it.
• Build on your strengths and forget about any weakness.
Your best chance to succeed is to be the one who’s driving most of the changes and not reacting to them.
4) Become an Information Entrepreneur.
Of course, not everyone gets to be the leader. So it is incumbent on the rest of us to do the next best thing, namely develop super-fast reflexes that can respond quickly, turn on a dime, and make near instantaneous adjustments to the marketplace. There is simply no alternative if you want to stay competitive.
While we can’t slow the pace of change, we can use many strategies to speed up our own corporate processes. An effective response to rapidly changing conditions is to develop the capacity to increase your operating velocity. While no one can realistically expect to move as rapidly as the constantly changing environment around us, those who can come closest will be best positioned to survive.
5) Think Innovatively
Opportunities will be waiting for you in your world if you can overcome any resistance to new ways of thinking. What stops most companies from innovation is hesitation due to uncertainty. But when you cast aside uncertainty and Start to ask “What If,” you will unleash the unlimited possibilities that result in new profits for your organization.
6) Nurture your Market Creatively
One essential practice to integrate into your business strategy is superior customer communication. You can strengthen your customer relationships by introducing your business innovations without technical jargon.
We all have seen new products introduced with a fanfare of hard-to-understand terms so complex that companies may as well be speaking a foreign language to their customers. You can avoid this mistake by talking (talk) to your customer in terms they can easily understand. They will be grateful for your ability to communicate clearly, and you will be giving them intelligible information they can relay to others in their organization. The issue is no longer whether or not you provide value. The opportunity for you is to be a Value Interpreter for the customer. In the absence of a value interpreter everything degenerates to price.
In a customer discussion, you may be tempted to spend time telling them how good your service is, but this is really a waste of their time. Instead, tell them how much better they will feel when they use it. Every communication should demonstrate the benefit to the customer, not congratulate the seller. Use words like “you” and “your” more than “we” and “our” to keep their interest and keep the emphasis on them.
If customers don’t know when or how they are supposed to buy from you, then you have a problem, because they simply will not try to buy. New markets continue to emerge. Find them!
7) Implement Swiftly
Just as action ultimately accomplishes far more than pure analysis, speed will beat perfection every time in today’s business environment. Because failure is intricately interwoven with success, you must create a safety zone in which everyone understands that failures will not curtail attempts to succeed. Learn from your failures and then quickly overcome them.
You’re far better off being 80 percent right and first to market than 100 percent right and six months late.
Implement now and perfect later. Try something, test it, learn from it, and try it again quickly! Let’s be perfectly clear about what’s at stake here. For those who really can do things faster than their competitors, the rewards may be extraordinary, including:
- Ownership of the industry standards
- Rapid responses to market opportunities
- Opportunity to claim premium prices
- Higher staff morale and commitment
- Putting competitors on the defensive by keeping them off balance
8) Develop the right ATTITUDE.
Half of your job is keeping people in the “right frame of mind.” The Past is no place to live…but nice place to visit.
When people can’t see Tomorrow clearly they assume it will be like Today or Yesterday. Here some suggestions to help you with your Innovative Vision.
1. Responsibility. The first step is to take responsibility for your success. Luck and fate play far less a role in your company than your ATTITUDE and ACCEPTED WISDOM. See yourself as a success — and feel worthy of that success — and you’ll be halfway there.
2. Persistence. Like Rome, your career won’t be built in a day. So don’t give up just because one idea or project doesn’t work out. Keep coming up with new ideas and projects, and continue to work hard. Ultimately, you will succeed due to the accumulation of your efforts. And the more you do, the higher up that success mountain you’ll go.
3. Strategy. Be the man or woman with the plan. Success happens one step at a time. To make sure you keep heading in the right direction, create ‘success map’ and sketch out a route to your desired destination.
4. Adapt and innovate. To be successful, you need to be flexible enough to go with new ideas and give up old ones that are no longer working.
5. Learn Your Lessons. Identify your weak points and counteract them with planning and personal support systems.
6. Make The Negative Positive. One of the greatest satisfactions of learning is its ability to transform an unpleasant experience into valuable knowledge. Remember Experts Have Their Knowledge In Order.
7. Audit Yourself. Honestly assess your knowledge base and pinpoint areas you need to improve in. Then set knowledge goals and devise a plan to meet them.
8. Think of Innovation As An Investment. The more knowledge you gain, the more value you command as a worker. Increase your innovation knowledge base and you’ll increase your income and market share. Don’t limit yourself to learning that will directly benefit your career. Make learning about innovation a habit — one that will keep your mind in shape the same way exercise tones your body. Take courses or read books that deal with subjects you’re interested in outside of work. You’ll be surprised how often the knowledge you gain benefits you at work.
9. Get Involved. Join organizations. Contribute to charities. Offer your wisdom to others. Be viewed as an expert.
10. Networking is a skill whereby you strategically meet people and maintain contacts that can provide you with information, advice, and leads. The bigger your network, the better your chances of building your business.
11. Upserve. The basis of all learning is the understanding that everything is connected to everything else. Upselling increases the size of the transaction. Up servicing increases the amount of satisfaction.
12. Shift Happens!
Change is going to happen whether you embrace it or not. Opportunities will be waiting for you if you can overcome resistance to new ways of thinking. What stops most individuals from innovation is hesitation due to uncertainty. When you cast aside uncertainty and start to ask “what if,” you will unleash the unlimited possibilities of innovative thinking it will result in new profits for your organization.