As the old adage goes: the only constant in life is change. This is particularly true in business, where trends, technology, culture and politics are always influencing ways of working plus who succeeds and why.
While there are some aspects of your business which should be eternal – the values you stand for, how you want to treat your employees, the impact you wish to have on the world – there will be countless departments in which you’ll need to evolve either daily, monthly or yearly. Indeed, innovation truly is the driving force of business. Here’s why:
Innovation Keeps Your Business Relevant
If a brand or business becomes staid and stale, it risks losing engagement and relevance with its audience. This stagnation can be deadly, for a brand who fails to react to its consumers’ changing needs, or misses its next great opportunity, may not have the foresight to survive in a competitive marketplace.
Consider, for example, the rise of mobile banking. Thanks to technological advances, picked up by startup enterprises Monzo and Revolut, it’s now easier than ever for consumers to manage their money on the go. As such, established financial institutions who fail to view mobile banking as a mandatory feature may lose their existing customer base as they go in search of banking services that better suit their evolving needs. Turn to Sage for more details on the future of business, with information on fintech and mobile banking in 2018.
Innovation Keeps Your Business Competitive
In many cases, your competitive edge comes down to the product you offer. Whether this is a tangible item (such as a mobile phone), a service (such as an app), or content (such as TV news or entertainment) you’ll find yourself competing with like-minded companies on this basis.
As such, one of your greatest competitive tools will be your ability to innovate. Innovation doesn’t need to be revolutionary, indeed incremental evolutions such as software updates or tweaks to your product – based on consumer insight – will fine tune your offering, placing you above competitors.
Innovation Keeps Your Business Driven
Complacency is the enemy of success. As a business, if you’re reluctant to consider change, then you’ll likely never enjoy great success either.
Marketing experts talk of the VUCA world – an acronym referring to volatility, uncertainty, complexity and ambiguity. When faced with industry volatility (e.g., a sudden loss of resources, a supplier suffering liquidation, or the stock market crashing) how you chose to adapt and evolve in response to this challenge will either drive you forward or hold you back.
Consider how you’d respond to volatility, uncertainty, complexity and ambiguity within your sector.
Innovation And Business Success
Hopefully now you’ll appreciate how indispensable innovation is for the success of your business. If you’ve not already, you should nurture a culture of innovation within your workplace – task everyone with being on the lookout for inspiring trends, listen to anyone’s ideas for how to tweak your product, and ensure all your employees are attuned to your customers’ needs. For, although you’ll hire under certain titles such as Insight, Innovation and Business Management, the power of a business is in its team as a collective.