Browsing Posts tagged corporate innovation

In yesterday’s post, I mentioned that a common innovation question is “How do I create innovations in my business?”  Yesterday I discussed the first step in leveraging innovation:  identifying creative ideas that can be developed into useful innovations.

The next step is to develop an innovation culture.  Encourage people in all areas of your business to watch for innovative ideas and record the ideas. Show people in your organization the value of creative ideas and how those ideas can strengthen the company. These creative ideas are “seeds” that can grow into valuable innovations.  As your business starts leveraging innovations, share those success stories and celebrate successful innovation throughout your company.

Provide fun educational material that explains how to discover creative ideas, such as when solving problems, brainstorming, and analyzing trends in your industry.  Offer examples of creative ideas in other businesses that resulted in valuable innovations for those companies.  Although some examples may be in different industries, they can be valuable examples to illustrate the innovation process.  Focus on the underlying system that supported the identification and development of innovations in these examples.  Then, encourage individuals to apply a similar approach in your own organization.

Start developing a culture of innovation today to generate a steady stream of creative ideas that will accelerate your business.

Many businesses are looking for new ways to generate income in today’s difficult economy.

New business innovation is one way to increase revenue by developing new products or enhancing existing products to increase sales.  In today’s economy, people are still buying products and services, but often purchasing things they already have.  For example, people are still buying televisions, cellular phones and video game systems.  But, today, many people are less likely to buy a new type of product they have never purchased.

Keeping this in mind, when developing innovation in your business consider adding new features to your existing products that make the product faster, cheaper or more useful.  Assuming people are already buying your type of product, you can create a competitive edge if your product provides new features or a better value to the consumer.

If you are going to create a new product, be sure that the market for that type of product is already established.  In other words, make sure that people are already buying that type of product.

In today’s economy, trying to create a new product category can be difficult and expensive.  There are many ways to apply innovation for business that do not require “teaching” people that they need a new type of product.

Start applying the innovation process in your business to find ways to make your current products or services stand out in the marketplace – and watch your business grow.

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