There are multiple reasons why generation of innovative ideas
can be critical to your business's success. The world today has become
increasingly competitive. And it is funny how you invent an idea or
produce a product, and then you see that somebody or a company already has
something similar. That’s why companies need to be relentlessly
innovative.
Only companies that constantly challenge what they do, challenge
themselves to come up with new and different ways of doing things, and also
constantly improving on things they do will survive in this new globally
competitive environment.
Survive and Thrive: Staying on the cutting edge of your industry requires big
thinking and the willingness to think differently. In an increasingly
cluttered business environment, innovation is key to long-term survival. But
innovation doesn’t just mean developing new products. Re-evaluating business
strategy, trying new approaches, and embracing innovation, will carry your
business into the future and keep you ahead of your competitors.
Trend: Innovation can help you discover what opportunities exist
now, or are likely to emerge in the future. Successful businesses not only
respond to their current customer or organizational needs, but often anticipate
future trends and develop an idea, product or service that allows them to meet
this future demand rapidly and effectively.
Drive Employee
Engagement: Generating innovating ideas has also been
proven to inspire employees. A workforce who are actively engaged with
improving and developing a product, service or process are far more likely to
remain loyal, work harder, and enjoy their job. And as employees are
already involved in the business they can often come up with truly innovative
ideas as a result. So create an atmosphere open to innovation and employee
ideas within your company. Setting up a suggestions box or installing
innovation management software will enable employees to submit ideas and get
involved.
Adapt to Customer
Expectations: Customer
expectations are also sky high. Customers today have very little patience
with products that are old. In a competitive trading environment, cost remains
an important consideration. However, welcome improvements to existing products
or services can win over an existing customer base and increase loyalty to your
brand or product.
Attract New Markets: A global market has different needs and desires, Many
companies have found that not only can innovation drive exports to new markets,
but they also experience what is known as a ‘virtuous circle’ where exporting
itself led to innovation.
Increase
Revenue: it is a tough market and indulgence is
out. If you want customers to open up their wallet, give them a reason to buy
your product. Show them something new, an innovation that add value to their
lifestyle. What do you offer the market that is different from any other
company and do extremely well. Always find that unique selling product.
Also because it's fun: Innovation is fun.
Making brand new things that didn't exist before, pioneering exciting ideas and
guiding them to fruition is delightful. Getting it right makes you feel alive.
If
you are thinking of advertising in Nigeria, please contact PoiseMedia
Communications at www.poisemedianigeria.com or check our contact at the bottom of this blog. We can
help you identify your market and reach them. We apply both BTL and ATL
strategies to project our clients’ brands to the right audience. We can do same
for you at very affordable price.
Lilian Izuorah
Business Development Officer
PoiseMedia Communications Ltd
