Starting a business in a saturated market can be challenging. Innovation is necessary, but it can be pretty tricky. Some entrepreneurs may be scared to try something new because of the risks. Yet, chances to innovate and be successful will always be present, regardless of what you decide. However, some outcomes may not be in your favor on the flip side.
Consider a different perspective. Instead of thinking that something is difficult, think of it as an opportunity to introduce a brand that speaks more to the people. Changes are constant, and people look for something new and fresh, so use it to inspire a better version of your brand. There are ways to make your brand more innovative. Don't get left behind.
Here are 9 ways to strategically innovate your brand.
1. Research Ways To improve
Some businesses fail to grow because of insufficient research, while others follow trends without testing the waters first. Don't forget to gather data, facts, and information needed for your vision. If you can, try to interview people in the same industry. Perhaps, you can get ideas from them to improve your plans. Another good thing about research is learning about others' mistakes and avoiding them.
2. Explore Opportunities For Expansion
This may sound cliche, but limiting yourself within the four corners of your comfort zone will lead you nowhere. It can affect your productivity, and your customers may lose interest in your play-it-safe decisions. Rather than doing the same thing repeatedly, try something you haven't done before. Explore other channels to introduce your brand. Don't be scared to try new things because, after all, all great things start with experiments, trial, and error. Look for business opportunities you can tap into with your resources.
Some examples of companies that have innovated:
Mailchimp has expanded its services from email marketing to also offering Facebook Ads.
Google has expanded its services from search and is now offering a hosted email service.
Ferrari is known for making sports cars, but the brand has also opened a theme park.
3. Add Value To Your Products
Your brand should not just focus on earning money because this can turn your target audience off. Instead, turn your attention to developing products and services that add value to your customers. "Why should they choose your brand over the other?", "What benefits can they get by choosing your brand?", "How is it different from other brands?"
These are the questions that you may face throughout building your business. You don't need to bend your value to reach different audiences; instead, take advantage of your brand's unique features. Assess any special qualities and make that the selling point of your marketing strategy.
4. Get Insights From The Inside
No man is an island in the business world, so don't carry the burden of doing all the tasks alone. Get people's input within your business because even the slightest detail can make a huge difference. The marketing team, graphic designers, human resources, finance team, and executive committee have ideas worth considering. Although this can be a tedious job, the information you'll receive will be priceless.
5. Consolidate All Ideas
Business composes of ongoing research, studying, and planning. However, once you already have your new data set, it's unnecessary to abandon outdated information. Evaluate which strategy is efficient for your business or mix the old and new approaches to create a better version of your brand.
Furthermore, consolidating ideas also work well when brainstorming with your team. Since everyone has their opinions, it's better to record them before deciding which ones have potential and not. We immediately disregard an idea, not realizing it makes sense later on. You'll be surprised. Those ideas can provide so much value for your company. So, be open to their suggestions to avoid missing a once-in-a-lifetime idea.
6. Solicit Feedback
Feedback and suggestions shouldn't just come from your team. It's also a great idea to involve your audience in the innovation planning. You can survey your customers or interview them about their feelings, thoughts, and experiences with and about your brand. You can also be transparent about why you're bringing them into the process. They might appreciate making your brand and business more customer-centric.
7. Remove Inefficient Processes
Replace inefficient processes as soon as you can. It can be costly to continue doing a specific task because that's what you're used to, especially if they're no longer productive and efficient. Innovations require changes to improve the quality of your products and services.
8. Invest In Your Innovation Strategy
As mentioned previously, investments and spending money are necessary to innovate your brand. You might need new tools, hire new people, or change processes, which require funding. However, instead of thinking about the money you'll spend, think of how you can save over time by investing in what your business needs to grow.
9. Create Partnerships and Brand Deals
Brand partnerships and deals will also come in handy in innovating. Widening your network will help you discover better ways to promote and evolve your business. Don't think of these people as your competitors, but as a team. Collaborations help to develop your brand into a better version of itself. Plus, other trusted brands will enhance your social proof and extend your reach.
Your perspective and actions will impact your decisions in business. Maintain a positive mindset and focus on getting your brand on the right track towards success. Innovation is necessary for all brands. Be open to feedback, strive towards making quality offers, and invest in time, money, and brainpower to make this possible. Making your brand more innovative doesn't just rely on great ideas. Take well-calculated steps to implement your plan. Don't ignore powerful resources such as podcasts, webinars, and articles for details on how to make your brand as innovative as possible.
Subscribe to the Digital Orange Juice for juicy ideas and the people who fund them. You can find out about our next pitch competitions. Also, be sure to join our new community BGV Connect!