Innovation is the KEY to a Successful Business

For those who start their business with the intention of taking over the world, innovation is one of the key drivers that will determine their level of success.

A business that doesn’t intend on innovating isn’t looking to grow or beat its competitors.

Every single successful company we know of today has achieved such success as a result of being innovative.

Entrepreneurs who plan on growing and expanding their businesses know that innovation is the bread and butter to success.

What Does it Mean to Be Innovative?

Entrepreneurs have to constantly stay up to date with current trends, statistics, and information that will impact their sector and business on a local, national, and global level (depending on how large your business is).

Following current events and being aware of how the economy is impacting your customers and business in itself is so important.

This information will allow you to develop creative ideas for new products and services.

You have to be thinking 10 steps ahead if you want to be successful.

Following Trends VS Setting Trends

Those who lead, NEVER Follow.

Entrepreneurs who follow trends have the potential to be successful while those who create trends have the potential to change the game and achieve unprecedented levels of success.

If you can get ahead of the game and anticipate what your clients will want in the future, your business is bound to be successful.

Breaking the Status Quo

People who are innovative don’t mind facing the critiques that come with breaking the status quo.

While the positive results of being innovative far outweigh the negatives, entrepreneurs have to be okay with handling the response from people who might be “uncomfortable” or “judgemental” towards their unique ways of thinking.

You will always have haters… let them hate you. It comes with the territory. 

I can promise you it’s likely pointing to underlying insecurities they have. (In which case, think about how you can capitalize on that!)

How Can Entrepreneurs Anticipate the Needs of their Customers?

How does an entrepreneur get “ahead of the game” and anticipate what their customers will want in the future?

Those who can predict their clients’ needs and desires know their customers very well by studying their demographics.

Get to know your customers through conversation, observation, and research. Find out their interests, hobbies, and what really matters to them. Understand their thinking and why they make the choices they do.

Why do they shop from you? Is it because of your products, services, unique offerings, or the customer experience?

Do they simply give you business because it’s close to their house? What made them walk through your doors in the first place?

You need to have a comprehensive understanding of who you are selling to and why they come to you… Then, capitalize on that and EXPAND.

Always get feedback and never be afraid of critiques.

It can only help you. Those who seek growth will put their egos aside and look at business unemotionally.

It’s not about you. If your main focus is growing and building a successful business, you need to get over your ego and your sensitive feelings.

Never Forget Your Company’s Core Values as you Grow

As your business grows, you’ll want to make sure you stay “on brand” while fulfilling your customer demands.

Sometimes, when businesses grow too fast, they think the original values they started with don’t matter anymore, and it ends up running them out of business.

You have to remember why you started your business and why your customers came to you.

Of course, your customers may evolve and change as time goes on and then you may have to adjust your products and services… but again, this is why it’s so critical that you are constantly aware of your customers’ ever-evolving interests and behaviors.

If you are finding that your business’ demographics are evolving as you grow, then you will need to adjust your business strategy, concept, and offerings as well.

Always stay up to date and never fall behind, because if you do, a competitor will surely surpass you.

Untapped Markets

Innovative entrepreneurs know that limitations are the antithesis of success.

Those who place limitations on their ideas of growth aren’t thinking big enough.

The most successful entrepreneurs try to come up with ways they can reach untapped markets and cater to those who may have never thought to consider their products or services.

This is where demographics and potential partnerships come into play.

You know your current demographics… Is there a certain group of people you think might be interested or in need of what you have to offer but don’t currently shop from you? Think about how you can reach those people. This might be through partnerships and collaborations, marketing campaigns, or introducing a new product offering to cater to this group in particular.

Most people don’t know what they want.

You have to show people why they need your products and services.

It’s all about marketing and delivery. You create the perception people will have of your products and services via marketing. Marketing has the power to make or break your business.

From a business perspective, it’s all about creating the perception that people “need” what you offer and making sure they come back for more.

Most people don’t actually need the majority of the things they buy…

Innovation Looks Different for Every Business

This is where your creative brainstorming comes into play.

Depending on the industry, current + future trends, market demands, and the economy, there are many factors that every business needs to consider while thinking about ways they can be innovative.

As an example, did you know that nearly 50% of Gen Z uses Instagram and TikTok as their search engines? What does this tell us about Gen Z? Should Google be nervous? What does this tell us about the power of social media? Will Google launch its own social media platform to compensate? 

This is exactly why it’s so important for companies to innovate…

Those who stay stagnant will fall behind and may even go out of business.

Pizzerias, on the other hand, don’t really need to worry too much about their business model going “out of style,” considering 43% of Americans eat pizza at least once a week and 83% of Americans eat it at least once per month.

However, if a pizzeria wanted to beat its competitors, it would need to be innovative in some sort of fashion.

Maybe that means creating new pizza specials, a unique sauce or crust, or some other offering that makes them stand out from their competitors. Anything that will get Guy Fieri’s attention 😉

🚨 Did you find these tips helpful? Don’t forget to share!

➡️ READ MORE: The Importance of Choosing the Right Location For Your Business

ABOUT THE WRITER:

Elena Patestas is a journalist and writer for Valuetainment media. She attended Pepperdine University in Malibu, California, and Adelphi University on Long Island, New York. She was born and raised in Roslyn, New York, and currently lives in Miami, Florida.

Elena is passionate about bringing positive change to our world and believes education is the root to solving many societal problems. After overcoming a chronic health condition, Elena became passionate about health and believes food is the key to preventing dis-ease and achieving optimum health.

Amongst her many goals, she hopes to bring positive, impactful change to our world to create a healthy, financially sound, and unified society.