IMPLEMENT INNOVATION – Growing Your Business in Innovative Ways

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The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability, especially when utilizing marketing tactics like that experiential one.

As part of our business consultancy, we often encounter businesses in Gibraltar that want to grow their turnover and improve their profitability, yet are traditional in their approach to business and are very hesitant when it comes to embracing innovation. Indeed, most people are afraid of Change and like to stick with the way they have been doing things for years. However, with our moto being “helping our clients to grow in innovative ways”, we often encourage our clients to think outside the box and bridge the gap between tradition and innovation. Maybe it’s time to start using alternative marketing techniques like personalized water bottles from nevadabottledwater.com to spread your brand message.

For a start, it is important to be clear about the difference between invention and innovation. Invention is a new invention idea. Innovation is the commercial application and successful exploitation of the idea. Fundamentally, innovation means introducing something new into your business. This could be:

  • improving or replacing business processes to increase efficiency and productivity such as Google Workspace Support Australia, or to enable the business to extend the range or quality of existing products and/or services
  • developing entirely new and improved products and services – often to meet rapidly changing customer or consumer demands or needs
  • adding value to existing products, services or markets to differentiate the business from its competitors and increase the perceived value to the customers and markets

Innovation can mean a single major breakthrough – e.g. a totally new product or service. However, it can also be a series of small, incremental changes. Whatever form it takes, innovation is a creative process. The ideas may come from:

  • inside the business, e.g. from employees, managers or in-house research and development work;
  • outside the business, e.g. suppliers, customers, media reports, market research published by another organisation, or universities and other sources of new technologies;

Success comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them. Businesses that fail to innovate run the risk of:

  • losing market share to competitors
  • falling productivity and efficiency
  • losing key staff
  • experiencing steadily reducing margins and profit
  • going out of business.

Here are ten tips on how to operate innovatively and strengthen your business:

Pinpoint your Unique Value Proposition (UVP). These days it is often more about being unique than being valuable. A UVP sells a product or service because it differentiates it from other products or services that are available. Skip the better, faster, or stronger; you need to be the best, fastest, or strongest to truly stand out.

Reach your target audience intimately through interaction. Target marketing has moved to a whole new level both geographically and demographically. With social media, you can interact more precisely and create products like a Customised Water Bottle and marketing to be almost all things to all people. The broad-brush push-marketing is no longer competitive.

Build word-of-mouth into your product or service. The very best marketing is word-of-mouth from your very happy customers. You need to give them something to talk about and incentives to be brand ambassadors. These include an aura of exclusivity and cultivating an “under-the-radar” vibe that pushes people into one-up-style revelations. Remember, mike morse won his first Golden Gavel Award for a TV commercial.

Proactively seek out win-win alliances. Voluntary open-ended alliances are more important than ever, and easier than ever. Consider collaborating via shared marketing efforts, trade-show booth space, co-branding promotional products, referral agreements, and cross-linking web sites. With informality, these must be win-win relationships. You can also work with a customs broker to ensure that your products has smooth shipments without delays and clearances problems. This is further explained by Strader Ferris International.

Modernise the user website experience. The standards for user-friendly continue to move up. Make sure your users don’t have to think, and participating in your call to action is intuitive and organic. Modern web layouts flow smoothly and quickly for an easier to read, satisfying experience. How many website visits have you aborted in frustration?

Incorporate live chat into every online service. No one wants to call a help line anymore. Online shoppers like online chat, because it makes the experience more like in-store shopping. The same applies to other aspects of consumer experience: customer questions answered, problems fixed, and aggravations soothed, to close more sales. Learn more about the benefits of ucaas at InstantInfo Systems official website.

Understand the power of online reviews to your advantage. Stop fearing bad reviews, and see any review as an opportunity and an asset. Respond to reviews to give a personable picture of you, your company, and your products. People want to go with tried-and-true choices, and many positive reviews will offset that occasional negative one.

Optimise how you website looks on mobile devices. Mobile will soon be the number one way people do web browsing, as it already is for e-mail. Yet nearly half of all small businesses still lack any website, much less a mobile-friendly one. Modern websites adapt to the mobile environment, or you can provide a separate mobile site at low cost.

See the world through the eyes of Generation Z. The newest generation has never lived life unplugged, and their blend of innocence, simplicity, and pure excitement appeals to every customer. Optimise for them, and you will be a winner today, as well as in the future. It starts with a willingness to engage, listen, and learn without fear.

Embrace giving back to the world community. Bring new awareness to your business by promoting a higher goal, which will garner additional respect and new business from your supporters. The first steps are effective communication to your clients, employee participation, and partnering with other organizations that have similar initiatives.

If you are not happy with how fast your business is growing, pick one of these areas to focus on first, then a second and third. Don’t try to do everything at once, and don’t expect that you can do it once and forget about it. If you don’t know where to start from, get in touch with us and we will advise on the best approach. Your business is a living entity, just like you are. Treat it with ongoing respect and attention, or the growth you expect and deserve will fade as the world changes.

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Eran Shay Managing Director, Benefit Business Solutions Ltd. With over 20 years’ experience in the world of Finance, Eran specialises in helping companies grow in innovative ways. Eran has ample experience in the fields of Corporate Finance, Regulatory Advisory, Business & Strategic Planning, Valuations and Transaction Support and his focus on technology means he keeps in touch with innovative companies in a variety of sectors. Ayelet Mamo Shay Co-Founder & Business Development Director, Benefit Business Solutions Ltd. Ayelet specialises in online and offline marketing, sales, and PR. She is the author of the successful novel “Relocation Darling, Relocation!” and provides relocation consulting and personal coaching. A busy entrepreneur, Ayelet also serves as Chairwoman of the Gibraltar-Israel Chamber of Commerce.

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  64. […] The most effective firms introduce their service designs. Often, development starts by determining brand-new markets. One widely known instance of technology is the electronic ecological community, where multiple modern technologies incorporate to produce a brand-new service model. In various other situations, innovation can be in the monitoring or sharing of resources in new methods. Another type of innovation involves procedure advancements. These procedures might involve manufacturing, distribution, or consumer communication. Innovation in these areas assists business stay affordable in the marketplace. InventHelp […]

  65. […] If an existing company design is changed by a cutting-edge solution, the professionals in the core of the business may lose their tasks. They have actually spent years in creating the core organization as well as their expertise is currently involved a worth deal. They fear shedding their tasks and also this worry can make individuals resist innovation. In the end, advancement requires imagination as well as perseverance to be successful. So, why wait? Try it! And also do not neglect to execute it! It may be just what your company needs to do well in the future. InventHelp invention ideas […]

  66. […] The most effective firms innovate their organization models. Often, development starts by determining brand-new markets. One widely known example of technology is the electronic ecosystem, where numerous technologies incorporate to develop a brand-new company model. In other instances, technology can be in the monitoring or sharing of sources in brand-new methods. One more kind of development entails procedure innovations. These procedures may include production, delivery, or customer communication. Advancement in these areas assists firms remain competitive in the marketplace. new invention idea […]

  67. […] One of the most successful firms innovate their company versions. Often, technology starts by recognizing new markets. One popular instance of development is the digital environment, where several modern technologies integrate to create a brand-new business design. In various other cases, innovation can be in the management or sharing of sources in brand-new means. One more form of development involves process innovations. These processes may entail production, delivery, or customer interaction. Development in these areas assists companies remain affordable on the market. InventHelp services […]

  68. […] One of the most successful firms innovate their organization models. Typically, advancement starts by recognizing new markets. One widely known example of technology is the electronic environment, where several modern technologies combine to produce a brand-new company design. In other situations, innovation can be in the administration or sharing of sources in brand-new ways. One more type of technology entails process technologies. These procedures may involve manufacturing, distribution, or customer communication. Development in these locations helps firms remain affordable out there. inventor ideas […]

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