“Innovation is the only way to win” – Steve Jobs
Business ideas that once remained fresh and new for a long time now, become ‘old’ faster than any business that is not able to match pace. Customer segments are more diverse, a lot smarter and have the resources to spend. However, they are reluctant to invest in companies that seem to be lagging and are ‘attracted’ to innovative companies – those that create value for them through every aspect of the company’s business. Innovative companies are able to attract not just customers but also the brightest market talent, investors and other stakeholders, which in turn makes them a formidable competitor to the other players in the market.
Innovative companies are more attractive to customers since they have a customer-focused approach rather than looking at business from the perspective of defeating their competitors. Companies that strategize around customer needs and expectations are better equipped to create and innovate depending on what their customers want rather than constantly engaging in ‘battles’ with other market players. Innovative companies attract a variety of customers since they would create products and or services that no other company has thought of. When there are no competitors to offerings that customers need and attach value to, it is obvious that customers would ‘move’ towards the company, which does produce those offerings. Innovative companies do not become so overnight – it takes time and a genuine effort to change the mind-set and culture of the company. Such companies seek to push their boundaries and move out of their ‘niche’ and comfort zone to create products that would reflect real innovation and value for their customers. It is no surprise then that customers are ‘attracted’ to such companies and would be willing to pay more for their products.
Innovative companies are those that not only create products that others do not, but also deliver consistently on promises made to their customers while ensuring that they continually tap into different sources of profit. This is a completely new mind-set, which is worth pursuing and sustaining actively. Innovation requires a ‘paradigm shift’ from traditional methods and processes. Given the widespread and large scale changes required, companies that do achieve it are not easily imitable, which broadens their chances of success. Their ‘lead’ in the market through such products and services is durable and more sustainable. While achieving such a status is not easy, it is not impossible either. It is about a company willing to seek out new business models and ways to leverage on its strengths and available resources and creating new ideas and products.
What differentiates innovative companies from the others? Such companies are more ‘attractive’ to all kinds of customers because they are able to redefine and reinvent the meaning of value for customers. It is not a revolutionary way of doing things but rather improving on the value that customers derive from their offerings leading to customer trust and loyalty. Innovative companies are proactive. They do not lie in wait and react to what their competitors do but rather change and redefine their internal processes and departments to deliver more value to their customers while sustaining their profits before anyone else can do so. Innovative companies do not let ‘normal market practices and products’ sway or way lay them. Rather they are the first to set the pace and practices of the market by the new products and services they create.
Innovative companies do not just walk down the path of creating something different. They first make their processes and core of the company strong enough to deal with the changes that will ensue. They look at ways to minimize risks and seek out strong external partners for capital investments. Innovative companies are more attractive to customers and others simply because creativity and innovation are a ‘way of life’ for such companies. It is not a one-time effort – they would invest in putting together experienced and passionate teams to manage the innovations and the resultant changes. This shows their commitment towards innovation –managing these efforts separately from the core business of the company.
Any company is in business because of customers. Innovative companies take this a step forward and seek out products and services that would solve a wider range of problems for its customers. This adds value and dependability to these offerings – making them more attractive to existing and prospective customers. As mentioned, the face of customers and the business environment has changed drastically. If a company were slow to adapt to these changes, their business would soon decline and become irrelevant for any customer base sooner than they expect. Innovative companies realize this danger, therefore make quick decisions, and change their business model before it is too late. In fact, such companies would set the pace of their progress rather than allow market norms to dictate their onward movement.
Innovative companies have a forward thinking approach and a broad outlook. They are not averse to seek out new business partners, who in turn would provide them an entry to unexplored markets and customer bases. Such companies remain prepared for these changes and are able to scale quickly, their business in these ‘unknown’ areas and hitherto unexplored customer segments. Their change ability and adaptability enable them to select the right approaches to evolve and introduce products and services that which no one imagined conceivable, hitherto. Their approach is direct, specific and is single-minded in its focus to serve its customers and lend more value than ever thought possible.
Innovative companies are attractive to customers since innovation and creative springs forth from every communication, strategy and business process. Such companies are in a mode of continuous improvement, visible changes and have a thought process of new ideas to serve their customers better. When innovation is at the core of any company, even the jobs in the company and people they bring to do these jobs become important. They hire people that have proven abilities to innovate and have in their past jobs, introduced ideas that seemed radical but still had great positive results. Innovation becomes a necessary ability when hiring. Such hires are more comfortable with the fast-paced and restless culture of such companies and would be able to adapt more quickly than those with a traditional mind-set would.
Innovative companies do not just hire the most creative talent they also consistently recognize the capability of such people. In order to strengthen and sustain creativity and innovation, these companies have a formalized reward and recognition program that recognizes efforts made towards these traits. Employees are encouraged to come up with ideas – however implausible – and implemented ideas are recognized. Such recognition encourages others to ‘put on their thinking, creative caps’ and put forward their ideas for change. The fact is that no company can hope to change successfully unless they have internal support and collaboration. The workplace must consist of people that are passionate and energized to affect change and innovation. Open communication and encouragement must be part of the culture and failure should be an opportunity to improve and move forward. Innovation and internal processes must coexist. Innovative companies understand this and are able to implement changes in their processes in a way that benefits their customers and brings rich rewards for their company.
