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Innovate for your Business to Succeed

Release Date

21 August 2013

Innovation is a critical aspect of staying commercially viable in the market place. Providing innovative products and services to your clients affords you the opportunity to maintain your USP and an edge on your competitors. 
 
However, innovation isn’t just about creating radical changes to your offering. In fact, good innovation is typically found in the incremental changes you might make to your business model, product, customer service, sales and marketing, manufacturing process or other aspects of your business that will result in a better user experience and sustainable market share.  
 
Incremental innovation may better, broaden or make your offering bigger. Bold innovation takes money, resources and time and for many a showstopper.
 
I recently attended the Australian Business Congress where over 1,000 C-Suite executives heard from high profile speakers including renowned management guru Jim Collins and Chad Hurley, Founder of YouTube. Both Jim and Chad in their respective ways emphasised that the attributes of a Great versus Good business was one that preserved its core and stimulated progress simultaneously.  
 
After spending 25 years studying Great companies, Jim recommends a focus of 20% on innovation with 80% preserving the core of your business greatness.
 
In Chad’s case, it was the process of video sharing and using flash – tools that already existed - that has made his business a worldwide game-changer in the consumption of video content. 
 
At the core of successful innovation, large or small is the user’s perspective. An understanding of exactly how your product is being used in a real life instead of basing improvements on what people are telling you will make a huge difference to the outcome of your R&D. 
 
As the year ramps up quickly and we become absorbed in the day to day running of our business, make some time to think about which parts of your business you can improve. What changes can be implemented that will see the end user using the product to its full capacity? What improvements will increase customer satisfaction hence increasing retention rates and your revenue? This is the true reason why businesses innovate; to ensure the customer has the best experience possible and continues to use our products.
 
After all, the customer is the person that we innovate for right?
 
Paula Martin
 
General Manager, Australian Business Consulting & 
 

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