For most brands and businesses, staying ahead of the competition requires strategy, planning, and the means and resources to execute processes that aim to hit goals and business targets. These are basically etched inside every business textbook, located between the lines of price, product, place, and promotion—the foundation of every business model, created to maximize results.
“Adapt and survive” is an interesting notion, especially when applied in a very competitive industry. Today’s fast-paced living has pushed companies to take action, and more often than not—pushed them out of their comfort zones in order to keep up with the changing trends and demands of their customers. As the competition heats up, the desire for companies to innovate rises: these days, being relevant is almost as important as being able to increase revenues or providing exceptional customer service.
Innovation requires a wide understanding of how change can yield favorable outcomes. For companies, it involves a clearer definition, a broadening of company culture, a target in the form of a simple question: “where can we exactly inject innovation in our current process?” By focusing on strengths and weaknesses in order to define areas of improvement, the ability to set feasible expectations and learning how much effort to put towards creating a change can now follow.
Behind every successful innovation strategy is a team of passionate individuals who run the ideas machine. Assembling an innovation dream team can be sparked by filtering the strategists, subject-matter experts, communicators, collaborators, creatives, and the analyzers. Finding the right people with the right mindset for the job may be a challenge, but it all starts with empowering your people through innovation projects that instill strategy, quick-thinking, and expertise. While the task at hand can be challenging, finding the right balance can produce the right results.
Finally, a skill that can’t be taught through textbooks: innovation requires an open mind, and exploring the many possibilities of collaborations. BMW and Daimler, big names and rivals in the auto industry, recently teamed up by merging their car-sharing business in the hopes of competing better with other car-sharing businesses in Silicon Valley and providing outstanding customer service.
Corporate innovation is vital in keeping brands and businesses afloat. By developing innovative technologies and strategies, companies remain relevant and interesting, and when executed properly—one step ahead of the competition.