When you start your own company, it’s because you have the drive to sell a product or service you truly believe in. You feel that this item will add value to the lives of consumers or the world at large. But how do you stay in business and make progress in the professional world?
The answer is strategic innovation.
Think of some of the most prominent companies in the world: Netflix, Starbucks, Amazon, Apple. What do these companies have in common? They all found ways to reap the benefits of strategic innovation in their respective industries. Each of these companies found a way to deliver value to the lives of their target audience, and that’s why they continue to dominate in their fields.
How can you master the art of strategic innovation? First, you have to start by asking yourself two key questions about your brand.
Question #1: What business are you REALLY in?
If you think about how this applies to a company like Starbucks, you might initially think they’re in the business of coffee, but you’d be wrong. Starbucks is in the business of connecting people. Customers know they can go to Starbucks and have a conversation with friends, go there for an interview, get some work done and enjoy the environment around them. Starbucks’ founder knew this, and that’s why the company is now a global phenomenon. It’s more than coffee – it’s a meeting place.
Question #2: Who is your customer?
You can run all the demographic tests you want, but until you really know who your target customer is and what they’re looking for, you’ll fail. Who are you trying to reach with your target or service? Think about it carefully and find a way to meet this person’s needs better than any other company can.
Aiming for strategic innovation at your company doesn’t mean constantly trying to improve upon what you’re doing – it’s more than that. It’s about looking to the future and staying ahead of the curve, so you can always supply people with what they’re going to need instead of just what they need right now. It’s not enough to come up with new versions of your product unnecessarily. Instead, you really need to think about what you’re creating and find ways it will add unmatched value to the lives of your customers.
The greatest companies in the world strategically innovate, and that’s how they keep their client base. Think about it: Would Blockbuster still be in business if they had strategically innovated? Instead, another company, Netflix, swooped in and broke down barriers. Netflix was successful because they were able to see the appeal of mailing movies directly to people’s homes, and eventually the power of streaming services.
How can your company stay relevant and work toward strategic innovation?
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Tony Robbins is a #1 New York Times best-selling author, entrepreneur, and philanthropist. For more than 37 years, millions of people have enjoyed the warmth, humor and dynamic presentation of Mr. Robbins' corporate and personal development events. As the nation's #1 life and business strategist, he¹s called upon to consult and coach some of the world¹s finest athletes, entertainers, Fortune 500 CEOs, and even presidents of nations.