Innovation isn’t only for the big dogs!
In today’s world, we are finding that more and more small businesses are not able to lead the way in innovation. You might be asking yourself why that may be so. It is not for lack or trying or desire. It is simply that smaller businesses do not have the budgets, the staff, and the vision that larger companies can commission. Clearly, the challenge for small business innovation is to break past the glass ceiling that keep it from innovation, and actually get into the game! Fewer than half of small businesses were brought into being as the result of a new idea, according to a study by Erik Hurst and Benjamin Wild Pugsley of the University of Chicago. They state that most new business is another Me-too venture, providing the already crowded marketplace another grocery, plumber or florist. Little innovation required, and thus little growth.
So what does it take for a small business to move from the ordinary to a business that is leading innovative ideas in their space?
4 Strategies for developing a culture of innovation in your business!
- Reward and encourage innovation – Give your staff perks and tangible rewards for identifying and helping to implement new and innovative initiatives. Creating some excitement around finding new and better ways to run your business ought to benefit them as well.
- Understand your markets’ desires and needs – Keep up with the latest trends and ideas in your market. Make sure to be hooked in to all the news and views that are effecting your organization, and take action on what you hear and see!
- Be sure to connect with your existing customers – Listening and taking into serious thought what your customers say about not only your business and products, but about what their wish list contains is vital in helping to understand a direction you might want to investigate. Keep the conversation centered around the customer’s problems, and use those to help forge solutions!
- Be open to new ideas – Don’t be reluctant to try new things. A great demonstration of this in action is Behance.net, a Web-based platform for creative works, where artists can present their work regardless of their resumes, hoping to turn more ideas into reality.
Ready to take your business from the ordinary to the extraordinary but not sure how that looks from a marketing perspecitive? Contact Extreme Marketing Concepts today at 813-863-1452. We may be able to help.