As they say, necessity is the mother of innovation. And this theory or a phrase holds so much significance even today. In today’s dynamic market that is high the aspects of competition and evolvement in nature, it is very necessary for the brands to understand the Importance of Innovation.
Embracing the facet of change and figuring out the exact needs and demands of the customers in the market, the company can come up with the products and services that are novel, new, and innovative in their approach and shatter the glass ceiling with their unique features and attributes.
Let us discuss the Importance of Innovation
1) Competitive advantage in the market
As mentioned above, the market nowadays is quite dynamic and volatile in nature. And the main reasons behind the same are the ever-growing competition from the new as well as the established players in the market, evolving tastes of the customers, and the changing norms and policies of the government.
Hence, in to successfully survive and thrive in the competitive market, it is essential for the brands to come up with the product and services offerings that are high on the aspect of innovation giving the brand the much required competitive advantage.
2) Loyal customers
One of the most difficult tasks for the brands in the market is to retain the long list of loyal customers and keep on adding to the list. And that is only possible when the brands are able to solve their pain and problem areas with the product and service offerings that are new, novel, and innovative.
Hence, it is very crucial for the brands to realize the Importance of Innovation to keep their cash registers ringing and profits elevated by keeping the customers happy and satisfied.
3) Unique selling proposition
If we conduct market research that can be of primary or secondary nature, we will figure out that each and every successful brand has a unique selling proposition. And that is their intellectual property and works as an inspiration for their contemporaries in the market. And the unique selling proposition can be arrived and derived on the basis of innovation.
And once the brand’s USP is hit amongst the target audience and they are accepting the same with the open arms, there is literally no looking back for the brand. And it is the aspect of realizing the Importance of Innovation that has given the brand’s its unique selling proposition.
4) Enhanced brand value
If we take a look at the brand examples that are known for their high brand value, it is the factor of innovation that makes it possible for them. KFC is known for its unique flavors, Apple is known for its cutting edge technology, and Louis Vuitton is known for its high-end quality and design elements.
The examples are many, but the main underlining fact is that all the above mentioned brands are offering something to their target audience that is unique and innovative in nature. And why is their mention in this article and many others? Owing to their enhanced brand value amidst the tough competition in the market.
5) Constant Improvement
Research and development are slowly becoming a huge part of every company in order to stay relevant in the market beating the competition. And one of the crucial motives of the management of the firm behind the same is to come up with the products and services that are high on innovation and novelty.
With the continuous research and development, there is a constant improvement in the offerings of the firm as they are as per the latest trends and preferences of the customers.
Innovation, constant improvement, and continuous development; all combined give a competitive edge to the brand.
6) Attracts expert talent
There is a lot of talented workforce in the market that is looking out for the opportunity and the company that is open to new ideas and innovations. And when the firm itself is open to embrace the aspects of innovation and break the mundane rut of traditional offerings, it attracts expert talent.
The young generation goes with the latest trends that are ruling the market plus also have the strong acumen of what will be the future as well. Hence, it is quite vital for the firms to understand the Importance of Innovation in order to attract expert and talented workforce.
7) Growth and Success
With the factors and attributes of innovative products and services that are meeting the needs and demands of the customers, expert and talented team of people, through research and development, and the long list of loyal customers; the company grows in leaps and bounds enjoying the pinnacle of success.
Innovation and coming up with the offerings that are unique and rational in nature is the must to fight the competition and stay relevant in the market as well as in the minds of the customers.
8) Creative edge
Understanding the Importance of Innovation and following the same in each of the business operations gives a much required creative edge to the brand. Innovations have to be creative in nature apart from meeting the aspects of rationality and functionality.
As many a time, it is the aspect of creativity that attracts the customers and work as the pull factor. It can be in design, the functionality of the product or the packaging; the tinge of creativity with innovation is a mandate.
Conclusion :
By the end of the article, it is quite crystal clear that the firms have to understand the Importance of Innovation. It helps them beat the competition, enhances brand value, attracts customers, and retains loyal employees amongst various other benefits listed above.
Innovation is not restricted just to the functionality of product or service. It can be added to the customer service levels, packaging design, design elements of the product, and much more.
All the latest technological advancements help the firm to stay afloat on the front of innovation and novelty.
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With a track record of successful entrepreneurship, you have taken over responsibility for an organization that has a poor record of innovation. Explain the issues you would expect to have to resolve and the key actions that you would take to achieve a more innovative culture within the company.