{"id":1493,"date":"2019-12-18T15:52:00","date_gmt":"2023-10-18T15:52:40","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=1493"},"modified":"2024-01-12T18:47:53","modified_gmt":"2024-01-12T18:47:53","slug":"to-grow-your-company-drive-innovation","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ca\/blog\/to-grow-your-company-drive-innovation\/","title":{"rendered":"To Grow Your Company, Drive Innovation"},"content":{"rendered":"\n

It\u2019s hard to stay stagnant in business over the long run. The hope is that you\u2019re gaining ground and growing your company and customer base. There\u2019s the alternative, of course, but there\u2019s no staying in neutral. Many companies try to retain and grow their market share by getting into price wars with their competitors. Others try to grow their reach by acquiring competitors.<\/p>\n\n\n\n

Another option, one that can help make good companies great, is to grow market share and earn new customers through innovation.<\/p>\n\n\n\n

Pricing wars can dissolve brand equity or attract customers from a different audience than your target personas. As for acquisitions \u2014 they don\u2019t always guarantee success, and there are often growing pains associated there, too. Innovation, on the other hand, can create new income streams and increase value to existing customers, growing your revenue per customer<\/a> substantially if the innovation is researched and executed properly.<\/p>\n\n\n\n

Technology changes so rapidly that in order to survive, a company must be adept at keeping ahead of the curve. Thriving requires the creative, forward-thinking approach that drives innovative thinking so that you not only stay current, but in many cases one step ahead of the rest of your industry. Your customers will take notice and will often reward your innovations with loyalty.<\/p>\n\n\n\n

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What is Business Innovation?<\/h2>\n\n\n\n

Whereas invention is the creation of something entirely new, innovation<\/a> is typically introducing something new to your business. The Conference Board of Canada<\/a> explains four major types of business innovation.<\/p>\n\n\n\n

1. Radical Changes to Products or Services<\/h3>\n\n\n\n

This type of innovation could include creating a new division and product offering to meet growing consumer needs.<\/p>\n\n\n\n

2. Radical Changes to Processes<\/h3>\n\n\n\n

When a company improves current businesses systems \u2014 either their own or the industry standard \u2014 it can increase efficiency<\/a> and get products in the hands of customers faster.<\/p>\n\n\n\n

3. Incremental Improvement to Products and Services<\/h3>\n\n\n\n

Develop new services or products that enhance existing offerings to increase your company-customer relationship timeline.<\/p>\n\n\n\n

4. Incremental Improvement to Processes<\/h3>\n\n\n\n

Most businesses have ways they can be more efficient or effective, and customers and front-line employees often think of these types of improvements as they use the product or interact with it. These innovations can affect the company, the customer, or a third party, such as the environment, which in turn can improve the company\u2019s reputation. <\/p>\n\n\n\n

Innovation elevates great companies because it gives them the perspective to put a spin on current opportunities and create new, useful solutions.<\/p>\n\n\n\n

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Two Keys to Driving Innovation<\/h2>\n\n\n\n

It can seem overwhelming to try something completely new for a business. Just like any big goal, you look around and wonder where to start. Fortunately, some of the most effective means of innovating start small and grow the creative process one step at a time.<\/p>\n\n\n\n

More importantly, when a company wants to drive innovation, it needs its leadership to promote two specific lines of thinking.<\/p>\n\n\n\n

Answer the Question \u201cHow Can We Do This Better?\u201d<\/h3>\n\n\n\n

In order to continually innovate, team members from the C-suite at the top of the organizational chart to the newest interns must learn to ask an important question: \u201cHow can we do this better?\u201d<\/p>\n\n\n\n