It is a common misconception that businesses fail just because “it is inevitable” or because of “bad luck”. We have heard of news about certain companies running out of money because competitors emerged and got hold of their customers, leaving them with no sales and no income. In fact, and this is true in the case for most failed companies, it is not your competitors’ fault! Because you are the one who controls your company. It is you who establishes your strategy. And it is you who will be thinking of ways to innovate your products and services.
The last item is very important in making sure that your business keeps its success in tact. Innovate. In its simplest definition, innovation is the process of improving and modernising something that is already in commerce. It means finding a better way to present your products and services to give it a twist!
One of the reasons why your competitors succeed in taking over your spot is that they provide something fresh to your customers. The phrase “for a change” means more than just a simple expression from your buyers. Your customers are continuously seeking for a change, for an alternative taste, for a different experience. The products you already have and the services you already provide may be too outdated for your customers. This, however, does not mean you need to totally eradicate your products and services. It just means you find ways to adapt to the demands of the changing time.
Take Coca Cola Co., for instance. There was only the traditional Coke back then. As decades went by, the company had to innovate to adapt to the changing lifestyle of its customers. And as we know, the results are Diet Coke, and more recently, Coke Zero. Because of this, its competitors remain unsuccessful in overthrowing Coke from its international throne.
Briefly summarising the point of this article, I wanted to let you know that innovation is key to your business growth and success. Your invented product may help you jumpstart your business success but it is your capability to innovate that will keep you enjoying success in the long term.