Modern Industrial Revolution: Innovate or Dissipate
Did you know that the can opener was invented 80 years after cans? This displays how the solutions to our problems come way later because identifying and introducing new means of doing the same or mundane things often seeps in and industries that fail to adopt new ways, technologies, and systems fall prey to losses and shutdowns.
Innovation is perceived as doing usual things in a unique way or doing something distinctive altogether.
Innovations can be Revenue model based where a company changes prices of the products/ services, Business model Innovations can include changes in the form of alliances, upgrading business tools, and sales tactics. Industry model innovations consist of changing marketing strategies and venturing into different industries among other techniques.
This is your Guide to why Innovation is important and lessons from the Titans of the Business World
How to Introduce Innovation without taking Risks?
Most organizations may find changing their stable strategies very difficult as there is uncertainty regarding consumer acceptance, in such cases, you can opt for research on the probable reaction by sending promotional emails and google forms or if you don’t have budgetary constraints hire a research team that will help you with data surveys from your target audiences. You can use studies available online to gauge changing trends. Production houses use services from a certain Media company, where the entity submits the movie’s star cast, plot lines, and other relevant data, and then it helps convey the public sentiment towards that project to the entity to help them with better decision making to ensure compatibility with the public.
Other ways include sending out samples or regularly asking for feedback from direct consumers to get a clear view.
Using Innovation to Respond to Competition and Trends-
Consumers are Spoilt for Choice so what makes your brand stand out?
When the health industry began getting a deeper hold of the public and everyone became aware of the adverse effects of sugar, Brands like Pepsi and Coca-Cola were on the verge of losing market share due to the high content of sugar in their products. This was a huge challenge since these products thrived on sugar for their taste
However, the then CEO of Pepsi Co Indra Nooyi decided to handle this health wave with a unique idea. In order for the public to not recognize the change of taste caused by decreasing sugar, they kept reducing the sugar content over a few months with each batch of the Pepsi bottles. This ensured that the sugar content levels dropped to suit the now health-conscious public and the taste changed over a period of a few months so the public didn’t notice. Coca-Cola handled this by introducing Diet Coke to appease the health freaks!
Adapting the Changing Psyche
Industries have shifted to problem-solving and no-inventory service-oriented mechanisms. Uber owns no taxis, Swiggy and Zomato own no restaurants and BYJU’S owns no schools. These companies are set up to ease connectivity and provide an “all under one roof experience.” They adapted to the changing preferences of how most people wanted to get access to all services/ products to pick, choose and browse. Dating apps like Tinder, Hinge, and Bumble could sense how meeting new people can be made easy, and the growing inclination towards casual and short-term relationships and the increased use of the internet as a mode of interaction could be made a viable business.
If you can see 10 years from now, you are at a huge advantage. Elon Musk invested in Space Exploration and Electric cars due to foresight. Jeff Bezos incorporated Amazon, an internet-based service way back before the internet boomed. They made billions off of their ability to gauge what the market will be like a few decades from now and was patient enough to let their vision unfold.
WeWork, a company that provided workspaces to entrepreneurs, freelancers, students, etc has now expanded to 46 cities and 174 office locations. They could sense that working at Starbucks, public libraries and offices were getting old school.
How the public perceives your Brand should be a concern treated with priority. Venture Capitalists often prefer investing in companies that are mission-driven and have positive social impacts. Companies like Feed Supper have made meal gatherings a means to help feed underprivileged children wherein you ask your guests to donate in advance for the meal and contribute it to charity. This turns a regular get-together into a means to make this world a better place.
Many sustainable brands are attracting investors from across the globe because these organizations will survive the inclination of the consumers to cause less harm to the environment and support businesses that make this world a better place.
The entrance of Jio into the Indian market led to several telecom companies shutting down or merging to survive. Café Coffee Day made a tea-drinking nation open to Coffee dates and Amul made dairy an Indian household necessity. These brands made their place in people’s hearts and minds by increasing convenience and tapping the market by targeting a new idea to sell to the audience. If you see someone bragging about using a product or service, then it will be it! Such as,” Who uses calculators anymore? I only use Splitwise.” “How can you not know Nykaa, I don’t buy from stores anymore. Nykaa delivers in a day.” The day your consumers start discussing your products and services like this, be rest assured you have arrived.
What you buy/ endorse speaks volumes about what you stand for. The coming generations are becoming more mindful than ever. Implementing these tips and observations will ensure your brand remains relevant and quality-oriented both economically and culturally.