Do Innovative Brands Spell Better Success
With companies spending a great deal of time on new and creative ideas, innovation has certainly become the future of business. Innovation creates success and one of the keys to being successful is being innovative in your business. It’s no surprise then, that a new survey released by PwC finds that 75% of 226 CEOs and CFOs of private businesses report that they have made innovation a priority.
Companies that have made innovation a priority expect to grow 63% faster than others, forecasting 8% revenue growth over the next 12 months, as against 5% for non-innovators. When discussing innovation, inevitably Apple and Google are innovation champions of the same kind. In a talk on Innovation at World Economic Forum 2012, consultant John Kao said, “The Apple model is more edited, intuitive and top-down”. And when asked what market research went into the company’s elegant product designs, late Steve Jobs had a standard answer: “None”.
“Google speaks to the power of data-driven decision-making, and of online experimentation and networked communication. The same Internet-era tools enable crowd-sourced collaboration as well as the rapid testing of product ideas — the essence of the lean start-up method so popular in Silicon Valley and elsewhere…”
This way, they create an identity that on the basis of a genuinely personal innovation model. Innovation is more than just “an improvement”. While improvement is taking what you have and making it better, innovation involves discovering new methods and making changes. Being innovative requires you to think and be wacky. Albert Einstein once said, “If at first an idea doesn’t seem totally absurd there’s no hope for it.” Innovators must take risks, often big ones, by moving toward the absurd, the “seemingly” irrelevant, in order to create a competitive advantage, while competitors move in the “obvious” direction.
Research shows that consumers respect brands that are constantly moving forward. Consumers want new products to make their lives easier, and most don’t believe in creating something new for the sake of it. Take Steve Jobs, he always adapted and moved forward. Few would deny that the iPod is a great product surpassing any other mp3 player offering. It was Steve Jobs constant drive for innovations is what Apple drove right on through a green light towards victory, and made the iPod, “the Walkman of the early 21st century.”
New ideas by themselves are worthless as most successful strategic innovations need more than a great idea. It is important to move from idea capture to execution, and that is where the majority of companies stumble. Companies need successful idea management solution that helps them right from idea inception all the way through development and implementation.
In such a fast-changing environment, with innovation being so important to both consumers and business, many companies open permit innovations for the sourcing of the best ideas from across the world thereby contributing to better their growth and success.
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