When I ask business owners and managers about innovation, many of them talk about ideas they have percolating but they have never pursued.
They're too busy fighting front-burner issues to think about anything new. But if innovation is going to be a source of new products and revenues, I have three words for you, from one of the world’s most innovative companies: Just Do It.
It’s as simple as that. Innovation is about bringing ideas to market rather than letting them languish on a half-forgotten scratchpad. And innovation doesn’t necessarily mean invention. More often, it’s about acting on an opportunity you have already recognized, or adapting existing solutions for other markets or industries.
How simple can innovation be? Consider these examples:
Seeing the same thing in a different way
Think of the publicity coup for Post’s Shreddies – and its 18-point gain in market share – when it reintroduced the timeless breakfast cereal in diamond shapes rather than squares.
Exploring new markets with the same products (or slightly adapted features)
Toy giant Lego has launched a Lego Friends brand to target girls in addition to its dominating “boy brands” such as Star Wars Lego and Lego Ninjago.
Tapping into (or teaming up with) new market trends
Hyundai now provides a multimedia tablet as an owner’s manual instead of the traditional printed book.
Bringing together features from existing products or markets to create something “new”
The maker of SLAP Watch offers a unique twist on silicone watches with interchangeable faces, bright colours, and spring-coil bracelet – all in one item.
Innovation is the engine that drives your business forward. Think about it: customers are engaged by new and exciting products and services. It gives them something to talk about, a reason to buy again, and more often.
You wouldn’t change the oil in your car just once a year – the engine would sputter and die. Your company shouldn't leave ideation, innovation or the introduction of new – even small – improvements to an annual schedule. Without the tune-up of continuing innovation, your business will also sputter and die.
You should make 2012 the year that innovation becomes a continuous, front-burner activity, just like sales and marketing.
How do you take the first step in your business? Set aside a 15-minute slot in your weekly sales and marketing meeting. Ask everyone at the table to talk about one interesting innovation they have seen in your industry, or better yet, an industry far from your own. Discuss which examples are most applicable to your business, then charge a person or team to flesh those ideas out. Monitor their progress monthly in the same team meetings. Success breeds success, and feedback and inclusivity are its lifeblood.
Winning through innovation doesn’t have to be scary, painful or expensive. Business owners and managers can do it step by step. Start by creating an environment in which employees, trusted partners and even customers offer great new product and service ideas. The active ingredient in “win-novation” is simply creating a process to examine those ideas and pursue the best of them.
The cost is low, the potential sky-high. It’s better to implement a number of smaller innovations than to have big ideas and do nothing with them.
Special to The Globe and Mail
Ken Tencer, CEO of Spyder Works Inc., is a branding and innovation thought leader who helps organizations master better futures. He is co-developer of The 90% Rule, an innovation process that enables businesses of all sizes to identify new market and strategic opportunities, and to map out relevant, high-potential growth plans.
Join The Globe’s Small Business LinkedIn group to network with other entrepreneurs and to discuss topical issues: http://linkd.in/jWWdzT
Our free weekly small-business newsletter is now available. Every Friday a team of editors selects the top picks from our blog posts, features, multimedia and columnists, and delivers them to your inbox. If you have registered for The Globe's website, you can sign up here. Click on the Small Business Briefing checkbox and hit 'save changes.' If you need to register for the site, click here.
Follow us on Twitter: