How Do I Grow the Business of Innovation?

Introduction

More often than not, businesses can forget about the end user and the relationship they have with them. Getting wrapped up in the creation of the next widget to sell them can cloud the perception of need vs want and undermine that strong loyalty a consumer may have with your brand.

The focus should always be on what the customers want and need and in accommodating for this you will be certain to innovate wins across the board for your company and your customers alike.

Sell the Customers What They Want

People don’t want kettles; they want hot water.

Sometimes the simplest answer is the best: focus on customer not the product.

If you’re looking at driving profit and growth from innovation, that innovation should focus on solving the customer’s problem and not just making a better “kettle”.

What Data Statistics Tell You About Your Customers

You can use all the big data statistics you want but that only tells you what the customer is doing, not what they want.

Companies like Amazon use big data to solve the customers’ problems in an interesting way to understand the customers and their brand.

Solve Your Customers’ Problems

“If I asked customers what they wanted, they would have asked for a faster horse.” – Henry Ford

Customers know what they want most of the time but try and describe an iPhone and what it is capable of to someone 9 years ago. They wouldn’t be able to tell you what it is. The iPhone was designed not because customers wanted it; it was designed because there were limitations and issues with the older phone models that needed to be addressed and solved. The iPhone was the solution.

Zero in on your customers issues and do everything you can to solve them.

Add Value to Your Middleman Position

Stop abusing your middleman position and start adding value. Banks are often looked at these days as cumbersome middleman stopovers to access money when there are other avenues to pursue funding such as on websites like ‘Kickstarter’. Digital disruptors like Kickstarter can get around the old-fashioned hoops the banks have set up and streamline your business into action faster than ever before.

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