How to Adopt a Marketing and Innovation Strategy - Part 1Jun 24, 2019 472 views
Innovative entrepreneurship has to do with the ability not only to manage the business, but to ensure that it does not always remain the same. It is thanks to innovation, to the knowledge of the market trends and to the action in search of the differentiation that it is put into practice.
This leads to better results for the company, even in the medium term, and also serves the needs of the target audience. Taking these elements into consideration, therefore, favors the success of the enterprise.
The point is that many entrepreneurs still do not know how to take the first step. Is it your case? So keep reading and see how to reinvent yourself!
1. The importance of innovating and monitoring market trends
Having a good idea and quality management is very important to the success of the business. However, these elements are not the only ones to be considered. A hint of novelty, update and relevancy is more than necessary to ensure the desired performance.
In this sense, it is very important to innovate and also to monitor what the market changes are. So here's why it's important to follow these steps:
1.1. Keeps the business relevant
A company that stands still in time has much less chances of being successful. Being in the digital age and with constant changes in relation to the market and the public, to be stopped is the guarantee to stop being interesting for those who buy.
On the other hand, when there is a concern to innovate and keep abreast of what is happening in the landscape, you can create and offer solutions that are increasingly consistent with the needs of your niche, not letting your business fall into irrelevance.
1.2. Promotes performance differentiation
Innovation only gets its name because it changes the paradigms of action. By doing what no one else does, your company calls you the attention you need to stand out from the rest.
When a venture ventures into something new and relevant, it is usually rewarded with the attention, interest, and buying decision of the public. More than that, he stands out from those who are doing just the same thing.
1.3. Increases competitiveness
Since the venture can get ahead of the others, it also increases the attraction and interest on the part of the public. This means more sales and better performance, which contributes to increased competitiveness.
In a market with an increasing number of companies, having competitiveness is something that plays in favor of results. It is easier and cheaper to acquire customers, just as you can get better billing.
1.4. Promotes business growth and robustness
From this gain of competitiveness and differentiation, the enterprise can grow. With higher revenues, there are more investments and, with this, increased interest from consumers.
Adopting innovation and keeping an eye on market trends, therefore, are also actions that contribute to the robustness of the enterprise. In the medium and long term, this means that the brand is able to stay in business for longer.
2. How to identify market trends
To innovate, you have to identify what is a trend and what has a chance of success. Only then can you act with assertiveness and be more likely to achieve the desired effects.
At the same time, it is not so simple to see what is on the horizon. However, with some tips it is easier to identify these points, anticipate trends and make the most of them. Recommendations include:
2.1. Meet the Experts View
No one better to make predictions than experts and scholars on a particular subject.
If you notice it, great economics experts, for example, can see the first signs of crisis or economic recovery.
As this applies to any industry, you should go in search of the opinion of these professionals. Track the publications of people relevant to your niche, go after experts on the subject and pay attention to your employees with greater technical capacity.
2.2. Analyze unusual movements
When a trend is about to burst, unusual movements often happen. With the development of the internet, for example, people started to feel the need to communicate - hence, social networks have emerged. In the face of the need to be connected anywhere, mobile and intelligent devices have emerged.
So keep an eye on how the market has behaved and see what cause and consequence relationships are for unusual moves.
2.3. Know what the competition is doing
If your competition is changing the game quickly then this may be a sign that it has identified a trend that you have not yet realized.
While it is not appropriate to copy what other businesses are doing, it is always good to keep your eye on targeting.
This may give an indication of which area is most important to your audience and where are the key changes that should be considered.
2.4. Listen to what the customer has to say
Every market transformation is motivated by the customer or gained strength thanks to the consumer. So to listen to what your audience has to say is to hear, directly from the source, what possibly will be the new transformations.
Pay attention to the needs and expectations of customers and understand the consumer profile. From this, you can find trends and points to be explored in an unprecedented way.
3. What to do to keep up with market changes
With the great speed of change, the market tends to change rapidly. The product that succeeds today can get stuck on the shelves. The perfect sales technique may not work. A new channel may become indispensable.
Faced with such a large amount of information, you need to know where to look. Only then can you identify and keep up with interesting changes. By using one, several or all methods, the techniques suggest that you:
3.1. Follow specialized publications
It is crucial to keep an eye on specialized publications. Niche magazines, for example, bring what stands out most in the market and what promises to change the way business is done.
In the internet age, however, there is even more content and ease of access. Accessing blog and websites on the topic, for example, increases the volume of information and allows the monitoring of news in real time.
3.2. Go to market fairs and events
The fairs and events are great places to meet market news. There are several exhibitors with what's new, even before customers have any kind of access.
In addition to going to events in your branch, it is also worth attending events that have to do with your performance. Thus, it is possible to have a broad vision of what lies ahead.
3.3. Conduct market research
Market research serves to identify new trends and consumption patterns with reliable sampling. In addition to listening to your client, with this technique you will also hear other niches.
This can be decisive for planning an expansion of performance, for example, or for investing in a change of route.
3.4. Track your own results
The performance of your own business also brings very relevant information regarding the changes of the market. If customers had a certain pattern of consumption and it has been changing gradually, it is something that will appear in their analyzes.
Keep an eye on key indicators such as frequency of purchase, top-selling items and average ticket. That way, you gain the advantage of having accurate knowledge about the audience you already reach.
4. Creating a culture of innovation
Innovative entrepreneurship does not happen in isolation, with one or another novelty. It is, in fact, part of a whole, of a culture of innovation that acts consistently and systematically.
The point is that many businesses still prefer to stay where they are. From the philosophy that if something goes well, it is better not to change, most entrepreneurs do not know how to act in a completely new way.
The innovation culture makes things easier because it drives change in a relevant and optimized way. To create it, the following elements must be taken into account:
4.1. Create a dynamic structure
Innovation has to do with changes and transformations. If the structure is too rigid, it will never be possible to apply the innovations.
Instead, invest in creating a dynamic and flexible structure. Make sure, for example, that there is time for employees to work on new and parallel ideas and that there is room for experimentation.
4.2. Encourage and encourage new ideas
Innovation has little to do with a miraculous idea. In fact, it is related to the great volume of information, from which concepts are derived that give rise to a new solution or approach.
Much of this is found internally, with whom he engages and engages with the company. It is therefore necessary to stimulate the generation of new ideas. Strengthen communication and ensure that everyone feels comfortable bringing new possibilities.
4.3. Change perception about mistakes
However, people will never be stimulated to bring in new ideas if the fear of error and failure is real. The fact is that not every good idea comes to fruition, and this is not a problem - since there is a possibility of learning from mistakes.
Therefore, it is fundamental to change the way mistakes are made, making the whole process be seen in a natural way.
4.4. Do not be afraid to dare
Innovating does not only mean improving what already works and what is already known. Often it means risking and presenting a solution that people did not even know they wanted.
So if a new possibility seems feasible and attractive enough, it may be beneficial to invest in it, even if it means acting very boldly. If everything goes as planned, the business will certainly gain even more prominence.