Innovation A Necessity For The Survival Of Your Brand

Organizations need innovation to survive and thrive

. The future of any business depends upon its ability to innovate. With competition being fierce, the ability of a company to keep up with its current business practices and exceed its own innovations are critical to survival. Enterprises that focus on innovation enjoy better business performance and studies have indicated that companies that reported high innovation effectiveness had a 76 percent product success ratio versus 54 percent for companies with medium or low effectiveness ratings.

In the ever-changing world, innovation is vital for the brand to sustain in the long-run. More and more firms are realizing the importance of innovation and are using it effectively to gain competitive advantage. Accordingly, they are engaging themselves in various innovative activities, ranging from manufacturing processes, product improvement, brand building initiatives to customer satisfaction.

Take the example of Lifebuoy , the 107-year-old brand from HLL successfully sustained growth over the years. New innovative introductions like Lifebuoy Active Green, with neem and tulsi, anti-pimples Lifebuoy Active Gold have been re-launched with an improved formulation. They have also come up with a talc, hand wash and hand Sanitisers. These extensions, coupled with the timely re-launches have helped keep the brand alive all these years

Every company is after sustainability, of course, because every company aims to achieve profitable growth in the long run. Steve Jobs once said, It is not the customers job to know what they want. An innovative organization routinely canvases in the marketplace that its competitors move. Studying the market trends and the customers buying patterns by taking proactive measures, in forecasting the evolving nature of the industry, requires an intentional and uncompromising commitment to the culture of innovation.

Innovation coupled with idea management is important as it is one of the primary ways to differentiate your product from the competition. If you can't compete on price, you'll need innovative products and ideas to make your business stand out in the crowd. Apple turned itself around by focusing on innovation, becoming the most valuable American publicly traded company. Thanks to a combination of anticipation and innovation, Apple is poised for even greater heights, if it can continue to out-think, out-innovate and out-execute its competitors.

Successful innovation can help you capture ideas and discover what opportunities exist now, or are likely to emerge in the future. Businesses not only respond to their current customer or organizational needs, but often anticipate future trends and develop an idea, product or service that allows them to meet this future demand rapidly and effectively. Innovation will help you stay ahead of your competition as markets, technologies or trends shift.

The business environment today has become very dynamic with more demanding customers and intense market competition. To meet this, organizations need to create new products, solutions and services that provide a radically better experience to the consumers. With the help of innovation management solutions, your enterprise can give you a commercial advantage - especially in saturated or rapidly shifting markets.

by: Gladeyas

POST COMMENT

Sustain Strong Growth With Continuous Innovations Apple ipad : Technological innovation at its best Clarizen Helps Communication Company Manage & Freeing Up Time for Innovation Rainbow Riches Innovation Continues with Scratchcards Today's Futons: Timeless Classics And Modern Innovations Innovation Through Collaboration HTC Flyer : innovation at work 175 years of Galt quality and innovation from the experts in early years education Innovation Connections Cutting-edge Technology Nike operating shoes - solutions top Innovation 10 Years of Innovation and Evolution Coker Floor Innovations Ancient Sumerians - The Starting of Innovations