Sustain Strong Growth With Continuous Innovations

In an ever increasing competitive marketplace

, an aggressive strategy is necessary to redefine consumer perceptions and drive immediate and sustainable growth. Innovation is often understood to be the key to improving processes, eliminating waste, improving productivity and increasing employee satisfaction. To keep a brand at the forefront of competitiveness, an organization must push the boundaries, think creatively and be pioneers, by developing ideas and turning them into successful outcomes. Take Apple for example, from Mac to iPod, from Apple TV to iPhone to iPad, Apple has constantly innovated to raise the bar for products that delight and amaze customers. Apple takes the best-loved products on the planet and continually makes them better.

The performance of Starbucks in the US is another example. In the past few years Starbucks has gone on to prove that decline can be arrested and reversed. Brands with historically high levels of customer satisfaction are perfectly capable of re-inventing themselves.

When strong brands start to fade, it is innovation and reinvention that comes to the rescue. Innovation also provides an edge in being able to enter new markets faster and deeper and provides a window to restore brand credentials. Innovation creates customers by attracting new users and building stronger loyalty among existing ones, and the actual value of innovation goes well beyond that. By putting innovation at the center of the business, from top to bottom, a business can improve the numbers and discover a much better way of doing things.

Peter Drucker once said that the purpose of a business enterprise is "to create a customer." Through observing the unique needs of customers, an organization can create an entirely new value chain at price points that give the company its desired gross margin. Take Horlicks for instance. You dont have to just drink Horlicks anymore as you can eat it in many forms. A brand that started as baby food, and a substitute for milk, over 100 years ago and morphed into a health drink and remained so for a long period, today has extended into varied food categories biscuits, noodles, snacks, breakfast option and even flavored milk. The health drink itself has multiple variants in different flavors, catering to different consumer segments like juniors, for mothers, for women, etc. Although the brand came to India in 1896 and its first ad appeared in that year itself in a newspaper, it has successfully sustained growth with constant innovation, positioning itself as a family nourished that offers health and lifestyle range. Compelling innovations are more than just new ideas. Innovations need to be treated like an integral part of your business.

With innovative idea management system, organizations can create an ambiance; blending employee creativity with decision making that expedites innovation. Advanced idea management services help organizations embrace structured ideation process and apply a systematic approach and tools to enable idea generation.

by: Gladeyas

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