When you hear mention of the word innovation, what comes to mind? Technology? Biometrics? Virtual reality? Androids? Data mining? Holograms? Wearable devices? Driverless cars? Let’s face it, innovation is nothing new, but it has become our sizzling buzzword of the century. Not to be confused with the word invention, innovation provides better solutions for a market’s unstipulated or existing needs.
In order to survive in today’s business climate, regardless of how large or small an organization is, or what industry they are in, the creation of new internal processes, new products, new additions to service offerings or overall business structures is vital. Innovation can refer to creating something new (an idea, method or device) or changes made to an existing product.
These 8 essential components will help you stay on target of your innovation strategy:
1. Ideas: Abstract concepts, mental representational images that you have in order to create, expand or reinvent your product or service for your organization.
2. Imagination: The creative ability to visualize, form, transform and integrate those ideas into functional products or solutions.
3. Inspiration: The process of learning through visual thinking or divine influence by moving intellect to motion and emotion.
4. Investigation: Discovering, studying, gathering or inquiring information and resources to produce an end-product for your users.
5. Identification: To recognize and establish your idea or invention into quantifiable and qualifiable opportunities and benefits to market your product or service.
6. Investment: A monetary, educational or time asset that will provide productivity for future profits and growth development of the organization.
7. Integrity: Ethics in all aspects of business practices influences the culture of attracting new customers, increases loyalty among current employees and affects the organization’s reputation in relationship building with stakeholders, business partners, and suppliers.
8. Influencer: Those individuals or influences (e.g. testimonials, reviews) who make a positive or negative impact on decision-making by potential buyers. Opportunities in your marketing activities, social influence, the power of persuasion, the collective teamwork of employees and other external interactions impact advocacy and promotion.