In the context of globalization, companies rely on various marketing techniques, including innovation, to compete and adapt to new consumer demands. Innovation gives them an edge over their competitors. Moreover, this technique is a major determinant that can threaten the sustainability of companies. Also, when it comes to the survival of society, innovation is essential. The choice of the form of innovation to be adopted is based on several parameters, including the conduct of a consumer survey.
The advantages of choosing innovation as a development strategy
nowadays, the competitive environment is characterized by a very demanding and informed clientele. Thus, it is essential for companies to stand out. Adopting innovation as a technique to stand out allows companies to access various benefits, such as improved growth and profitability.
Improving customer relationships and sales: by not innovating in their products and services, companies risk losing their customers to their most dynamic competitors. On the contrary, if they invest money and time in innovation, their customers will notice and appreciate it.
The reduction of waste: Innovation helps the company reduce waste and better focus on various long-term goals. Thus, it would be easier to access increased competitiveness and better profit margins. Operational efficiency specialists can help companies become familiar with the various stages of the innovation process.
This video can explain it more:
Improving the positioning of companies on the market
Innovating services or products allows companies to anticipate market changes more easily and quickly in order to take advantage of the various opportunities that may arise. Innovation thus presents itself as a way of acting rather than reacting to possible upheavals. Improving relationships with employees: for employees, an innovative workspace is much more stimulating. Also, wanting to be a leader increases productivity and reduces staff turnover. Before any innovation can be made, it is also essential to seek the opinions of employees by asking those questions such as “how to improve marketing, services, products or efficiency.
The innovation process: Internal and external factors
Innovation is the result of the interaction and combination of internal and external factors. The internal factors correspond to the specific knowledge of the company: its structure, its know-how, its capabilities in terms of Research and Development. Indeed, the profile of the company must be determined in order to meet the needs and requirements of the chosen form of innovation. For adjacent innovation, for example, requires a process that is both destructive and creative. This process creates new markets or products to replace the old ones. The most suitable structure for this type of innovation is the functional organization. As for external factors, they include elements that contribute to the implementation of innovation and that are external to the company: suppliers, customers, consultants. There can be many cases, but the goal remains the same: innovation.