Innovation is often seen as a luxury. Something you invest in only when times are good and money is plentiful. But, in today’s economic times, innovation is even more critical. It is your competitive advantage during drought and downpour. You are probably saying…
“We don’t have the time to focus on anything but our core business.”
“Sounds great, but I don’t have the money to invest in new innovation.”
“We can’t afford to take a risk and fail.”
All of those are true, but what’s also true is that while you are stalling, your entrepreneurial competitors are innovating and getting ahead. They are gaining market share, customer loyalty and real dollars.
Here are the top five reasons why you shouldn’t wait to be innovative:
1) Business as usual is a path to irrelevance—just ask Borders Books. They announced bankruptcy in January of 2011 while Barnes & Noble showed an increase in sales. Borders was still trying to sell books in brick and mortar stores while Barnes & Noble was selling Nooks and e-books.
2) The biggest myth out there is that innovation is only about new products. That couldn’t be farther from the truth. Innovation is about thinking innovatively in all aspects of your business. Some of the most impactful innovative ideas have nothing to do with new products and everything to do with a twist on business as usual. One of my favorites is an example from CDbaby.com, an online retailer for independent musicians. If you wanted a special order from them all you had to do was buy them pizza. No joke! On their order form there was a note that basically said, “We do special orders for pizza.” Wouldn’t you be more inclined to order from someone willing to help you out for a slice of pizza?
3) As I said before, if you aren’t pioneering your competition is. Don’t wait until the gap is so big that you find yourself in catch-up mode with no hope of competing.
4) There is so much clutter out there that it’s hard to get noticed. It’s those who are willing to be innovative and break the rules who are winning. The term “industry standard” or “cost of entry” shouldn’t be in your vocabulary. Instead you should be asking yourself, “What can I do differently that no one else is doing?” Some of my favorites are JohnnyCupcakes.com and thinkgeek.com—I encourage you to check them out. Pay attention to how they break all the rules of business, yet both are growing exponentially.
5) It’s fun! When people feel as if they work at a company that values their ideas they are happier. Happier employees do better work. It really is that simple.
This article was recently wriiten for the Executive Forums and we loved it so much we thought it was worth sharing with the world.
Tamara Kleinberg is the founder and chief Imaginator of Imaginibbles, an edu-tainment company that sparks innovation and unleashes creativity worldwide through media, products and events. Her products can be found online and in retailers across the country. She has advised Fortune 500 companies like Procter & Gamble, General Mills, Color and IBM on fostering innovative ideas and people. As a kid in computer camp, Tamara won the “I’ll try anything once” award. A motto she still lives by.
Tags: creativity, culture of innovation, edu-tainment, entrepreneurship, imaginibbles, imaginination, innovation, innovation in business, Renaissance Executive Forums, tamara kleinberg
