Why Should We Innovate?
In this globally competitive world your business is doing OK and keeping its head above water. You look around and see a happy workforce, a good product pipeline and a reasonable bank balance.
So, time to sit back and rest on your laurels then? Well, not if you want to remain successful.
If you have ever asked yourself why you need to innovate and keep propelling yourself forward an insightful blog post by Sanjay Dalal offers some nourishing food for thought.
As Sanjay says, “if you don’t innovate, you may survive today, but you’ll die tomorrow”.
The top 3 reasons he gives for innovating are:
1) Differentiate – even if you sell the leading products in your field it may not always be that way. You will not be able to keep up the same level of success by always sticking to the tried and tested.
2) Out-Compete – again, you may be out-competing your competitors this quarter and have done so for the last year. But it won’t always be like that if you stand still. And you can bet your bottom dollar that your less successful competitors are stretching their creative sinews and doing all they can to get ahead of you.
3) New Markets – you have peaked in your current markets and whilst that’s giving you reasonable returns, growth is stalling. Time to consider entering new markets. This requires innovation in a number of areas.
First of all, your existing products may not be as suitable for new markets and so they might need some changes. And you will also need operational and distribution innovation to maximise your potential.
Read Sanjay’s full post here.
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