Business owners I have a question for you. How do you stand out in a crowded market? Innovation is one of the key ways to differentiate your business from your competition. And it doesn’t have to technology based. So often people mistake innovation with a new app or a new chemical. It can be that but it doesn’t have to be.
Innovation can be anything your target market wants that no one else is giving them.
There are 3 basic innovation categories – Price, Quality and Convenience.
1st is price that’s obvious, you can be the lowest price.
I wouldn’t recommend that though. But it could also be that your pricing structure is what your market wants. Think of how everything is basically a subscription now. That’s a pricing innovation.
#2 is Quality.
Maybe you make something with the strongest substance on the planet or the way you make it makes the quality higher than your competition. Often times, it boils down to being able to explain what you do and demonstrating it. One of my favorite examples is a Fiber Fix. I’ll put the link below, if you’ve got a few minutes treat yourself to this video. There’s a lot of great marketing lessons in it. If you don’t have time to watch it, they show a car jumping off a cliff, only held together by this tape. Now this video is funny, but you don’t have to be funny…just demonstrate how your product has higher quality.
This is the mack daddy of innovation categories because it has what we all want, something easier. Humans are lazy and we’ll do as little as possible to have it easy to get things done and that’s why using convenience is so powerful.
Think of every exercise infomercial. What do they promise? Something like you only have to work out 6 minutes a day for a week to achieve a completely ripped body.
How about Netflix? Yes, it has really good technology behind it – but all it is is an easier way to get movies than Blockbuster was.
And Uber – another convenience based innovation, it’s not very easy to figure out how to get a cab in every city. They made it easy with the click of an app to get a car no matter where you are. Obviously they solved other problems, like the safety issue and making it really easy to pay and driving the price down, but convenience is the main innovation.
Read the article here about using convenience to innovate your business.
How about you? How are you innovating and standing out? The key to standing out isn’t just to differentiate, but to innovate for what your target market actually wants. If you would like some help with your business we have specific processes we can put any company through to pull out innovation – things your ideal target audience actually cares about.