How To Build A Business Part 2

How To Build A Business Part 2

 

Now we will continue our series of How To Build A Business Part 2.

 

Today we will talk about innovation. What is innovation you may ask. Innovation is  a new method, idea, product, or process in the development of business. So why is innovation so important? Think about the business you have an idea for, if it is based upon an existing business in your space then how are you going to get customers to leave their existing provider? The best you can do without innovation is to expect customers that find your location more convenient than the one they are currently frequenting. So that may account for a small portion of your business but it probably won’t be enough for your company to grow and flourish. So how do you innovate an existing business?

 

Well almost any business can be innovative. Even something as plain and simple as a restaurant can be innovative. Think about the new POS systems that some restaurants use. These are little IPAD style kiosks at the table which allow a customer to order and settle their bill without much interaction with staff. This saves the customer time which helps turn more tables in the restaurant during prime dining hours. Of course the more tables they turn the more customers they can seat and more money they make. Also as a side benefit the consumer doesn’t have quite as long of a wait time as they may at other locations. This increases customer satisfaction and repeat patrons.

 

Many business owners believe they must be first in a business space to be innovative. This isn’t true. Sometimes just creating a better ad campaign or word of mouth buzz can be innovative. Think of AirBNB and VRBO one has become a cultural reference in TV shows and Movies, the other was founded 13 years earlier. Do you know which is the correct answer for each part? The company that is 13 years older is VRBO founded in 1995, the company that is a cultural reference is AirBNB. They both provide similar services, they both provide good service and quality home listings for rent during vacation, so why is one more top of mind for a consumer over the other? Marketing.Marketing by AirBNB created cultural awareness which allowed a newer generation the ability to try a service which on paper should be a failure. Think about what these companies are asking of their users. They are asking that home owners allow strangers to come into their home and stay. The customer is coming into a strangers home where they plan to sleep. Some of these are obviously full home rentals and some are single rooms. Now think about sleeping in a home of a stranger. This business on paper would seem to be a failure, however the markets have determined that they are wanted and needed. In fact I and my family have used both of these services and been totally satisfied.

 

So how do we innovate? As in the example above one of the best ways is marketing and that is where we can help. If you are looking for an innovative, creative campaign that will help you get noticed then call us at 877-510-1007.

 

How To Build A Business Part 3 – Technology Acceptance