Innovation is sought after by most businesses. It is an aspiration of companies seeking to be leaders and brands of choice. But, the sad truth is that much of what is touted as innovation is often simply a desire to be ahead of the curve and too frequently represents incremental product and service benefits or features rather than real innovation.
Innovation signals that a company is able to break into the marketplace, generate impressive sales and draw top talent and investors, all while continuing to be relevant and successful for the foreseeable future. “Innovation is more than something ’new and improved,’ but rather represents a completely different approach to solving a problem or creating a gain,” says Patricia Newcomb, director of Ohio’s Small Business Development Center at The Entrepreneurs Center.
Equally important, innovation is tied to both attracting new customers and retaining existing customers, particularly with today’s intense competition in most every category. “We know if you want buyers to make a change, particularly if they have not purchased from you in the past, you have to provide something dramatically better than the current competition,” explains Bruce Hall, CMO of Eureka! Inventing.
Read more at Entrepreneur.