Taking the plunge into innovation can be a major challenge. Often you have limited resources, limited staff, and limited time. However, innovation is a key cornerstone of business success, and without it, you risk getting left behind by your competition. Lisa Copeland, real estate investor, spoke at Glenn Lundy’s 800% Elite Automotive Club event and shared her insights.
Innovation without People is Not Innovation
Innovation can’t happen in a vacuum. You need your staff, your customers and your network. These are the people that help to support innovation in your business, provide the skills and knowledge required, and help to bring the ideas to life. Bringing people together to work cohesively towards the same objective is what makes innovation truly effective.
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Best Known Beats Being the Best
Being known holds immense value and significance. While being the best at what you do is undoubtedly important, being well-known can often be even more advantageous for your success. When people know you and your brand, they are more likely to trust and choose you over your competitors. Being known allows you to build credibility and establish a strong reputation, which opens up doors to new opportunities and collaborations.
Moreover, a strong presence in the industry helps you attract loyal customers and clients, generating long-term growth and sustainability. In today’s highly competitive market, being known not only sets you apart but also gives you an edge in capturing the attention and interest of your target audience. So, invest in building your brand, engaging with your audience, and creating a strong online presence to reap the benefits of being well-known in the business world.
Get Publicity and PR
To be well known, you must have some form of publicity and earn PR. Plenty of successful entrepreneurs use media coverage as a powerful marketing tool to spread the word of their innovative practices. Consider hosting a press release, holding an event, or even appearing on a talk show to promote your innovative business. All this can have a profound impact in your business.
In a Cluttered Market You Must be More Known
You are not the only innovative business out there. The market is cluttered with competition. To stand out and keep your innovation afloat, your brand needs to be known and recognized. You need to focus on unique branding strategies which will set you apart that can make a solid presence in the market.
Who In your Network Can Help You Beat Your Competition
Everybody knows somebody that knows something. Having a vast network of people to turn to means that you can leverage their expertise and build on your own with fresh perspectives. Knowing the right people is always an important factor in taking your business to the next level of innovation. It is necessary to find mentors who will guide you through these developments.
What’s Your Story – Great Innovation is telling a Story
Great innovation involves storytelling. Every business has a story to tell that helps them to connect with their audience. Companies who can communicate effectively with their customers through their own story can inspire brand loyalty and make their business memorable. That’s the crucial part of innovation. It needs to be conveyed to clients and customers in a narrative that resonates with them.
If You Stand for Something Big Enough People Will Buy What You’re Selling
People love a good cause. They want to support businesses that stand for something more than just profit margins. Consumers will be attracted to companies that stand up for these big causes. When your innovation fulfills a specific need or comes from a place of profound meaning, there is a chance that customers will embrace your product/idea.
As a small business owner, innovating and breaking free from the status quo can feel like a daunting task. However, it is critical to the longevity of your business. Innovation involves people, recognition, and storytelling. Once you have those four points established, you can improve your innovation capability, surpass your competitors, and build your brand. Remember, innovation is a journey, not a destination. Be brave, take calculated steps, and enjoy the process!
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