Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
Moving upto the next level requires vision. And when I say vision I don’t mean the cliché “the ability to see the future”. I mean visionary from a sharp business perspective. Like how the consumers are going to look and behave like in the next few years? From where the new million dollar industry will come? What are the products and services you will require to become the market leaders of tomorrow? And how can we make a real difference to customer lives? Any company that can answer above the questions convincingly is operating ahead of its competitors and seriously looking for new avenues to build unique brand name for themselves.
Innovation is the best place to start
As it has been rightly said by many successful business that if you have the knack of spotting the big opportunities which others are unable to see, you are not only an innovative company but will also become the future Champion. And how do you that? By critically assessing the innovative DNA of your company.
An innovative organization is one that generates at least one-third of its revenue from a source that did not exist in the last two to three years. http://www.subhakarrao.net/quotes.htm
Observe. Don’t just see.
Because when a company has innovative capabilities it is in the best position to identify what we call “breakthrough opportunities” or “next million dollar industry”. So when a company can sense an early opportunity; it can effectively build capabilities and solutions to capitalize on that. There are many big opportunities floating around which are visible but not seen. So one need to observe and analyse and not just see.
Focus on solutions. Not revenue.
Companies like Facebook, Twitter, and WhatsApp all started as solutions. Their founder never thought of monetizing the services at the first place, but rather giving some good solutions to the people. I think this is the most key element that an innovative company needs to keep in mind. Serve first and revenue later. Not vice versa.
Find your competitive advantages.
People define competitive advantage as an edge over other competitors. But how can you achieve this? The answer is by offering greater consumer value. Not necessarily by price differentiation; but by features and benefits differentiation. Mind you, the real differentiation for a customer is the experience and satisfaction from a product or a service. Find it and nail it completely.
Build great culture. And deeper conviction.
Companies with great culture and deep conviction level are geared up for more transformational changes against just incremental changes. How do you that? The best way is to align corporate’s goals with individual’s aspirations. And make an employee identifies what he/she is doing is critical both from the company and customer point of view. This build great work culture and deep belief system in the workforce.