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While the mission, vision and values of businesses differ; all publicly traded companies share one thing in common, the objective to maximize shareholder value. This objective is accomplished through stock price appreciation and dividend payouts. Stock price appreciation offers the greatest opportunity to increase value for the shareholder. This is where innovation comes in.
What You Need to Do
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Written by Cedrick LaFleur
“Talk Leadership with Cedrick”
5 Ways to Identify Innovation Opportunities to Drive Business Growth
posted on 4 SEPTEMBER, 2018
Opportunities to innovate your start-up or SME can stem from using the listening tools I discussed in my previous blog and examining the following 5 sources:
Examine what the best companies are doing in both your own industry as well as others.
Try to identify:
2. ‘Surging’ Trends
These are trends that are having strong momentum in the market.
Often indicating how a product or service is being delivered creates an industry-wide shift in preferences that business buyers quickly embrace. By identifying trends early, you can identify ways to innovate and meet business buyer needs.
For instance, larger businesses needing specialists and wanting to reduce consulting costs has led to the emergence of online platforms such as Expert 360 and Talmix to connect businesses with contractors and freelancers.
3. Extreme Customers
Obtain feedback from business customers who:
By listening to these customers, you could potentially discover:
4. Customer Immersion
Spend a day at a customer’s premises “to live in their world.” Using the strategic customer workshop approach:
Observe their operations
Speak with both business buyers (decision makers, influencers and change agents) as well as users to understand their priorities, issues and frustrations.
5. Customer Frustrations and Complaints
Your business customers will likely have some issues or frustrations with your products, services or processes. For instance, the capabilities you promised aren’t being delivered at the speed, quality or service levels they require. Or perhaps decision makers are seeking additional advice or reporting that you are not providing.
Being easy to deal is a key requirement in B2B. So, when a customer expresses frustration with your product, service or support, use that opportunity to learn from their feedback to improve your start-up or SME.
TAKE ACTION NOW
21 Great Ways to Innovate
By: Paul Sloane
Try innovating how you innovate by employing some of these ideas.
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