Differentiate Through Innovation
Innovation is a powerful way to set a business apart from competitors. It keeps your brand vibrant and fresh. People want new, fresh, cutting edge products and services. It gives them reason to look at you as viable company with whom they will spend their money.
Retailers differentiate through innovation by offering customer fresh product each visit.
IKEA has built their brand on offering the latest products for home and office. Target has been able to compete against Walmart’s lower prices by inviting customer into their world of current chic products.
T. J. Maxx has a different spin on presenting customers with a fresh look. They rearrange their product on a regular basis. During regular rack maintenance they routinely swap items from one side of a circle rack to the other. This is a brilliant way to ensure customers see new product each visit.
Manufacturers differentiate through new products.
Sony has been a leader in developing popular new products, as has Apple Computer. Their devotees’ loyalty is so strong they line up for hours to be among the first to purchase their new products.
Yet the innovation award has to go to 3M, a company built on new ideas. They have been able to come up with new ways to make, package, and market their products for over a century. Did the designer of the little yellow sticky note ever dream that it would lead to thousands of original products for decades to come?
Conclusion
Both methods of innovation deliver black ink to the bottom-line. They prove the old adage: Offer something new and customers will often flock to you.
Author Rick Weaver is President of Max Impact Corporation, a leadership and strategy development company. He offers more anecdotal leadership lessons in his book, “Life’s Leadership Lessons”, a collection of 53 anecdotes about his life. Rick reveals how the people, events, and things he has encountered in his life taught him valuable leadership lessons. The book is available in paperback, e-book, or a Kindle download. For more information or to download the first chapter to preview, visit: Life’s Leadership Lessons.
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