Innovation in Business

We’ve all heard the word innovation bandied around but what does it really mean and why is it so important to a business?

In a nutshell innovation is progress. It’s taking an opportunity or idea and bringing it to market in the form of a product, service or improvement. However innovation isn’t just amazing new inventions and never seen before gadgets. Some of the most innovative innovations are the ones that take an existing idea and improve on it in a way that nobody had even thought of before. In the food industry Innocent and Graze have been held up as examples of companies that have taken something simple; smoothies & nuts and seeds and created something that is new, exciting and creates added value.

Management consultants Booz, Allen and Hamilton identified six categories of innovation;

  • New to the world
  • New product/service line
  • Additions to existing product
  • Improvements to existing product
  • Repositioning
  • Cost reductions

  • It is said that if a business isn’t moving forward they are falling behind as the businesses around them are moving forward. Innovation is the way to keep moving forward.

    When you’re immersed in a niche you’re in a great position to spot the next opportunity whether that be for a niche wide product or service or the next step for your own blog.

    4 replies
    1. Catherine Graham
      Catherine Graham says:

      It’s amazing how exciting smoothies and nuts have become when branded and marketed in a new and innovative way! The trouble with many small business owners, when they are single handedly running the show, is that they become so immersed in their niche that they cannot see the bigger picture. This is why it is important to take a step back and work “on” your business instead of always working “in” your business.

      Reply
    2. Erica
      Erica says:

      Completely agree Catherine. A lot of it is keeping your finger on the pulse, trends move so fast that all businesses need to innovate and capable of adapting quickly to customer needs.

      Reply
    3. Rachel
      Rachel says:

      Great Article and a good reminder to always keep innovation in its fullest form at the heart of business. We looked at the baby print market and questioned why it had to be done soooo badly!! We only produce products showing 5 fingers and toes and trust me – that’s not the norm!!

      Reply
      • Erica
        Erica says:

        “We only produce products showing 5 fingers and toes and trust me – that’s not the norm!!”

        LOL! I will notice the amount of fingers and toes on baby products from here on!

        Reply

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