4 key ways to innovate in your business
Companies need to innovate. Innovate their processes, procedures, products and marketing. But how is this done, where can this happen.
We look at the 4 different categories of innovation that will give you a reference to work from in your business.
The four categories are:
Market Pull Innovation: A problem exists and is identified in a system or market. People get together to address this problem. This is solved either by using new technology or by reinventing the current processes or products. This results in a new solution that can be implemented and sold.
Technology Push Innovation: After much research and development a new technology breakthrough is achieved. This brings a new concept product offering to the market. The problem it solves is then identified to the market sectors and the product sold to address this new found problem.
Frugal Innovation: With a current system or process, the question is asked about improvement and how to do more with less. This results in cost saving, a positive environmental impact, and improved efficiency.
Marketing Innovation: The marketing for a product or service needs to reach a new breakthrough for either a new or existing product. The marketing is developed to address the market in a new and innovative manner resulting in deeper market penetration and improved sales.
What can your business do to be innovative in your current processes, procedures or new product ideas?
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