Innovation: The American Entrepreneur's Superpower
Hands down, American innovation is the best in the world. When we think of innovation, most people assume it lies exclusively within the tech industry—the headlines are filled with talk of autonomous vehicles, AI, advanced robotics, and defense breakthroughs. While those are certainly true, innovation can, and absolutely must, serve your business directly, regardless of your industry.
Innovation is the ultimate tool for combating the creeping danger of commoditization.
It typically starts with the product or service you are offering. The question isn't just, "How can we make more money?" The question is, "How can we make it better, more efficient, or more appealing?" If you are currently dealing with competitive pricing pressure, the first remedy is always to spend time innovating.
The Customer's Perspective is Crucial
True, effective innovation requires you to step outside your own assumptions and analyze your business from the customer's perspective. We become too emotionally invested in our own processes and services, often failing to truly take the customer experience into account.
To effectively stand out and escape the "compete on price" trap, you must ask and answer these questions:
- Where are your competitors dropping the ball? Identify their common failures or service gaps.
- What is an industry-specific frustration that is just accepted by customers because "that's how it's always been done?"
- Can you resolve that frustration for the customer, making their experience seamless?
- How can you stand out in your marketplace so you are an "apples to oranges" comparison, not an "apples to apples" one?
If your product or service is identical to your competition, the only tool you have left is beating them on price. And that is a recipe for disaster and eroded profitability. Innovation is the only sustainable defense. It is the core mechanism that allows you to charge a premium price, deliver massive value, and build a business that operates in a profitable flow state.
Innovation Across Your Business Ecosystem
Innovation isn't just important in product or service creation. Innovation is equally important in customer service, pricing, employee management, employee compensation, and marketing/messaging strategy.
Take some time and look at all of your business systems from a customer perspective. Prioritize the department requiring the most transformation and ask yourself every day:
- How can I provide a better level of service?
- How can I communicate with potential customers the advantages of hiring my company over the competition in a new and fresh way?
- How can we fulfill customer orders faster and more efficiently?
- How can I empower employees to make decisions like a founder?
Like many things in business, this is an iterative process. The more you practice, the stronger the innovation muscle gets. Few things in business will generate a higher ROI than a sound and effective innovation strategy.
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