At Elation, we never stop talking about the best ways to achieve growth.
Last year two of our favourite experts got together to talk about how businesses who innovate really maximise their growth opportunities.
Karen Dunne-Squire and Rob Moon explored the power of innovation and also shared a few of their favourite examples of businesses who took innovation to the next level. We know that businesses who innovate can continue to thrive in any market. Companies who refuse to sit still are able to continue serving their clients in new and imaginative ways.
When thinking about innovation, Karen and Rob suggest you think about the following things:
Below are two short case studies from two businesses, discussing how they were able to innovate their way to digital success.
A product born out of innovation.
A wonderful example of quick innovation comes from a Yorkshire training company who recognised the need to adapt quickly when the day to day or face to face training dried up. With fewer salespeople meeting clients face to face, but still a high level of need to engage effectively with customers and prospects alike, the business needed to act fast to respond to the market. Not willing to sit and wait for a downturn in business they thought quickly and fast about how to support their clients in a new way.
This training company has now collaborated with a software company to create an application to really raise the bar in client communication.
This software was created by spotting the opportunity to create digital marketing information decks which can be sent to phones by SMS or emails. This tool is a fresh, simple way to allow salespeople to create a “decks of cards” with case studies, informative slides, or videos to share with clients/prospects in a way which is really engaging and informative. In the past 10 years of operation, this company has now had the three busiest months of their lives and a lot of it is down to having the positive attitude and drive to succeed.
A quick pivot to get real results.
A dramatic example of how a good understanding of the market and quick adaptation can get real results came from a furniture company that had a real impact.
This company saw a recent and fairly immediate reduction in business due to their target market shrinking overnight. Some swift market research and a clear understanding of gaps in that market allowed them to innovate a specific medical bed which is now being sold into every nightingale hospital across the UK.
This is a great example of repurposing the company’s skillset and using it in a different target market by shifting its initial focus from B2B to B2G. This simple but innovative market development strategy has seen business growth throughout a period of economic downturn.
This business has competitors in the same market who stagnated throughout the same period due to a lack of action and adaptability. Another fine example of embracing change as an opportunity for better results.
Doing things very differently can often be scary and can also bring its own real challenges in business.
Implementing change well takes not just a great mindset, but also a great technique. If you would like some guidelines on how to make sure that change is properly managed in your business, check out our recent video on the subject.
Be part of your own success by mastering change.
If you want to join us on this journey to ambitious growth, do not miss out on our ‘BULLETPROOF YOUR BUSINESS WEBINAR‘. Join us on 29th January 2021 to secure your place HERE.