What is Innovation in Business?

The first thing many people think of when they hear the term “innovation” is creating something new, but really, it’s much more than that. When you try to address a new problem with an old solution, it just doesn’t work. That’s why innovation is so important.

What is Innovation?

Innovation is a new way of doing something. For a business, innovation usually saves time and money, and is key to gaining competitive advantage. Innovation is more than a brand-new invention; it’s also about how a product is developed and delivered. For something to be innovative, it must be useful.

Innovation could be as simple as upgrading products or services to better fit customer needs or experimenting with new marketing tactics. Innovation is what gives your business the edge over competitors.

Innovation creates competitive advantage by:

1.        …Creating an adaptable environment. To overcome challenges, foreseeable or not, innovation is key. A business needs to adapt changes in the environment with ease, which will keep them afloat when competitors start to sink.

2.        …Keeping a business current and growing. Being innovative means changes are actively being made to make a business, and their products or services, better. Markets are competitive, so if a business is stagnant, failure is likely.

3.        …Setting your business apart from the others. What does your business offer that your competitors don’t? What is something your customers are missing out on that you could offer?

How can innovation be seen in your business? Not sure where to start? We’re here to help! At BluLux Marketing, we want businesses like yours to succeed. Check out our services and schedule a consultation today!