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Friday, July 18, 2014

You're Never Too Big (or Small) to Innovate

The business world continues to adapt at an astonishing pace. Fifteen years ago, Blockbuster, Hollywood Video, and similar movie rental businesses dominated the market. Soon, however, Netflix arrived on the scene, and cable providers began offering on-demand movie options. The cost and inconvenience of having to stop at a store rather than just turning on the TV or computer meant that these once dominant businesses quickly began to lose ground. Now they're all but obsolete.

What these major corporations can teach businesses of all sizes

There are two ways you could look at the fate of Blockbuster and similar companies. You could either worry yourself sick about your own place within your industry -- or take action and learn from the mistakes these companies made. If you look closely at what happened to these corporations, it's easy to see the importance of market research, innovation, and finding ways to make life easier for your customers.

Some companies thrive at adapting to new situations. Nokia went from being a paper company to one of the largest cellphone makers. Companies like Amazon.com managed to turn entire industries upside down. These companies were able to innovate, capitalize on what appealed to their customers, and become successful.

Lessons to take away

There are two main lessons to be learned here. Don't neglect the importance of market research. Market research can help you get inside your customers' heads and determine exactly what they want that you can provide. The better you can predict the wants and needs of your customers, the more likely you are to successfully remain an industry leader. BUT...Small companies don't usually have the expertise or the budget to hire market research experts. For us little guys we need to get out of our routine -- go to trade shows, join our industry association, see what the big guys in our industry are doing. Meet with salespeople even. Swipe the best ideas and keep growing.

The second lesson is the importance of serving clients. Make it a priority to determine exactly how you can serve customers in a unique way. Customers like convenience and affordability, which is why companies like Netflix and Amazon.com thrive. Determining new ways to make your products and services accessible for customers is a wonderful way to market products and attract a following among new customers.

Before you begin any new marketing campaign, sit down and discuss how you can make your products or services more accessible for customers. Determining your unique niche is a great starting point for any marketing campaign.

Over the years, numerous companies have risen and fallen as technology and the marketplace continue to change. The companies that survive are the ones that can innovate and remain ahead of the curve in determining customer desires. Combining a client-first attitude with ongoing market research is a fantastic way to take a strong step in the right direction.

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