7 Innovative Ideas for Business: Rethinking Your Products, Promotions and Processes

Rethinking your products, promotions & processes through innovative business ideas for modern businesses

by Rod Dunne on December 2, 2011

in Innovation

When it comes to raising your game, innovative ideas for business can bring you profits from sources that you may have never considered. Innovative business ideas can come from both the strangest places and the oddest times or from the most mundane of activities.

Developing 7 new innovative ideas is the goal of this text and should be key activities of any creativity and innovation management teams.

By the time you have finished reading you will be well on the way to finding new ways to conduct business, fun strategies to promote your current business and maybe even a few innovative product ideas. At the very least, you will be able to meet the challenge of disruptive innovation and change head-on with seven key techniques for finding new products/features/customers/opportunities.

7 Innovative Ideas for Business

The innovative product ideas listed here can equally be applied to services and operational procedures for running your firm. The ordering does not imply any form of priority, importance or preference.. these are all good techniques and some will prove more useful to you in your business than others.

1. Repurpose your assets

The first idea comes from repurposing assets that you already have. One example of repurposing an asset has to do with your social media experience. Facebook and Twitter have been a boon for spreading your company message but with the ability to face-to-face interaction and hangouts with the new Google+ Pages offers you the opportunity to connect in a new way your current social network.

Invite them to your new hangout and entice online and offline business from your local friends network. Find out just what does innovative mean to those people using your products on daily basis.

2. Try to get ahead of current trends

Another inspiration for innovative business ideas comes from taking advantage of current events that can be aligned with your business goals. Nearly every day there is some item that in the news that can be spun in such a way to make it relevant for you to promote your business.

By keeping up with the news you may spot trends or needs that can spur the development of innovative product ideas.

3. All customers love added value no matter what product or service you have.. So try to give them some!

Providing additional value to your customers is a great way to increase revenues and actually improve the buzz about your company locally. Bundling your services or products in new ways can increase your average sales numbers by offering this new bundle to existing customers.

Adding new innovative ideas to your offering provides additional revenue as well as expanding your customer base potential.

I wrote previously about various quotes on innovation and many of these insights had highlighted the fact that your product only has to be slightly more beneficial than competitors to succeed. Remember that not every innovation has to be groundbreaking – incremental improvements are just as important.

4. Seek out fresh new markets, locales, distribution channels and sales mediums

Investigate other markets/channels for your product or service. Does your software work well in one particular type of company? Can it be tailored simply to fit another market that has a similar need? If your local area is saturated with your service, how well can you export it to the next town, next state or even another country?

The list of potential sales channels you can find is endless. Moreover the web has really opened up different markets you can supply to. Use your imagination and make some tentative experimental forays into new channels. It doesn’t have to cost much to try out a new sales area or locale as you’ll soon find out what the potential quickly is.

5. Solve people’s problems… Simple as that!

Advertisers continually search for the pain in the lives of consumers in order to make their solutions more appealing. You can use the exact same approach when trying new ideas or searching for new ways to produce income.

Spend time listening to other people when you are standing in line, riding the bus or sitting in the coffee shop. In larger companies you can use your customer support tickets and market research surveys to find out what is bugging your clients. The wealth of information can lead you to what the general public is truly looking for at the present time.

6. Partner up to innovate your operational processes with new innovative ideas

Adding joint venture partners can provide you with avenues that you never anticipated by giving you access to new customers. Trying to find partners does take some thinking in order to pair your product with another product or service.

Splitting some of your profit to increase the overall bottom line will add long term benefit if you can deliver to the new list of customers. If you don’t have the skills in-house then outsource those elements of the production process (or support process) you feel comfortable not having control of.

7. Develop your opposable mind

Perhaps the best ideas come from taking a contrarian view to the normal way of doing business. When everything says to contract you should expand (cheaply and carefully). You find some authors referring to this as taking an opposing viewpoint, or using an opposable mindset. It’s all the same – You’re just thinking differently to the herd.

Time and again businesses have proven that if that attack their markets with new products, new services or other offerings, they continue to thrive in good times and bad. Following the trend for your industry can sometimes be a death sentence.

A great example of this is the innovative product ideas behind the Dyson vacuum cleaners. This inventor combined innovation and entrepreneurship by seeing how cyclone technologies (i.e. scientific innovation) could be commercially applied in the most mundane of household appliances.

REMEMBER: Innovative ideas for business are all around you. Tap the resources that you have in order to take advantage of these ideas. Customers, employees and the media are all sources of ideas for your business. Being aware and taking actions are probably the two best ideas for when you need to jump start your business.

Author Rod Dunne...

Blog owner and sole writer Rod DunneI am the owner and sole writer on Product-ivity.com. This is my personal blog detailing troubleshooting tips for small businesses. Posts are based upon 2 decades in consultancy & innovation management within startups/maturing companies.

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