Your clients like what you offer. And you want to keep it that way.
But then, suddenly, your competitor metaphorically drives by in a shiny new vehicle with apps and features you had never considered. And now you also want that metaphorical new car.
How not to be innovative
So you start developing your product or service. You want to offer some of those exciting features that the competition is advertising.
And over time, your product becomes more and more similar to… you guessed it… the competition.
And as your product becomes more and more similar to the competition, it becomes hard and harder for your clients to distinguish between the two.
Until, finally, the only thing telling you apart is price.
Now you and your competitor are in a battle to see who can keep reducing the price by one dollar to win all the business available.
How to be innovative
- Listen to your loyal customers, not your competition (build a good customer experience)
- Know what you are good at, and what your business represents (build a strong value proposition)
- Know why people buy from you (build a sturdy customer profile)
Your clients know what they want.
That is where you should get your ideas for innovation: listen to what your clients want and transform it into a feature you can offer.
Remember that people tend not to like to change, so let your product evolve in the direction your clients will admire.
Innovate for your clients
That’s the lesson.