Do You Have What it Takes to Be the Best Innovators?|ManualTrader

Do You Have What it Takes to Be the Best Innovators?

2075 ManualTrader

The best innovators share characteristics. They are passionate, they love to learn, and they are willing to take risks. We know that innovation is vital to growing any business. In fact, it's one of the reasons why companies grow as they do. 

Act like an anthropologist

The best innovators are obsessed with gathering as much information as possible about customers, suppliers and even competitors. This is critical for understanding your customers’ evolving needs and adjusting to meet them. Any behavioral change or quirk is worth digging into. Consider, for example, mopping the floor — already a time-consuming chore, but anthropologists working with Procter & Gamble noticed that people were taking even more time to clean the mop itself. This led to the introduction of Swiffer, which, according to Zapier’s blog, is one of P&G’s most popular products with over $500 million in annual sales. Or, take General Motors: their recent pledge to phase out gas-powered vehicles and switch to cars and trucks with zero tailpipe emissions by 2035 was no doubt inspired by consumers’ growing interest in fighting climate change.

Explains HBR, “In observing others, [innovative entrepreneurs] act like anthropologists and social scientists.” These days, paying extra close attention signals to customers that you have a handle on the evolving pandemic situation and are actively working to better help them.

We’ve already seen businesses come up with innovative ways to engage with customers and gather information during the pandemic. For example, live-streaming content on social media or adding a live-chat option to your business website. Even something as simple as a form at the end of an email or newsletter can be a quick yet effective method to gather insight and keep innovating.

Tweak your business model

Recent research found that among Chinese consumers, in-store buying dropped a whopping 70 percent when shelter-in-place restrictions went into effect. And later, only about half of in-store buying resumed once the national lockdown was lifted. Needless to say, if the bulk of your business came from brick-and-mortar sales, it would be crucial to start investing in ways to expand the online customer experience.

Or, consider Spotify: before the pandemic, the Swedish company relied heavily on advertising revenue (those ads that pop up in the middle of your playlist — at least for free users). When advertisers started slashing their budgets and pulling ads, Spotify tweaked its business model in several ways, including offering original podcasts.

The best innovators regularly revisit their business model to figure out what needs to be tweaked and how they might need to pivot. As HBR explains, “a pivot must align the firm with one or more of the long-term trends created or intensified by the pandemic, including remote work, shorter supply chains, social distancing, consumer introspection, and enhanced use of technology.” If you’re not thinking about the viability of your business model, the pandemic will quickly test it for you and determine whether you’ve made adjustments for the new normal.

Try to ask yourself the following questions

1. Are passionate about your core business? It's easy to start in an area that you are passionate about and get bogged down in the minutiae of day-to-day operations. As an innovator, though, you have to be passionate about the future of your business. Otherwise, you will not use your innovations to grow your company in meaningful ways. You must realize that most people do not understand everything about a business or an industry.

2. Are you willing to risk failure in order to be successful? Most people are, but not enough. If you don't try something risky, you will end up giving up on business before you ever have a chance to make it. You can be the exception. If you're in network marketing, you have to be willing to go that extra mile to build your business.

3. Are you willing to accept criticism honestly? The best innovators are honest with themselves. They know when they're doing something wrong and quickly change it to see why they did it. If you're in network marketing, this is very important because your reputation is attached to the success of your team. If you have a team that is struggling, it's very easy to see why you're receiving criticism.

4. Are you open to learning more about network marketing? There are always new ideas and information that you can use to improve your business. The best innovators are always willing to learn and use new ideas to their benefit.

If you want to know more marketing tools and strategies, you can go to inshat.