Innovative Business Ideas

Are you looking to build a large clientele for your new business? If yes, then you have landed at the right place!

Today, we are going to talk about some innovative and uncommon ways that will help grow your business in the most cost effective and shortest time possible. Here are 5 successful ways to achieve growth for your business in 2019:

  1. Target a Specific Audience

In order to grow your business in the right direction, your focus must be on targeting your ideal audience. Once you know who your ideal clientele is, you must create a marketing campaign that speaks our specifically to that community. By doing so, you will be successful in creating an effective campaign that will help you in many ways to establish your brand name in any marketplace.

  • Referral Marketing

Referral marketing is a simple business strategy, in which your clients help promote your products or services through recommendations. Despite the fact that referral marketing is one of the most effective and trusted ways to create a growing user base in the shortest time, it has not been used to its full potential by both small businesses and large enterprises.

  • Partner with another Brand

This might seem like an out of the box idea to grow your business, but associating your business with a brand that already has a loyal following can actually help you in the long run. Working on a partnership or collaboration with another brand can help you reach out to a new audience and give you a platform to increase your brand presence in the marketplace.

  • Associate your Brand with an Important Cause

Associating your business with an important social cause is one of the most creative ways to promote your brand name. This is one marketing strategy that will not just increase the visibility of your business, but also add a higher purpose to your brand values.

  • Create a Viral-Worthy Video to Promote your Product

Last but not least, another great way to promote your business in 2019 is to create a promotional video for your brand products and services that is entertaining enough to catch the attention of your target audiences on different social media platforms. Your video should be unique and viral-worthy in delivering your brand message, so that it succeeds in spreading your brand name through word of mouth as well!

Let’s get started then!

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KEY FACTORS INFLUENCING YOUR FUNCTIONAL LEVEL STRATEGY AND HOW DOES IT BENEFIT YOUR ORGANIZATION

Functional level strategies refer to the responsibilities that are handed over to different branches that maintain both your business and corporate level strategies. To be specific, these functional strategies stand for the end results you wish to get from the day to day functions of your certain business departments.

As a business, your functional level strategy must be able to highlight the point that businesses need constant support from various functional departments, like, Human resources, production, research & development, accounting, operations, marketing etc. to fulfill their goals. As the next step towards your corporate level strategy, your business’ functional level strategy would require you to –

  • Improve your human resources team by hiring more and more skilled and expert candidates
  • Increase marketing for better brand value, recognition and name
  • Decrease the likelihood of rejections in the production department

For any business, it is extremely crucial to keep up these strategies and work towards fulfilling the objectives of all branches. But, one thing that you must keep in mind while devising a functional level strategy for your business is to make sure that it is aligned with your business level strategies and corporate level strategies.

For instance, if your business strategy is aiming at increasing your brand value and your corporate strategy is directed towards increasing your organization’s market share, then any of your functional level strategies should not be regarding updating the computers of your marketing department.

How Does Functional Level Strategy Benefit Your Business?

The right functional level strategy can prove to be extremely advantageous for your business, and the reason behind it is its specific nature. Although, it is also the specific nature of functional level strategy that makes it more likely to be complicated and hard to achieve in comparison to corporate or business level strategies.

One of the greatest advantages of incorporating a functional level strategy for your business is that it helps streamline your company goals in a more comprehensive and all-encompassing way. This means that once you have worked to create a functional level strategy for your business, each and every employee working in different departments of your organization will be brought together by a unified goal. This is something that will automatically lead to an improved work-understanding, contributing to your organization’s success as a whole.

Innovation management as part of Change Management

Thank you for following this blog post, and if you haven’t started to follow me yet, I would suggest you to do it and leave some comments, as most of the blog post are from my readings, but I can be wrong…

Today topic is relating Innovation Management to Change Management, an aspect of management related to business performance.

Innovation Management can be seen as a subset of change management, in fact, in change management there are four types of strategic changes, which are:

Technology, Product and Services, Strategy and Structure, Culture Changes.

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These all relates to Organisational Change, in the sense that in order to stay competitive, firms, have to change either one of this aspects, with time.

Technology Change and Product and Services change is what is more related to Innovation Management, in fact, companies in order to succeed implement new technologies, such as communication technology, or create new products and services to sell to the customer, in order to stay ahead of competition.

 

No company can say that they dont implement some change. In fact is by  implementing some kind of change that business can stay competitive, it is even told that competitive advantage is created from strategic changes.

Strategy and structure are more related to organisational design, in fact, from what i understood, organisational design is the alignment of corporate strategy with the working of the workforce, or more precisly with corporate functions.

Last but not least, cultural change is the most difficult to implement, as there is always tension and people tend to like the status quo, thus avoid changing. Cultural change can be anything, from the change of workhours, to change in how customers are treated by the employee.

Innovation Management #3

Today’s post goes and discuss various technique to stay innovative for corporations.

The easiest method is via brain storming (mind mapping) ideas, the second one is via the idea box.

Both these techniques are better explained in an ebook called: Thinker toys

These techniques are easy to draw than to be explained.

Plenty of material can be found on the internet.

Mind mapping consist in using a blank paper and writing in the middle the concept, or the idea researched, and then connect by lines around it all connections that come to mind, for example, in purchasing a car, the idea is to go and look for all the issues that can arise when buying it.

From this start then is to go and draw connections also with the concept that for outsiders maybe don’t make sense, but for you, the painter of the map maybe easy understandable. There are plenty of software and tools the helps in creating mind map, however nothing beats the original Tony Buzan book which draws also on cognitive science theory. In fact is suggested that when drawing lines or connections, different colors are do be used.

The second approach for idea generation is the idea box.

This is explained in thinker toys as a method which exponentially increases the chances of getting good ideas to the consumer.

Last but not least I’m going to introduce the term of lead user method.

Lead user method is a technique explained in innovation management by Harvard business school.

This technique goes and explains that technological advancements are usually achieved not always by the manufacturer of goods, but mostly by the lead user.

This allow for new products to be developed in collaboration of a network of experts which cooperate in the development of new tech.

This goes hand in hand with the explanation of the S curve, a curve used in innovation management to explain how a new product is marketed to various market segment according to their own skills and expertise.

Innovation Management #2

Creating Market Space

In today’s post, I am going to discuss of a technique used in Marketing and Corporate Strategy which is adoptable to Innovation Management.

This technique is called value curve analysis.

By analysing what is the function and emotion which are targeted by competitors, is possible to target new market and create space for new nieches.

This tool is very practicable, although is difficult to explain, there are plenty of example of companies using this strategy, and is widely explained by Harvard Business School.

An example is the chart provided in personal finance software in the 80s vs pen and pencil use for personal finance calculation.

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the main point to describe is the there are key point into analysis:

This are the points:

Remove the points taken for granted.

Diminuish the factors below industry standard.

Increase the factors above industry standard and create factors which the industry does not offer.

The main key take aways are that is important to look at what competitors offer in the industry, look what buyers are willing to spend money on, look on substitutes in terms of products and services, target emotions and functionality, look across time horizon in following current trends.