Innovation as the main tool for change

September 14, 2018
Innovacion como herramienta principal de cambioLQ

By: Astrid Vélez*

Innovation is paramount if you want a product or service to achieve a healthy and sustained growth, even in difficult times. In this day and age we must acknowledge our product or service’s unique value and offer it in a strategic manner. That’s why it’s important to do so using new tools like digital marketing.

Customers have new needs every day. For example, younger generations’ buying behavior is different than that of other generations. This change has an impact on the sales process. Therefore, you must make sure that your product or service effectively addresses your customers’ current needs.

As a transformation specialist, I have confirmed that innovation is a fundamental element in any business’ success. However, it fails to obtain proper validity because people believe that innovation is complicated and expensive. But the truth is that, in 80% of cases, innovation doesn’t require a major investment. I’ve seen businesses about to go under that are able to make a successful comeback by focusing their efforts on new market niches.

You just need to add something to your product or service to attract new customers. So, be bold and conquer other segments. I call this process “Highlight your product or service in a three-dimensional manner”.

Innovation allows you to highlight your product or service’s unique value

When was the last time you evaluated your product or service based on your customers’ new needs? This information will allow you to develop an offer with palpable value. Remember: “businesses grow when you make the needs of others your own”. The self-evaluation process can involve specific or all members your team.

How to do it

  1. Evaluate the products or services you currently offer
  2. Review your business’ initial offer and determine if it still meets your customers’ needs
  3. Learn who is your business’ competition
  4. Identify what is the differentiating factor or what makes your business unique
  5. Design an innovative offer

The answers to these points will enable you to complete the first phase of self-evaluation and thus know more about how your product compares with that of the competition.

 

* Astrid Vélez is a business strategist, lecturer, international coach and president of Astrid Vélez & Alliances. Astrid is a specialist in transforming business and corporate vital areas to foster a fast and efficient growth in sales. Innovation, self-motivation and strategic alliances are her main tools; her goal is to transform and establish purposeful connections within the Hispanic market.

Banco Popular de Puerto Rico (Popular) has no affiliation or relationship with Astrid Vélez & Alliances. This article is informational and does not represent an endorsement or guarantee of the accuracy of its contents. Neither Popular nor any of its affiliates, subsidiaries or related entities are or will be responsible for any special, direct or indirect, or incidental damages, including but not limited to loss of earnings, resulting from or related to communications, articles or advice provided by Astrid Vélez & Alliances or that may arise from information contained in this article. Popular is dedicated to providing banking services and does not provide (directly or indirectly) any type of tax, accounting, human resources, training or marketing services. In the event you require any of those services, you should consult the competent professional advisor of your preference. Popular is in no way responsible for the results of any related effort if you decide to communicate voluntarily with Astrid Vélez & Alliances.

 

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