Every company wants to be innovative. In fact, the term is coming up more and more often as part of the mission statements of businesses all across the globe. Innovation is the means by which companies can distance themselves from competitors and ultimately remain profitable over a long period of time. So what exactly are some of the major keys to innovation for the modern company?

  • Listen To Customer Feedback
  • The Process Is Just As Important As The Final Product
  • Separating Creativity And Innovation

This article while break down the building blocks on innovation and show you how to stay on the edge of it.

Listen To Customer Feedback

Often times, the best ideas for an innovative product doesn’t come from the company who ultimately ends up developing it. Instead, product idea usually comes from a customer. The difficult part of this process is being able to accurately gauge the wants and needs of the customer and to be able to act on their feedback with urgency. The companies who are able to communicate with and stay in touch with their customer bases are the ones who will ultimately be able to best gather this data. If a customer sees exactly what they’ve asked for out on the shelves, they are far more likely to buy the product.

The Process Is Just As Important As The Final Product

Final products are what is eventually being sold to the consumer, but if the process to create the product or service is highly inefficient, it may be too expensive or poorly received by the consumer. To combat this, businesses must focus equally as hard on innovative processes as they do on innovative products. Typically, these two go hand in hand but it is imperative that businesses remain ever vigilant of innovative improvements that can be added to existing processes.

Separating Creativity And Innovation

Some businesses are known as creative while others are known as truly innovative. What exactly is the difference? Creativity typically refers to only ideas without being able to put the idea into action. Innovation on the other hand deals with taking a creative idea and then developing it into a real and tangible object. Those who strive for innovation must be experts at taking ideas that sound good on paper, and then transforming them into actual products and services.