Business innovation, it’s the perfect time. So how brave are you?

innovation A team I managed did some great work for our client, work which was recognized by the Direct Marketing Association and awarded a Silver Echo in the telecommunications sector. The team and our client went to the DMA conference to receive the award. It was exciting and gratifying. We also saw all the other award winning work. This was stimulating and humbling.

As we walked out of the convention hall I asked our client if he noticed the common element in all the award winning campaigns. He said he hadn’t seen any commonality and asked what I saw.

“Brave clients,” I responded.

This is a scary economic time. People are losing their jobs and major industries are restructuring. So what is a business person to do. Well you have three options: lead, follow or get out of the way. The choice you make today will influence your business for the next ten or more years.

Is your business an example of the insanity definition? Now is the time for innovation. Now is the time to assess your business model, your distribution, your product portfolio. So get going, do something different now while your competition is cowering. What got you here won’t get you there.

There are of course many areas within a business that can change. But which will have the most impact in the short term and over time? Here is where I believe the opportunities are. None of them is “sexy,” which means you won’t have much competition, but all of them have the potential to generate double digit returns.

Tell us what you want to do that’s different in the comments.

Hip Shots

Do a deep dive into understanding your best customers and heavy category users. Why are they using your product? Why do they choose your competition? What’s missing?
Rethink how you are creating and maintaining your brands. It’s no longer about communicating functional benefits. To be a brand in this market, rather than a product with a name, you need to build relationship equity by adding value beyond functional benefits.
Don’t compete on price and convenience. That’s where the frightened people are. Focus on customer experience. This is differentiating and has more long-term potential.
Build your business around the 5 Relationship Marketing Principles. This will maximize the revenue and profit potential of your best customers.