4 Ways to Stay Relevant Through a Culture of Innovation
4 Ways to Stay Relevant Through a Culture of Innovation
http://info.profilesinternational.com/profiles-employee-assessment-blog/bid/99575/4-Ways-to-Stay-Relevant-Through-a-Culture-of-Innovation
One of the highlights at this time of year has become news from the Consumer Electronics Show (CES) in Las Vegas. This annual tech fest gives manufacturers and developers a grand stage from which to unveil their latest gadgets, gizmos, and you-need-to-have-this products. Not all of them succeed, but the pervasive theme throughout the show is innovation.
Consumers have an appetite for the latest and greatest products, even if there’s really nothing wrong with the ones they currently have. Some products feature worthwhile upgrades, but many are wanted for nothing more than the “cool” factor.
The automotive industry is similar in its drive (yes, pun intended!) to continuously innovate, adapt, and evolve with customers’ wants and needs in order to stay relevant. Also at this time of year many cities host their annual auto show where consumers can ogle the latest models as well as some futuristic concept vehicles.
Do we need a new model every year? Practically speaking, probably not. But in order to keep pace with the competition, automakers are compelled to offer new, improved, better performing models with bells and whistles that will attract car buyers. When companies lose their spark, they’re forced to run ad campaigns like “This is not your father’s Oldsmobile” in an attempt to get people to notice. The better tactic is to avoid falling behind in the first place.
Kodak, Hostess, and Corning: Two Iconic Companies Falter While Another Finds a Way to Thrive
In recent days two iconic America companies have entered bankruptcy amid their struggles to keep up with the times. Hostess, maker of Twinkies and Wonder Bread, just filed for bankruptcy. Their sales have likely suffered from an increasingly health-conscious customer base as well as the possibility that cash-strapped consumers are less likely to make snack food purchases.
Another company to declare bankruptcy – again – is Kodak. Once the stalwart of its industry, Kodak has struggled to stay profitable and relevant as the market shifted to digital. To their credit, they’ve outlasted Polaroid, whose name was sold for use by other manufacturers but has nothing to do with the original instant photo business. Will Kodak be able to emerge from Chapter 11 and reinvent itself, or wither away as a casualty of changing technologies?
On a brighter note, one older company is showing how it is possible to stay vibrant, relevant, and profitable. Corning, the 160 year-old manufacturer of specialty glass products, is one of the major suppliers behind smartphone and tablet screens. In talking about Corning’s Gorilla Glass at the CES show, CNET reporter Stephen Shankland said: “It's a smash hit [from Corning], an old-school industrialist not often associated with the glitzy world of electronics.”
4 Ways to Stay Relevant Through a Culture of Innovation
Always look forward and encourage your employees to take risks and innovate. To assume that your business and the market for your products and services will be the same in a few years is arrogant and ignorant. Here are 4 ways you can encourage a culture of innovation to at least stay with the pack if not one step ahead:
1. Interact with your customers. Social media sites make it easier than ever to connect with your customers. How can you capitalize on what’s got them excited or fix what might have them frustrated? And while publishing has suffered, don’t overlook the impact of trade pubs – if you’re not part of the story, then you need to maintain pace with where the world is going or risk being left behind.
2. Look at the competition, at your buyers’ habits and how they use your product, at your suppliers, and at tangential companies and offerings. If your head is buried in the sand or only navel-gazing at your own shop, you can’t watch for the latest trends, ideas, or applications in your industry.
3. Get involved in your industry. Tradeshows such as the annual Consumer Electronics Show (CES) held in Las Vegas each year highlight the best ideas and products to come in the technology world. Some flop while some fail to ever materialize, but many flourish. Conferences such as CES enable you to stay in touch with consumers and reporters and provide a platform for your experts to showcase your latest and greatest ideas on the show floor as well as from the podium.
4. Align your talent management strategy with your business goals. Your ability to thrive comes down to your people. They are the ones who brainstorm ideas, invent new products or processes, interact with your suppliers and buyers, and market your company. Do you encourage your employees to be innovative, or to stick to the script?
- Hire people who will be willing to take risks and who can keep your company moving forward.
- Encourage innovation through performance goals and pay.
- Reinforce your emphasis on innovation in your communications and corporate culture throughout the company (as well as to managers specifically).
You don’t have to be a tech or automotive manufacturer to feel the pressure to stay innovative and relevant. All businesses, whether B2B or B2C, should feel compelled to push beyond their status quo.
Image credit: http://www.corninggorillaglass.com/sites/all/files/Corning_GorillaGlass_Wallpaper1_800x600.jpg
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