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Business Innovation Strategy

World-Class Business Innovation Consulting Agency

Get a Quote for a Innovation Strategy Session

+1 403-700-5396

Transform methodologies, processes, and products into innovative solutions through business innovation. With the help of our specialists, you can stand out in a sea of competition. 

In business, innovation refers to the introduction of new concepts to existing practices. Organizations use it to enhance different business components, from excellent products to top-tier services and captivating campaigns. According to McKinsey, 84% of executives consider innovation a crucial factor to future success.  

What Is the Importance of Innovation Strategy in Business?

In today’s modern world, we’ve witnessed how innovation helps businesses thrive. Unfortunately, a report reveals that only 20% of firms are ready for innovation. When it comes to this crucial business practice, it’s best to work with experienced professionals. It can help organizations boost sales, stay relevant, and improve their market position.

Boost Sales

Improving your products or services to meet consumer demands can boost sales and strengthen consumer retention. Nowadays, consumers value personalization and will support products custom fit to address their needs. If you want to take a step toward innovation, focus on solving your clients’ ever-changing pain points.  

Stay Relevant

Consumer needs constantly evolve, and businesses of different sizes and industries need to adapt to these changes to stay relevant. A Deloitte study shows that only 12% of top Fortune 500 companies from 1955 still operate today. Additionally, experts expect new companies to replace 50% of the S&P 500 companies in the next decade. 

Having an innovation strategy specialist on your side can help you react to market changes and unlock new revenue streams. With the world being more interconnected than ever before, any business has the power to disrupt industries. While startups can easily break into the market, established companies have to practice innovation to stay relevant. 

Improve Market Position

Millions of companies are born every year, giving rise to hundreds of thousands of new sites daily. Without an innovation strategy, you will get lost in a sea of competition. Once you start using innovation strategies, you will gain a competitive advantage over traditional organizations stuck to old-fashioned systems. 

Such techniques can be practical for companies in saturated industries. Providing your clients with value in a unique way will help you make your mark in the market.

Four Types of Business Innovation Strategy

Incremental Innovation

When opportunities present themselves, many companies undergo an incremental innovation strategy. It involves applying minor improvements to existing products or services. For example, manufacturers can change a product’s color, size, or packaging to make it more attractive without changing its functionality. 

This innovation strategy may not create new markets, but it can address pain points that can serve existing customers better. Additionally, it can attract a larger market by providing the same functionalities at more affordable prices. 

Disruptive Innovation

Introduced in 1995 by Clayton Christensen, disruptive innovation means breaking into an existing market or creating a new one. These innovations can usually turn potential clients into paying customers but do not necessarily address the pain points of current buyers. 

Many established organizations focus so much on existing business components that they fail to adjust to new industry players. Because of this, a 2016 Wired article shares that 80% of corporations are willing to create business relationships with startups. 

Sustaining Innovation

Also called routine innovation, sustaining innovation means applying incremental changes in response to consumer demands. It attracts high-end consumers by improving an existing product. If implemented correctly, it leads to higher sales and greater profit. Sustainable innovations offer companies an opportunity to increase profitability with fewer risks. 

Radical Innovation

Radical innovation has functions similar to disruptive innovation but simultaneously uses a new business model with groundbreaking technology. It completely transforms economies and markets. 

One example of radical innovation is the internet. It quickly changed industries and trends worldwide. 

The Future to Now Consulting Advantage

Future to Now started in 2006. Initially, we offered our skills and experience to dozens of companies that wanted to take advantage of the booming real estate industry, but we saw that our innovation, strategy, operations, and leadership specialist’s expertise can benefit companies and organizations in all industries.

For over 15 years now, we’ve noticed how many decision-makers miss crucial growth opportunities by not practicing business innovation strategies. Many of our clients cited costs, time constraints, and confused brand identity as the reasons for not developing innovation strategies. 

 

Some of the changes we help our clients with:

Reevaluate your unique selling point (USP):

The majority of our clients had a USP before we started working with them, but they weren’t powerful enough to move audiences into action. One of the first things we address is establishing an inspiring brand message.

Establish a culture of continuous improvement:

When it comes to innovation, all members of an organization must be part of any effort. We help companies develop a growth mindset that trickles down from the top management to lower ranks.

Observe development branding:

We typically apply this process in organizational leadership. Our strategists use it to help decision-makers determine crucial success drivers. 

Use available resources:

In most cases, companies have everything they need to improve efficiency, attract new clients, and achieve their goals. Taking your business to new heights is a matter of ranking priorities and allocating the necessary resources for high-value activities.

Acknowledge trends:

Conducting an industry analysis is crucial for any innovation strategy. Being prepared for potential opportunities and threats can help you thrive. Successful organizations even go as far as predicting future trends to develop suitable strategies. 

At Future to Now Consulting, we understand the importance of innovation in business. We also value the role each organization member plays in developing strategies to achieve company goals. Our people-centric approach propels firms into a holistic growth mindset.

Transform Your Business Today

Conducting an industry analysis is crucial for any innovation strategy. Being prepared for potential opportunities and threats can help you thrive. Successful organizations even go as far as predicting future trends to develop suitable strategies. 

At Future to Now Consulting, we understand the importance of innovation in business. We also value the role each organization member plays in developing strategies to achieve company goals. Our people-centric approach propels firms into a holistic growth mindset.

Get a Quote for a Innovation Strategy Session

+1 403-700-5396

Innovation Resources