We’re well aware of the popularity as a buzzword that “innovation” is stirring up with companies. When we’re researching sectors to address their issues, we’re finding that many of them have commonalities: they all want to find better ways of doing what they already do. Whenever we introduce the concept of innovation to a client, this is the simplest way we explain it. Innovation is doing what you do now, only better. For some companies, this isn’t enough for them to take that risk and begin to restructure their approach towards innovation, so they want to know what are the biggest reasons they should innovate. As makers of innovation management software, we know a couple of things about innovation and we give these reasons for why companies should innovate:
1. Keep old customers. All of our companies have their eyes on the prize, but they’re also interested in the prizes they’ve already worked hard to achieve. With innovation management, you can take the opinions of your employees and your clients if you’d like to create a better experience for your clients. With a platform that helps you and your employees really put your heads together, you can create a meeting of minds that may be difficult to achieve in person. Keeping your customers happy seems a lot less daunting when you have the knowledge and experience of your entire workforce behind you.
2. Find new customers. There are a variety of ways an innovation platform can help you find customers. Not only do new ideas being new improvements to your product, but you can also utilise the platform itself to generate buzz. Utilise our survey/consultation extension and poll your clients about an important issue and then, don’t just use the data, but publish it and make it known. That knowledge gathered gives your company more leverage as an expert in your friend than anything else. The platform can also help you generate ideas for new products, new services, or improvements that will attract new customers.
3. Perfect a process before launch. We all have great ideas about how a particular idea might carry through in life, but sometimes we don’t know until we actually try it. The benefit of an idea management platform is that you have all of the tools at your disposal for trying an idea before it gets put out to your network. Posting an idea to your platform is like having all of your employees approve it before it happens, which is very useful. If there’s a clink in the chain, the best way to find out is to have all of your employees really vet it themselves before you risk it out in the market.
4. Generate buzz. We’ve already mentioned how our survey/consultation extension can help you generate buzz. Our competition extension can also help you attract attention from different sources. You can create a useful competition that asks for ideas or feedback in exchange for a prize, or you can just gather attention with a prize draw. Either way, having that idea management system attached to the back end means that the results will be worked into your overall innovation mainframe without a lot of hassle with administrative functions and confusion. And of course, developing new products always creates buzz around what your company is doing.
5. Reward effectively. Happy employees and clients are some of the best, most valuable recommendations for your product that you can ever get. Consider, for example, how far the word spread about name of Tiger Bread at Sainsbury’s thanks to a cute letter written by a small customer. That was an opportunity for Sainsbury’s to either ignore a small letter or do something about it. That opportunity, rewarding a customer for a great idea, brought them a lot of publicity and press without much effort on their part. The benefit of an idea management platform, ours specifically, is that the process is very transparent. Whether you’re polling employees, clients, users, or customers, you have a clear audit trail. You know what idea comes from where, making it that much easy to reward the right people.
There are plenty of opportunities to be had when a company decides to innovate. A platform for that innovation will make generating the culture that much easier and it allows for more freedom for ideas to flow and thus, improve your business! To find out more, check out our guide below.