David’s book Wind in Your Sails has ten strategies. In this video on Innovation Strategy, David shows how you can innovate to create competitive advantage in every area of your business:
If you prefer, here is the audio version:
Transcript of Innovation Strategy
Hi I am Coach David J Greer and today I am talking about Innovation Strategy. Many entrepreneurs think that innovative new features are the silver bullet to success. While we all love shiny new features, do they solve a massive market need that lets your company deliver on that need each and every day.
Innovative ideas can be applied to all aspects of your business. Marketing, prospecting, selling, delivery, and support for example. Find new and innovative ways to do these activities.
If you don’t protect your intellectual property, your competitors may take it from you. Use copyrights, trademarks, patents, and trade secrets to manage and protect your intellectual property for the valuable asset that it is.
Entrepreneurs and their teams can be insular. They become complacent over time and think they have all the answers. If you get in the habit of looking outside your company and industry, you fill find many innovative ideas in other places. You can apply these innovations to your industry and business at low cost and with incredible effectiveness.
Customers are another source of innovative ideas. Engage with them in many different aspects of your business. Get them to verify your ideas before, during, and after the process.
In my book Wind In Your Sails, I feature how Doug Bunker worked with the team at Clevest to automate their real-time workforce solution so they could demonstrate it at trade shows. Prospects would come to the booth and enter information into their mobile devices and then be able to see that information immediately in the backend systems. None of their competitors could do this.
Use innovation to create competitive advantage for you and your business.