Innovation 70% of the time is conflated with strategy, this leads to divergent interpretations. Just to be clear, these two words are concepts that are not interchangeable. A strategy is a substantiated logic for making choices, while an innovation is an idea that is processed into reality, it fills up the gaps and provides solutions to former problems. It involves improvement, change, and creating more effective ways of accomplishing something. Innovation is about creating an idea, which appeals the respective audience.
With time, every business innovates. If so, why do some businesses fail while the others succeed, even though they are both applying innovative strategies to up their businesses? Well, it is simple. There are chances that the innovative idea that one organization came up with was not as effective as the other organization. You have to be creative, and cogitate about what best fits.
For example, the competition between iOS and Android is a never-ending one, they keep coming up with new strategic innovations to compete in the market. Samsung introduced the first smartwatch in the year 1999, however, today different brands introduce smartwatches, with innovations having new and improved features. Evolutionwing enhances their charm by developing smartwatch applications designed to facilitate its customers with digital assistance wrapped around their wrists.
What is an Innovation Strategy?
Innovation without a proper strategy often leads to a loss in business. Business leaders get disappointed since they invest a good amount of money for innovation, but the results are unsatisfactory. The expectations do not match the reality.
An innovation strategy is a creative plan which helps you grow your business through innovating your product and services. Your current business strategy might not be covering the gaps. If you want your audience to use and pay for your product then being a strategic innovator is the key to make a reputable place in the market and raise your profit.
Why is it Important to be a Strategic Innovator?
It is always a need for a company to innovate itself because there is huge competition and the only way of making your business survive is through strategic innovation. You must be able to use technology with innovative ideas.
This concept of strategic innovation ascertains the business leaders where their company is lagging, and what measures they can take to overcome the problems. The company must come across the needs of its audience, then strategically innovate an idea. Innovation strategies must evolve accordingly to stay competitive.
How to be a Strategic Innovator
Innovation strategies include goals that improve things up to a magnitude. Being a strategic innovator requires lots of creativity, risk-taking power, and research.
Here are some steps which might help you develop an innovation strategy for your business.
1. Focus on your Objectives
Every strategy starts with determining the main objectives of your business plan. The same is with innovation strategy, you have to map out all the things you want to achieve, the core goals and ambitions, and how they will help the industry.
For example, The innovative strategy of Apple; Apple used to outsource R&D initiatives, preferring instead to focus on product development. But these days, they’re developing competencies in-house through internal accelerators while also acquiring startups. References https://www.boardofinnovation.com/guides/innovation-strategy-examples/ Apple keeps bringing innovations in its iPhone models, which attracts its customers and the new features awaken their urge to buy it.
2. Identify the needs of your audience
“Define the right playing field”, know the strategies of the industry you’re working in, and the customers to which you are offering value for. Understand what your customers require, keep what they want, and remove the rest.
Since this is a game of competition, you have to be clever. If one of your competitors has an innovative strategy, don’t blatantly copy their ideas, instead, come up with something that they do not offer.
3. Try to fill some gaps in the industry
As I mentioned earlier, come up with new innovative strategies, rather than copying other companies. Look for the loopholes in the industry, jot down what is favorable and what is not. Companies often forget about some things while focusing on the others, so take the opportunity, and fill up that gap.
4. Align innovation strategy with your business goals
Understand your business goals, clarify the vision, mission, and strategy. Be clear-headed on which direction you want to take your business to, then develop an innovation strategy accordingly. The process of aligning innovation strategy with your business goals might feel like a lot of work at the beginning, but it will bring a good return to you later.
Conclusion
If you want to develop the best possible innovation strategy, it is recommended that you identify the area of interest of your business, the needs and requirements of your audience, and determine the loopholes in the industry and try to cover them up. Note these things down and think of creative innovative strategies which will help your business grow and win.