Over the years there’s been countless stories of major brands who’ve disappeared overnight due to their lack of innovation in a world of constant change. The mobile phone world was once ruled by Motorola, until consumers moved to Nokia, who’s lack of innovation paved the way for Apple, Samsung and Google to dominate the mobile phone market. In today’s fast-paced society, innovation is constant and market dominance is short lived. To survive, organisations of all sizes need to be innovative at their core. Here’s how:

1. Always be curious

A market leader won’t stay on top for long if they don’t have a thirst for knowledge and a desire to pave new ways of doing things. To do this they need a systematic way to gather relevant information, analyse it accordingly and apply it to their business. Many organisations focus too much on product development as opposed to gathering data on market trends and consumer habits.

2. Identify opportunities to innovate

A key to success is understanding the pain points customers experience when using your products. If customers aren’t 100% satisfied, then an opportunity exists. Uber is a classic example of a company that focused on the pain points commuters faced when using taxis. Poor service and inability to track your rides was the catalyst for the uber brand we all know and use today.

3. Think beyond your industry

Open your way of thinking and apply innovation from other industries to your own. Henry Ford’s success in car manufacturing come from inspiration he got from the assembly line at meat processing plants. You need to ensure that your innovation group is comfortable with looking for ideas outside your industry that can be applied to your business.

4. Build and embrace an innovative environment

To enable innovation to flourish in an organisation, your innovation group needs to have frequent gatherings where they have the freedom to brainstorm. If a good idea comes from these sessions, assign an owner to run with it and ensure it gets the chance to see light of day. If innovation isn’t encouraged, you risk losing people who want the freedom to think outside the box.

5. Innovation applies to products and also the workplace

Innovation isn’t always about coming up with the next best product. It is also relevant to the development of new processes and procedures within a business that can help boost productivity and revenue. More efficient processes can increase workplace atmosphere, leading to increased employee motivation and an overall more successful business.

6. Search colleges and universities for ideas

Many tech and management schools have programs that encourage students to think of ideas that can help multiple industries. From solar energy to waste management, students have been known to provide different perspectives on business-critical projects. Businesses can run contests with colleges and offer rewards for students who come up with the best ideas.

7. Customers are a brilliant source of ideas

Having two-way dialogue with customers is the best way to get insight into their pain points and challenges, which in turn leads to new business ideas and inspiration. Innovation for the sake of innovation is pointless. You need to conduct market research and engage with customers as often as you can to get the insights needed to fuel innovation.

8. Always think towards the future

Organisations need a leader who has a vision. Someone who encourages innovation to thrive and wants all employees to have a futuristic view. In the 1970s, management at Digital Equipment Corporation (DEC) doubted that personal computers were needed in the household. It should come as no surprise to you that DEC no longer exists and personal computers exists in most households around the globe. If management lack a vision, the company will pay the price.

9. Learn to handle innovator’s dilemma

Businesses often face the prospect of launching innovative products that are drastically different from their existing offerings. It’s important to note that companies can still  be successful in their existing offerings while providing new and innovative solutions at the same time. IBM was the leader in mainframe computers, and even when they expanded into personal computers, they managed to maintain their strength in the mainframe market.

10. Stay on top of changing trends

New technologies are always going to disrupt the market and the important thing to remember is that it’s generally to the benefit of end consumers. We’ve seen it across all industries such as Skype enabling easier and cheaper long-distance calls, iTunes giving us an alternative to record stores and Netflix giving us easy access to movies.

Final Thoughts

The most important thing to remember is that innovation is not just for start-ups. Organisations of all shapes and sizes can be innovative and create a cultural mindset that embraces innovation. Managers need to place innovation as a key priority if they want to survive in a constantly changing world. Innovation results in better company performance and a better outcome for the customer.