Originally a coppersmith, manufacturer of stills and cans for flower oils in copper, Tournaire continually acquired new expertise to meet the specific needs of the developing perfume industry.
Analyse the marketplace There's no point considering innovation in a vacuum. To move your business forward, study your marketplace and understand how innovation can add value to your customers.
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For more information on analysing your marketplace, see the page in this guide on planning innovation. Identify opportunities for innovation You can identify opportunities for innovation by adapting your product or service to the way your marketplace is changing.
For example, if you're a specialist hamburger manufacturer, you might consider lowering the fat content in your burgers to appeal to the health-conscious consumer. You could also develop your business by identifying a completely new product. For example, you could start producing vegetarian as well as meat burgers.
You could innovate by introducing new technology, techniques or working practices - perhaps using better processes to give a more consistent quality of product. If research shows people have less time to go to the stores, you could overhaul your distribution processes, offering customers a home-delivery service, possibly tied in with online and telephone ordering.
If your main competitor's products have a reputation for being cheap and cheerful, rather than trying to undercut them on price you could innovate by revamping your marketing to emphasise the quality of your merchandise - and consider charging a premium for them.
Business plan article de presse francais innovation Some innovative ideas may just come to you out of the blue. However, you should ideally have: Innovation will not only improve the chances of your business surviving, but also help it to thrive and drive increased profits. There are lots of practical ways of assessing whether your ideas have profit potential: Assess the competition Find out who your competitors are and where they operate.
Use the Internet and advertising sources such as the Yellow Pages to find out about their products, prices and operating culture. This can give you an overview of their selling points, as well as any areas you might be able to exploit.
For example, if the competition is focused on value for money, you might want to emphasise the quality of your product or service. Search for business listings nationwide on the YellowPages. Study market or industry trends Awareness of the climate in which your business is operating will help you to plan.
You can find a lot of information about your industry on the Internet. Business and trade magazines will also feature useful articles. Build a relationship with your customers It's not enough simply to know who your customer base is.
You need to communicate effectively with them as well. Communication involves not only listening to their needs but also actively observing their behaviour around current products and services and generating ideas on how you can make improvements.
Involve your suppliers and other business partners Pooling your resources with your suppliers or other business partners will help to produce and develop creative ideas.
Potential partnerships can also be developed through business networking opportunities.
Next, consider what taking a particular innovative step could mean for your business. Suppliers, business partners and business network contacts can all make valuable contributions to the creative process, as well as providing support and encouragement.
Your employees are also a vital asset in generating innovative ideas. To get the most from them, you need to create an innovative environment and encourage creative thinking. Steps to promote innovation Make sure you have processes and events to capture ideas.
For example, you could set up suggestion boxes around the workplace or hold regular workshops or occasional company away days to brainstorm ideas. Create a supportive atmosphere in which people feel free to express their ideas without the risk of criticism or ridicule.
Encourage risk taking and experimentation - don't penalise people who try new ideas that fail. Promote openness between individuals and teams. Good ideas and knowledge in one part of your business should be shared with others.
Teamwork, newsletters and intranets can all help your people share information and encourage innovation.The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability.
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