Today, businesses work in a very fragile and unstable environment. Consumers’ preferences and expectations are continuously evolving. Some corporate leaders often argue that it is lack of new ideas that hinder successful tapping of the marketing needs. However, looking at the growing competition and the pace at which startups are expanding, it is clear that there is no dearth of ideas, merely the inability to prioritize and organize them.
Study and plan
While we look out and get inspired to do something new, we need to relax and remember the old school theory of research and planning. Analysing assumptions, forming hypothesis and developing arguments will never go out of fashion, and this is what will bring in a spate of fresh new ideas.
New ideas that solve a market need
Ease your worries about success by being focused using the “problem solving approach”. In tough times, the problem solving approach helps you zero in on ideas that solve market needs, and that helps you get access to a built-in audience.
Let your Mission statement guide your decision-making
A company’s mission statement should a guide to for its expansion values. A mission statement must be carefully planned to help guise progress and diversification of the brand. Take for instance the mission statement from ice cream and frozen desserts giant Ben and Jerry. Their three part mission helps create prosperity for all stakeholders, including their customers, employees, franchisees, suppliers, and the farmers who grow the ingredients used in their products.
Ideation VS prioritization
Innovation has become synonymous with finding blockbuster business ideas. Unfortunately,innovation is viewed as a very difficult task. In reality, being innovative has nothing to do with creating something extraordinary, but selecting the best possible ideas. Ordinarily, the question of ideation versus prioritization may not be considered an unhealthy marketing discussion. However, the fear of failure may kill the seeds of innovation even before they have sprouted. It is time, therefore, to wipe out prioritization issues entirely from the innovation discussion and bring the emphasis back on improving methods to both generating and choosing successful ideas.
Visualise your ideas
Visualise your “Big Goal” in concrete ways. The one idea that has your hundred percent conviction backing it up will succeed, and the rest will become just your means to get there. That idea, then, should be your priority, and he focus of all your business endeavors.
Setting an Innovation Budget
Creating more business ideas and experimenting is not the mark of innovation success. Ideation can be a fun activity, but experimenting too much can lead to turbulence in business. The better strategy would be to set up a budget for innovation, which can be a positive reality check for all kinds of businesses. This would also help in prioritizing innovative business ideas.
Author: Saket Kumar Singh
A digital marketer and strategist by profession, I love writing and travelling. In the past I have been a Communication Engineer, Coder, Banker and Lead Consultant. Someday I would travel to explore the world.