Are you innovating to penetrate your marketplace?
Even if you are a long-term business you need to read this.
If you think you have your market all wrapped up I would suggest you think about this conclusion again. In my years of business I’ve seen massive changes because one business was innovating more than another.
Take for example Research In Motion (RIM) the business has been going for over 25 years. They created the Blackberry® and were doing a wonderful amount of business. Then all of a sudden they were out-maneuvered by innovation. The same can happen to you.
What do you need to do? I would suggest you ask yourself the following;
- When was the last innovation done in this business?
- What is one unique thing that your customers would like buy from you but can’t now?
- What innovative idea would raise your profile in your potential customer’s eyes?
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