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Many entrepreneurs assume that their idea is so great that their company will find immediate success. However, that’s not always true. A great idea will be copied by others, forcing the original company to innovate. Alternatively, you may find that your initial idea needs some tweaking to resonate with your target audience.
Once a company is established, innovation can fuel your growth without the time requirements of perfecting everything or the expense of acquiring other organizations. You can also conserve valuable resources by streamlining processes or boost revenues by creating more desirable products through innovation.
The good news about the need for innovation is that you don’t need to wait for a perfect idea to launch a business. For example, Veritas Global Protection didn’t invent the vehicle protection plan but became a leader in the industry through innovation.
The first step in innovation is to avoid dismissing ideas because they’ve never been done before. Veritas Global Protection noticed that their customers felt they didn’t always get value from their vehicle protection plans because their cars weren’t breaking down. Veritas offers bonuses that customers can take advantage of, such as roadside assistance. This provides value to their customers and improves their audience’s opinion.
If you have a great idea, your competitors won’t be shy about stealing it from you. That means that you should always be willing to mimic their ideas and adjust them to your company’s needs. Knowing what the competition is up to can also help you figure out how to distinguish yourself in a crowded marketplace.
Innovation boils down to coming up with fresh ideas, so you’re operating at a disadvantage if your entire team offers similar perspectives. Instead, proactively hire people of all races, genders, cultural backgrounds, and experiences to have as many different voices and perspectives as possible.
Collaboration is a great way to foster innovation, so make sure that every team member’s input is heard. Management should strive to have a personal relationship with every team member they are responsible for, and employees should be encouraged to share their ideas with senior management. Two-way communication is vital.
Technology can help businesses of all sizes and in all industries better meet the needs of their customers. For instance, social media can be a great way to solicit customer feedback or measure the efficiency of a marketing campaign. Technology can also be used to boost sales by offering an excellent online ordering experience or targeted ad campaign.
Risk-taking can be scary, but you have to be willing to take a chance to become a truly innovative company. For example, Veritas Global Protection took a risk by offering exotic protection plans for high-value vehicles such as Rolls-Royce and Lamborghinis. Many of their competitors shied away from exotic vehicle protection plans because of how expensive these cars are. This gives Veritas Global Protection exclusive access to a high-value market.
The purpose of innovation is to solve your customer’s problems, meaning that you need a good understanding of what their problems are. Returning to the example of the exotic protection plans offered by Veritas Global Protection, the company knew that owners of high-priced vehicles wanted the same level of service as others get. Therefore, the exotic vehicle protection plans were developed to include perks like rental assistance and mainstays of other Veritas Global Protection products.
Thinking like an innovator can be challenging, and you may feel like you’re banging your head against the wall with nothing to show for it at first. Everybody feels that way, so you don’t have to get mad at yourself. However, you will need to persevere and keep doing it until you start to see tangible results, at which point the entire process will become much more manageable.
Even the most innovative companies can fall into thinking their processes are good enough, stagnating their progress while competitors continue to make great strides. Ultimately, the stagnant company will fall behind its competitors no matter their place in the industry. Don’t let that happen to you.
Older Restored Car on Road
Every Veritas Global Protection vehicle protection plan is backed by an A-rated insurer, giving customers peace of mind, knowing that they will be protected in an emergency. You can also choose the level of protection that best fits your needs. For example, engine coverage is available for older vehicles that may require extensive repairs, while essentials plans expand the number of covered components to include things such as your HVAC system.
Coverage is applicable throughout North America and the European Union. Most importantly, all claims are handled by a courteous customer service team that will treat you like a valued customer, not an annoyance.