If you’re a small startup with competitors that are bigger and better-known, it can seem hopeless when trying to get your business recognized. After all, bigger and better-known companies have more money in their budgets to fund things like technology and highly-skilled workers. Innovating and disrupting with a new product or service is a great way to establish credibility and growth. However, while this process can definitely get you noticed, it is far from simple. Here are a few tips on how you can innovate a product or service to get your business on the map from start to finish:
Brainstorm Ideas for Innovation
Get your employees together and brainstorm ideas on how you can revolutionize your product or service. They are insiders into the opportunities and challenges you face as a business/brand every day. Is there something more you can offer? Can you add something to your product that will make it something people simply can’t ignore? Start with some brainstorming.
After your brainstorming session, ask your customers what they’d be most interested in purchasing. You can do this with a survey that includes an incentive, like a coupon or Amazon gift card if they complete it fully. At the end of your survey, you can always ask your customers what they’d like to see from your company next. They’ll provide you with some more ideas you can go with.
Build Off the Big Company’s Innovation
If you’re in competition with a bigger and better-known company, take their newest innovation and consider building off of it. It will be the next best thing. If they offer a service, see if there are additional services you can offer that will be included with the price. If they offer a product, see what you can add to make it better and more useful to your customers. Think of the countless makeup companies who offer limited shades. One company innovated this problem by creating a formula that would adapt to the wearer’s skin tone, which drove sales from other companies down.
Combine or Eliminate
Perhaps your customers and employees suggested that you combine two products to make them better. Think of things like suitcases on wheels or mobile phones with cameras. These were both innovations in their time that put them a notch above the competition. Can you combine a few products to make a better one? Think beyond your immediate industry and category. Similarly, is there something you can eliminate to innovate? Think of dial-up internet access. Wireless internet came along and eliminated the need to tie up phone lines to use the internet. What an innovation!
Market Your Product or Service
Pull out all of the stops and put your new innovation on a product or service on social media, invest in the ad campaigns, and more! The only way for customers to know about your product or service is if you advertise it. Build up your MVP and success stories and then use your satisfied customers to be your brand advocates! Marketing has evolved where consumers listen to customers more than the brands.
Watch Your Business Push Forward Through Innovation
Finally, we all know that customers want the latest, greatest new thing. If you innovate, you’ll be a part of that! The key is to keep innovating while also adding new products and services in a fast and impactful manner. Link the innovation and ideas back to your business and existing clients and you will see success. The startups will obtain not only more exposure and experiences working with the established enterprise and brand, but it will likely elevate their business for future success.