If a company is surviving in this tech and the advanced world it is because of innovation. Take the example of Facebook. Every Year, new options get added to the Facebook page. The launch of messenger lite was another product that Facebook launched. This is how businesses work. They know their customers and accordingly think and innovate products as per their requirement. Innovation is the one factor that is responsible for sustaining a business. A company develops products, sells it to its customers, get the feedback, innovate the existing products, sells it to the customers, again get the feedback and so on. This is how businesses work. Innovation is the factor responsible for generating revenue for the business. No business can earn profits for the long term without innovation. Businesses know this very well. There are various strategies that businesses follow to spark innovation in their products. Sometimes they succeed, sometimes do not. What I have personally realized over years after observing the big tech giants and the information I have gained from various platforms are briefly explained here in 4 steps to help you spark innovation in your business.
Create a Culture of Creativity:
Creativity is thinking 'new' in ordinary situations. Develop a culture of creativity in the workplace. The culture at the workplace should be developed where employees are given the freedom to think and create new. Merely making employees sit for long hours burdening with the same work over and over will do no good unless employees are provided time in the tight schedule to learn new skills, think creatively and generate new ideas.
Appreciate Employees thinking out of the Box:
Employees thinking out of the box should be appreciated at the workplace. There could be times when the solutions presented by potential employees are not satisfactory and not up to the mark, in that case as well appreciation should be given to them for thinking some different. No innovation works at the first attempt. After 1000 unsuccessful attempts Edison was finally successful in creating a light bulb. Appreciation motivates an employee to work even harder and come up with more new ideas.
Know where your customer interests lie:
Knowing your customers is the most important thing while working on any product in your business. You should know where your customer interests lie and the market trend of products which are gaining most customer attraction. Simply working on a product that has lost its popularity among the customers will be the worst idea. Instead, you should know what products customers are using right now and should get feedback from your customers about what improvements they want in the existing product. This would give you an aim to work with.
Know your Employees:
Any innovation requires time, hard work, persistence, and above all the passion. You should know where the passion of your employees lies. There are some employees who are passionate about some particular work. You should know this innate passion of your employees. Right work when given to the right people generates the right results. Find some time to know your employees and their interests.