It is a crisis and for some managers that means that they are keeping their purse strings. Wrong! It is precisely in economically uncertain times that you have to stand out from the crowd. You bring in customers with unique and original products or services. Time to innovate!
5 tips to innovate:
1.Employ young staff and interns
Young HBO students looking for a graduation internship can be used to develop a new product. They are cheap, know the latest trends and developments and are eager to get started. Because they are not yet stuck in your company's thinking culture, they have an out-of-the-box mentality. Young people will therefore be faster with innovations and original products come.
2. Look at your competitor
Take a look at competing outperforming companies in the same industry. That way you can see quickly what the consumer needs and what the latest trends are. However, remain distinctive, do not literally copy a product. Get inspired and give products their own twist and characteristic, so that you remain distinctive, but keep up with the latest trends.
3. Look abroad
What trends are there at the moment in America, China and Russia? We will probably also see them in Europe within a year. Also visit trade fairs abroad, such as in Germany, Belgium, France and England to gain inspiration. Germany in particular is currently the leader in terms of innovation and development. You can get a lot of inspiration at a trade fair.
4. Invest according to your ability
Innovation can be small or big. Make a budget, which can exceed a maximum of 10 percent. Look at your equity. Also set a time goal, may the development take a quarter, six months or a year. Also inform the developers of the innovation about this planning and set deadlines. That way you don't invest unnecessary time or too much money in a project.
5. Research the market
Think carefully about what you want to achieve with a new product. Which market do you want to tap into? What is the consumer's wish? And how are you going to communicate this to the outside world? So check in advance whether there is a demand for a particular innovation and how much people are willing to pay for this new product or service. Don't develop something haphazardly, only to find out afterwards that no one wants it. As a company, you can also use an intern to develop market research.