As the Marketing Industry seems to have taken a lull it is imperative that businesses start to invest in Marketing Strategies that are more innovative then the business next to them, because after all there is always another company ready to take their place!
In the June 2009 Harvard Business Review entitled Innovation in Turbulent Times writers Darrell Rigby, Kara Gruver and James Allen state that, “When resources are constrained, the key to growth is pairing an analytic left-brain thinker with an imaginative right-brain partner”. I believe that this is correct when it comes to businesses succeeding in rough economic times. What would a company be if they didn’t try to adjust to the changing times? Take for example cellular phones, if once the iPhone came out and companies like Motorola and Blackberry didn’t try to reconfigure or update their phones where would they be? They would be non-existent, but thanks to the recognition of times changing Motorola and Blackberry are still around and in the case of Balckberry doing very well. In other cases companies grow uncomfortable with change and do not believe that their innovations are worth while and sometimes even with innovations in products they fail.
“But when times are hard, companies grow disillusioned with their innovation efforts for a reason: Those efforts weren’t very effective to begin with. Innovation isn’t integral to the workings of many organizations. The creativity that leads to game-changing ideas is missing or stifled. Why would any company gamble on a process that seems risky and unpredictable even in good times?”
The answer is be ahead of the game, look at what you are giving your consumer rt now and map out what it should or will look like in two years. By reinventing your product or tweaking it you help your consumer realize that they need your product. A great example is my Nikon Point and Shoot. I bought it less than 6 months ago because I needed something with higher resolution and picture quality and now Nikon has come out a new Point and Shoot that frames faces, you can touch the screen and you can take self images and ensure that your image is framed correctly. I now feel that I need this camera, why? Nikon keeps reinventing their product.
So lesson here is keeping up-to-date and keep your product up with changing times with at least two year lee time!
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