Innovation! The world thrives on innovation; all advancement is simply on the wings of innovation. Doing something not just different or better but unique, something that redefines value beyond the bounds of existing standards and opens the room for possibility. This is the life force of entrepreneurship. This is the art of value innovation!
Organizations exist in the act of value creation. They are defined by the value they create and their ability to meet and exceed expectation in delivering that value to customers. The customer is the focus, value is the objective and sustaining both is the goal. As entrepreneurs, the dilemma is figuring how to achieve both. The key lies in innovation. Entrepreneurs must champion the innovative edge to deliver on true value. They must innovate and not just create value because in creating value you simply offer customers new choices but in innovating you create the option that leverages on its value points and that delivers on value. Creating value is simply not enough, you must innovate it.
Businesses rise and fall on relevance and relevance is achieved in the art of innovation. No organization is indispensable regardless of whatever it sells or the service it provides. It is simply relevant because it can satisfy a need in the now and everything changes with time. So there is a need for continuous investment in innovation. You will only remain in business if you are relevant and you will lose relevance, if you don’t innovate. To therefore maintain that relevance entrepreneurs must learn to innovate. And innovation is not about going “e” though its part of it but it’s simply offering unique value; value that bridges the divide between customer satisfaction and the price paid for it.
Foundations are key to sustaining structures; the value invested in a foundation will determine how formidable a structure will be against the eventualities of life. Entrepreneurs need to establish a culture of continuous innovation that defines their product, brand and business. Innovation is not an achievement; it is simply the art of pushing the bounds of possibility beyond established standards. You must focus on getting the best out of resources and achieving the best possible results. Innovation keeps you fresh, fresh in business; it revitalises the individual and the organization keeping them ever relevant. You need to sustain relevance and to sustain relevance, you must innovate. Offer something unique not just different. Relevance is your major task! You need to cultivate the culture of innovation. The moment you lose relevance you are out of business and your passion or company size won’t matter.
So how do you value-innovate? In value-innovating a lot can be done but the points below would provide a good foundation to build on.
Define your strategic objective as a business and this will give you a clear sense of direction. Also, you need to ask these questions what is my company’s goal, what standard do I want to create and what image do I want to project.
Know the customer’s perspective of what he considers value. Make effort to find out as the customer is the one paying for the value you create. The customer is key!
Bridge the divide as your perception of value may vary with that of the customer. Let the value points of your business be your guide but be also open to change.
Weigh value against cost but never aim to trade value as against cost. Find the equilibrium point; the point where you can deliver true value at the right price (i.e. the price that covers your costs, includes your profit margin and one that customers will have a compelling ability to pay). Look at price from a value angle not a cost angle; this will aid your decision.
Innovate and showcase you art of uniqueness.
Originality! Nothing beats competition like the true artistry of originality. Never run because others are running less you run absent thought and get lost in the aura of the crowd. Be unique, it will keep you longer in business than you can possibly imagine. Never be stuck in the now, or in the status quo, customer always crave more, their expectation bar is constantly rising, the only way to meet that bar is to continuously innovate. It is not just about creating value but innovating value. Remember offering something different is value creation, offering something unique is value innovation and value innovation will keep you relevant in business.
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