How important is innovation in business?

[Ghost1]

Wow beautiful article. Personally, I love the idea of Innovation it yields progress, creativity, growth, longetivity of the business etc. A good business plan must make room for innovation

 

[Godspower]

Wow beautiful article. Personally, I love the idea of Innovation it yields progress, creativity, growth, longetivity of the business etc. A good business plan must make room for innovation

A business that is innovative will always be at the forefront of other businesses. New business strategies or an introduction of a new product to the market will arouse the interest of customers and will get them to patronize your business the more.

 

[Ghost1]

A business that is innovative will always be at the forefront of other businesses. New business strategies or an introduction of a new product to the market will arouse the interest of customers and will get them to patronize your business the more.

Every things a changing. What people likes today would definitely be different from what people like in 5 years time. To succeed and always be in market, innovation is the key

 

[Kvngsammy]

Any business that's not ready to be innovative would be dead before they even start. The business ecosphere keeps evolving and the best way to keep up is to change with it.
Like the popular saying, the only constant thing in life is change.

 

[Alexandoy]

Any business that's not ready to be innovative would be dead before they even start. The business ecosphere keeps evolving and the best way to keep up is to change with it.
Like the popular saying, the only constant thing in life is change.

On the contrary, there is a saying that when the wheels are turning on the right direction then there is no need to change. In other words, if the business is earning more than enough of the expected income then there is no need to innovate. But I am not saying that the business should stagnate. Of course, the management should always be on their toes.

 

[Smiles20]

Your ability to constantly be introducing new things to the market is definitely going to be a good thing because you are going to be ahead of your competition. It is even more wise if this innovation is technology inclined.

 

[Omotayo]

New innovations is important in moving forward especially in a competitive industry and that is why most companies steal ideas and mimick other companies innovation.

 

[Godspower]

Every things a changing. What people likes today would definitely be different from what people like in 5 years time. To succeed and always be in market, innovation is the key

This is very true. A good businessman should always study the emerging trends or products in the business in order to take advantage of it before any of his competitors or rivals.

 

[Ghost1]

This is very true. A good businessman should always study the emerging trends or products in the business in order to take advantage of it before any of his competitors or rivals.

I have observe one scenario where this happens. After the onset of tik tok, it broke into the market and made lots of waves, YouTube decided to bring theirs "YouTube shorts" which is similar to tik tok. Nice innovation, don't you think?

 

[kayode10]

Innovation gives you an edge in the marketplace. And this can help you to control larger percent of the marketplace in terms of profit. a company that engage in research and development will always come up with new innovation all the time.

 

[Godspower]

I have observe one scenario where this happens. After the onset of tik tok, it broke into the market and made lots of waves, YouTube decided to bring theirs "YouTube shorts" which is similar to tik tok. Nice innovation, don't you think?

It is a nice innovation no doubt, but it's unfortunate YouTube had to wait for a new product in the market before trying to bring up similar product. I think Twitter really did well sometime ago by introducing the "reels" feature to be like the "stories" we often see in other apps like Facebook, WhatsApp and Instagram.

 

[Hrtbeat]

When companies innovate products or services, or the way in which they’re delivered, they gain the reputation of having something unique to offer.

 

[Swazykid4all]

Innovations in any business is very essential in any business to grow,keeping your business in one phase or fashion for a long time will make it achaic and loose interest from customers. It's pertinent for a business owner to be innovative, check for ways of improving the business, go online, attend seminars, business classes it helps a lot.

 

[Ghost1]

It is a nice innovation no doubt, but it's unfortunate YouTube had to wait for a new product in the market before trying to bring up similar product. I think Twitter really did well sometime ago by introducing the "reels" feature to be like the "stories" we often see in other apps like Facebook, WhatsApp and Instagram.

Sometimes the idea doesn't just come, they just have to get the inspiration from somewhere else. It's good they actually introduced their own, it means they are also evolving as things are changing

 

[Godspower]

Sometimes the idea doesn't just come, they just have to get the inspiration from somewhere else. It's good they actually introduced their own, it means they are also evolving as things are changing

I think these companies have advisors or executives who study trends and possible changes to introduce to their business. I think they are part of the marketing or technical department.

 

[Ghost1]

I think these companies have advisors or executives who study trends and possible changes to introduce to their business. I think they are part of the marketing or technical department.

Yes they do and that's exactly what they did. They were able to adapt and adopt the new trends, it's just a way to ensure continuity in the market. Kudos to their management team

 

[Godspower]

Yes they do and that's exactly what they did. They were able to adapt and adopt the new trends, it's just a way to ensure continuity in the market. Kudos to their management team

They might actually be the most important department in the business organization. They are always observing and predicting future developments and making recommendations when necessary.

 

[Laurentta]

Nice writeup. For one's business to be very successful one needs to be innovative. Be open to new and good ideas that will enable the business grow.

 

[Ghost1]

They might actually be the most important department in the business organization. They are always observing and predicting future developments and making recommendations when necessary.

Too bad they were not able to predict and come up with the original plan. It doesn't matter that they adopted it, tik tok will always remain the best short video app

 

[Godspower]

Too bad they were not able to predict and come up with the original plan. It doesn't matter that they adopted it, tik tok will always remain the best short video app

This is very true. TikTok has really gained prominence as the best short video app alongside Snapchat. The two platforms are very good and they have millions of subscribers across many countries.