Innovation is a source of growth and competitive advantage that can deepen customer engagement, increase revenue, and enable rapid entry to new categories or markets. Research shows businesses that prioritize innovation are proven to deliver 2.4 times more economic profit than their non-innovative peers.
We are passionate about innovation and recently reviewed this article published by Amazon in June 2022. The points are still spot on, and we wanted to share it as part of our series of articles on innovation.
Having interviewed a number of businesses about their approach to innovation, they describe three distinct cultures of innovation, which really resonated with our experience, both at Phundex and at other organizations. The first is that the customer always comes first. Regularly checking with your customers about how they like your product or service is a meaningful way to not only engage them but also improve their customer experience and make them champions of your business. The second is that innovation exists in a continuum- it might be continuously improving existing process or it might be discontinuously disrupting the industry you work in with new innovation. You may find you do some of each and may need to tailor your approach depending on internal and external circumstances. Finally, innovation leads to a range of outcomes which you need to review and consider along the way.
To find out more please read the full article.
You can find more articles on our website, at Phundex Knowledge Hub, on LinkedIn at Phundex LinkedIn, or for other questions, please email us at: hello@phundex.com.
To book a demo or do a trial, you can either use the link on our website or email support@phundex.com, and they will be happy to set it up for you.
